Building Automation System Market Size
Building Automation System Market size was USD 69.1 billion in 2021 and projected to grow from USD 85.3 billion in 2023 to USD 222.9 billion by 2032, exhibiting a CAGR of 11.3% during the forecast period.
Building Management Systems/ Building Control Systems are systems that regulate many electronic, mechanical, and electrical systems throughout a building. It is a system that joins building system types into a single location. Building automation systems are helpful to operate HVAC (Heating, Ventilation, and Air Conditioning) systems in building and to regulate the security, lighting, and various other systems in the building.
Market Highlights
Building Automation System market is expected to reach USD 222.9 billion, growing at a CAGR of 11.3% during the forecast period owing to the increasing concerns over security and demand for integrated security monitoring solutions which is expected to drive the growth of the global building automation systems market during the forecast period. Security and access controls have importance in the building automation systems which combine safety like fire alarm systems and security like intrusion alarm. These factors are expected to boost the growth of building automation system market in the forecast period.
Building Automation System Market Segmentation:
Commercial segment is expected to dominate in the forecast period
Building Automation System Market is classified based on the Application into Industrial, Residential, Commercial. The Commercial segment dominated the global building automation system market share in 2021 and is also expected to maintain its dominance in the forecast period. Commercial building automation system is a combined network of switches, sensors used in internal system of building like ventilation, lighting, cooling, heating and fire prevention. Commercial building automation systems operate all associated systems from a central system that serve as a central control which create growth opportunity for the commercial segment during the building automation system market forecast period.
Wireless Technology segment is expected to dominate in the forecast period
Building Automation System Market is classified based on the Technology into Wireless, Wired. The wired technology segment accounted for a larger share in 2021. The wireless technology segment is expected to dominate in forecast period owing to the advantages offered by wireless technology due to their increased mobility, reduced costs and complexity of installation for buildings which is expected to boost the market growth.
Market Dynamics:
Growth Drivers
Rising Focus on Designing Eco-Friendly, Energy Saving Buildings is Expected to Boost the Market Growth
Energy conservation in buildings like energy passive building design prior to actual construction & low energy building materials during the construction phase is of major importance. The integration of technologies like renewable energy results in green building construction by the efficient use of low operational energy requirements. There is an increased necessity to develop alternatives for saving energy sustainably to operate buildings. The rising awareness on designing energy-efficient buildings to make efficient home is expected to boost the growth of the market.
Increasing Funding by Governments is Expected to Boost the Market Growth
Several cities are utilizing innovative solutions to control traffic flow, meet energy-efficiency targets by managing city surveillance and governments are focusing on developing smart cities to restrict the challenges due to urbanization. Increasing security aids in preventing threats, thereby concentrating on investing in video surveillance.
Restraint
Improper Awareness Regarding Installation Costs May Restrain the Market Growth
The end users and building owners are hesitant to these systems owing to the false perception regarding installation costs assuming them to be high may hamper the market growth. The lack of awareness about benefits associated with these systems and queries related to long-term returns among users may restrain the growth of the market.
Recent Developments:
- In September 2022, Honeywell International declared a suite of fire protection systems designed to meet the requirement of small and medium businesses.
- In March 2022, Trane Technologies reported its plans to expand the operations in Greenville country to add manufacturing capacity to enable and sustain the growth.
Building Automation System Market Key Players Covered:
- Honeywell International
- Siemens AG
- Johnson Control
- Schneider Electric
- Carrier
- Lutron Electronics
- Cisco Systems
- Robert Bosch
- Legrand
- Trane Technologies
- ABB
- Hitachi
- General Electric
- Creston Electronics
- Rockwell Automation
- Emerson Electric
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Building Automation System Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the global market in 2021 and is expected to dominate even during the forecast period owing to the increasing construction activities and rising economy in the countries of this region which is expected to boost the market in forecast period. The interest in achieving energy efficiency through introduction of building automation systems is expected to boost market growth. The rapid building activities in countries of this region is expected to boost the growth opportunities of the market in this region.
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Impact of Covid-19 on Building Automation System Market
The outbreak of the COVID-19 pandemic led to the shutdown of several industries. The social distancing norms, travel ban, and restrictions are limiting entry of goods into warehouses, thereby limiting growth of Building Automation System market. Due to the dependence of building automation system market on real estate activities, the growth was interrupted during the Covid-9 pandemic. Construction sites had been shut down, and the Building Automation System market was negatively impacted by Covid-19.
Building Automation System Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Building Automation System Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 11.3% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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System |
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Component |
|
|
Application |
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Offerings |
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Technology |
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By Region |
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Frequently Asked Questions (FAQ):
Building Automation System Market size was estimated at USD 69.1 billion in 2021 and is expected to reach USD 222.9 billion in 2032.
Building Management Systems/ Building Control Systems are systems that regulate many electronic, mechanical, and electrical systems throughout a building. It is a system that joins building system types into a single location.
Commercial and Wireless Technology segment accounted for the largest Building Automation System market share.
Key players: Honeywell International, Siemens AG, Johnson Control, Schneider Electric, Carrier, Lutron Electronics, Cisco Systems, Robert Bosch, Legrand, Trane Technologies, ABB, Hitachi, General Electric, Creston Electronics, Rockwell Automation, Emerson Electric and Other Prominent Players are the key players in the Building Automation System Market.
Rising Focus on Designing Eco-Friendly, Energy Saving Buildings and Increasing Funding by Governments are the factors driving the Building Automation System market
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