PUBLISHER: The Business Research Company | PRODUCT CODE: 1729095
PUBLISHER: The Business Research Company | PRODUCT CODE: 1729095
Building automation and control system (BACS) is a centralized system that monitors, controls, and automates various building functions, such as heating, ventilation, and air conditioning (HVAC), lighting, security, fire safety, and energy management. It consists of hardware and software components that work together to improve efficiency, comfort, and safety in buildings. BACS integrates sensors, controllers, and communication networks to optimize building performance, reduce energy consumption, and enhance occupant comfort.
The building automation and control system market consists of revenues earned by entities (organizations, sole traders and partnerships) that allows efficient monitoring, management and optimization of building operations, enhancing comfort, security and energy efficiency. These systems are widely used in residential, commercial and industrial buildings to streamline facility operations and reduce energy consumption. BACS users include building owners, facility managers, enterprises, industrial operators and residential property developers seeking improved operational efficiency, reduced costs and enhanced sustainability.
The global building automation and control system market was valued at $70,637.32 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 6.00%.
Rise In Disposable Income
The rise in disposable income fueled the growth of the building automation and control system market during the historic period. With the disposable income, both consumers and businesses are more inclined to invest in property modernization. This often involves adopting smart homes or building technologies, integrating advanced automation and control systems for climate, lighting, security and energy management. These upgrades enhance convenience, improve energy efficiency and strengthen safety measures. For example, in July 2023, according to the Department of Statistics Malaysia (DOSM), median household income in urban areas increased by 3.3% from 6,561 ringgit ($1,489.27) in 2019 to 7,243 ringgit ($1,644.08) in 2022. In rural areas, median household income rose by 2.2%, from 3,828 ringgit ($868.91) to 4,094 ringgit ($929.29). Additionally, mean household income in urban areas grew by 2.9% from 8,635 ringgit ($1,960.05) in 2019 to 9,428 ringgit ($2,140.05) in 2022. Therefore, the rise in disposable income drove the growth of the building automation and control system market.
Advancements In Smart Home Technology For Enhanced Convenience
Major companies operating in the building automation and control system market are focusing on developing innovative smart home products to enhance convenience, improve energy efficiency and elevate the overall user experience. These advancements include integrating advanced technologies to manage and automate various aspects in the home remotely. For instance, in September 2024, ABB India, an electrification and automation company, launched ABB-free@home, an innovative wireless home automation system designed to enhance comfort, security, and energy efficiency in residential settings. This comprehensive solution allows users to easily integrate and control various devices, including white goods, electric vehicle (EV) chargers, and third-party gadgets, all through a single interface. The system includes a Matter Bridge add-on, which utilizes Matter, an emerging open-source connectivity standard. This enables seamless integration of a wide variety of smart devices, allowing users to customize their smart home environments effectively.
The global building automation and control system markets are fairly fragmented, with a large number of players operating in the market. The top 3 competitors in the market made up 21.13% of the total market in 2023.
Building Automation And Control System Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global building automation and control system market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for building automation and control 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 and control 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 history and forecasts market growth by geography. It places the market within the context of the wider building automation and control system market; and compares it with other markets.