Global Building Automation System Market Size, Share, Growth Analysis, By Component(Hardware and software), By Application(Industrial, residential) - Industry Forecast 2024-2031

Global Building Automation System Market size was valued at USD 83.61 billion in 2022 and is poised to grow from USD 92.22 billion in 2023 to USD 202.04 billion by 2031, growing at a CAGR of 10.3% during the forecast period (2024-2031).

A building's numerous electrical, mechanical, and electronic systems are managed by a system called a Building Automation System (BAS), sometimes referred to as a Building Control System or Building Management System. Market Reports monitor the profits that businesses make from leasing functional solutions that are sold to customers abroad. The examination covers areas including lighting controls, fire detection, HVAC systems, building control systems, and security systems that are applicable to both residential and commercial end users. Growing security concerns and the growing popularity of the Internet of Things are driving the global market for building systems automation.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Building Automation System Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Building Automation System Market Segmental Analysis

The global building automation system market is segmented based on component, application, and region. By component, the market is segmented into hardware and software. By application, the market is segmented into industrial, residential, and commercial. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Building Automation System Market

Prominent industry figures and trailblazers have a plethora of options to harness this technology and drive innovation within the building automation systems ecosystem as wireless protocols and standards continue to evolve. Numerous start-ups that provide sophisticated and unique features in their products and services have emerged as a result of this trend. In this environment, prominent wireless protocols including Z-Wave, ZigBee, and EnOcean have gained prominence. For instance, ZigBee has expanded into a burgeoning ecosystem with over 400 businesses that together set standards and create a wide range of products for smart home applications. Z-The Wave protocol, in a similar vein, supports at least 1,000 devices.

Restraints in the Global Building Automation System Market

Automation of building systems is crucial in lowering the need for human intervention in the upkeep and support of building systems, such as lighting, HVSC, and other systems. However, in order to install this system, it must adhere to all technical standards and specifications, including internal organizational requirements, business procedures, and external elements like network expertise, software comprehension, system setup, and testing. Inadequate technical expertise, a lack of training to run sophisticated software and equipment, and the requirement for expert inspection and maintenance errors on the control system are among the internal obstacles that prevent successful implementation. The technical difficulties involved in installing and maintaining industrial buildings have the potential to seriously impede the market's growth.

Market Trends of the Global Building Automation System Market

By lowering energy consumption, offering real-time diagnostics and support systems, and enhancing security systems based on IoT for construction projects to provide automation, supporting remote construction projects, and cutting operating costs, the Internet is revolutionizing the construction automation sector. Building automation systems powered by the Internet of Things (IoT) assist in the condition-based maintenance of HVAC, lighting, and other energy systems. Controlled home appliances, enhanced security and safety, and ongoing monitoring of the system-connected electrical equipment are all made possible by the automation system. By 2040, over 1 billion houses and 11 billion smart devices will be linked to connected systems, according to the International Energy Agency. This will present significant prospects for the systems industry and support the expansion of the system itself.