PUBLISHER: The Business Research Company | PRODUCT CODE: 1414074
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414074
“Building Automation System Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on building automation system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for building automation system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The building automation system market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A building automation system refers to an intelligent framework incorporating both hardware and software components. Its purpose is to oversee and regulate diverse building systems such as heating, ventilation, air conditioning (HVAC), lighting, security, and more enabling their interaction and control through a unified platform.
Primary offerings within building automation systems include facility management systems, security and access controls, fire protection systems, building energy management software, services related to building automation, and other related solutions. Facility management software, for instance, streamlines tasks ranging from simple to moderately complex facility management responsibilities, empowering users to manage these tasks autonomously. Comprising hardware and software components, this software finds applications across various sectors, including industrial, residential, and commercial spaces.
The building automation systems market research report is one of a series of new reports from The Business Research Company that provides building automation systems market statistics, including building automation systems industry global market size, regional shares, competitors with a building automation systems market share, detailed building automation systems market segments, market trends and opportunities, and any further data you may need to thrive in the building automation systems industry. This building automation systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The building automation system market size has grown rapidly in recent years. It will grow from $90.28 billion in 2023 to $100.57 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth witnessed in the past can be credited to factors such as enhanced energy efficiency leading to cost savings, governmental regulations and incentives, the rising demand for smart buildings, emphasis on occupant comfort and well-being, as well as the seamless integration of building systems.
The building automation system market size is expected to see rapid growth in the next few years. It will grow to $159.69 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. Anticipated growth in the upcoming period is linked to swift urbanization and the implementation of smart city initiatives. This surge will be driven by an increased emphasis on sustainability and the development of green buildings, alongside the integration of cloud and edge computing technologies. Key drivers will include remote monitoring and control functionalities, fortified by robust cybersecurity measures. Notable trends on the horizon involve the swift adoption of IoT and edge computing, a concentrated effort on enhancing energy efficiency and sustainability, the amalgamation of AI and ML, reinforced cybersecurity measures, and the expansion of cloud-based solutions to facilitate remote accessibility.
The expansion of construction activities is anticipated to drive growth in the building automation system (BAS) market. Construction, encompassing the erection of various physical structures such as buildings, roads, and infrastructure, correlates with heightened demand for BAS. These systems streamline tasks for engineering personnel and bolster productivity for construction managers. Notably, in 2022, the UK's Office for National Statistics reported a 5.6% surge in annual construction production compared to the previous year, highlighting the influential role of escalating construction endeavors in fueling BAS market growth.
The increasing emphasis on energy efficiency is poised to propel the building automation systems (BAS) market. Energy efficiency crucially optimizes resource utilization, minimizes carbon footprints, and augments occupant comfort. The BAS market benefits from this focus by enabling remote monitoring and control of building systems. Notably, in December 2022, Eurostat outlined the European Union's plans to ramp up energy efficiency by at least 32.5% by 2030, affirming the trajectory driving the BAS market's expansion.
Technological advancements are becoming a prominent trend within the building automation system market. Key industry players are actively innovating to fortify their market positions. For example, Daikin Applied Americas Inc., in January 2022, introduced SiteLine Building Controls. This innovative suite offers comprehensive oversight of HVAC systems and integrated building solutions, ensuring pleasant and sustainable environments. It effectively addresses integration challenges faced by engineers and contractors on a daily basis.
Leading firms in the building automation system market are prioritizing innovative offerings such as the connect box to drive revenue growth. The connect box, a smart IoT solution, targets small and medium-sized buildings, delivering up to 30% enhanced energy efficiency and improved indoor air quality. Notably, Siemens Smart Infrastructure, a division of Siemens AG, unveiled the connect box in March 2023. This cloud-based interface provides centralized building management capabilities, furnishing valuable insights into operations and enabling process optimization. The accessible online platform via smartphones or desktops offers clients licensing options catering to their specific needs.
In October 2021, Siemens AG, a renowned German automation firm, completed the acquisition of Wattsense for an undisclosed sum. This strategic move by Siemens aims to expedite the integration of IoT systems across a wider spectrum of buildings, particularly catering to small and mid-sized structures. By harnessing Wattsense's expertise, Siemens endeavors to extend the advantages of sustainability, comfort, and cost-efficiency to a broader audience and a more extensive range of enterprises. Wattsense, based in France, specializes in offering straightforward building management systems utilizing IoT technology, specifically designed for monitoring and controlling small and medium-sized buildings.
Major companies operating in the building automation system market report are Honeywell International Inc., Robert Bosch GmbH, Johnson Controls International plc, Mitsubishi Electric Corporation, ABB Ltd., Schneider Electric SE, Siemens AG, Hubbell Inc., United Technologies Corporation, Ingersoll-Rand plc, General Electric Company, Cisco Systems Inc., Trane Technologies, Lutron Electronics Co. Ltd., Hitachi Ltd., Huawei Technologies Co. Ltd., Emerson Electric Co., Legrand, Control4 Corporation, Automated Logic Corporation, Delta Controls Inc., Distech Controls Inc., Crestron Electronics Inc., Leviton Manufacturing Co. Inc., Lynxspring Inc., Reliable Controls Corporation, Tridium Inc., Carrier Corporation, Computrols Inc., Daikin Industries Ltd.
North America was the largest region in the building automation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global building automation system market report during the forecast period. The regions covered in the building automation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the building automation system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The building automation system market consists of revenues earned by entities by providing services such as design and engineering, installation and commissioning, maintenance and support, monitoring and optimization and consulting and training. The market value includes the value of related goods sold by the service provider or included within the service offering. The building automation system market also includes sales of sensors, output devices, controllers, communication protocols, and a terminal. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products."