Surge in demand for integrated security solutions, increase in the prevalence of smart cities, and rapid urbanization are expected to drive the growth of the global building automation system market.
PORTLAND, Ore., Aug. 25, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Building Automation System Market by Component (Hardware, Software), by Application (Industrial, Residential, Commercial), by Offerings (Facility Management Systems, Security and Access Controls, Fire Protection Systems, Building Energy Management Software, BAS Services, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global building automation system industry accounted for $75.8 billion in 2021, and is projected to reach $194.9 billion by 2030, growing at a CAGR of 10% from 2022 to 2030.
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Major determinants of the market growth
Increase in security concerns among people, surge in urbanization, surge in need for improved communication across building management modules, and decreased incident response time are expected to drive the growth of the global building automation system market. On the other hand, high installation cost is expected to hinder the growth to some extent.
COVID-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of the global building automation system market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the temporary shutdown of all sorts of construction, renovation, or infrastructural activities. Besides, reduced workforce further aggravated the impact on the market.
- This is majorly due to the stringent social distancing restrictions imposed by the government to significantly curb the spread of the virus during the pandemic.
Scope of the Report: -
Report Attribute | Details |
Revenue forecast in 2030 | $194.9 billion |
Growth rate | CAGR of 10% from 2022 to 2030 |
Forecast period | 2022 - 2030 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Regional scope | North America, Europe, Asia Pacific, Latin America, MEA |
Country scope | U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia |
Key companies profiled | Honeywell International Inc., Robert Bosch, Johnson Controls International plc, Mitsubishi Electric Corporation, ABB Ltd, Schneider Electric, Siemens AG, General Electric, Hubbell Inc, United Technologies Corporation Access Table PDF |
The commercial segment held the dominating market share
Based on application, the commercial segment held the largest market share in 2021, garnering around two-fifths of the global building automation system market. The commercial segment is essentially driven by its impeccable applications in the sector. There has been a remarkable rise in the use of building automation systems for various security purposes, such as monitoring and gathering evidence of movement and tracking other details in the commercial sector. In addition, the same segment is expected to maintain its leadership status during the forecast period. The industrial segment, on the other hand, is expected to cite the fastest CAGR of 10.9% during the forecast period. Building automation systems are indigenously by the industrial sector for convenient production and supply monitoring and access.
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Building energy management software segment held the highest CAGR through 2030
Based on offerings, the security and access controls segment held the dominating market share in 2021, holding around one-fifth of the global building automation system market. Security and entryway management maintain a close eye on the area, and hence aids in controlling, managing, and gaining access to the control panels for security in a much more efficient way. On the other hand, the facility management systems segment is expected to maintain its leadership status during the forecast period. Besides, the building energy management software is expected to cite the fastest CAGR of 10.9% during the forecast period. The main reason for this surge is anticipated surge is because building energy management software will have the ability to lower daily expenses for the building's energy usage.
- Segment by component: Hardware, Software
North America held the lion's share
Based on region, the market across North America held the dominating market share in 2021, garnering around one-third of the global building automation system market, and is expected to maintain its leadership status during the forecast period. The existence of several organizations engaged in construction activities in numerous nations throughout the region is primarily responsible for the expansion of the North American market, and this is anticipated to continue to be the region's market's major driver during the projected timeframe. In addition, more and more business across the region is incessantly investing in BAS, which will create ample opportunities. Furthermore, increase in investment in smart cities creates remunerative opportunities for the industry. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 10.9% during the forecast period.
Major market players
- Honeywell International Inc.
- Robert Bosch GmbH
- Johnson Controls
- Mitsubishi Electric Corporation
- ABB
- Schneider Electric
- Siemens
- General Electric
- Hubbell
- United Technologies Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the building automation system market analysis from 2021 to 2030 to identify the prevailing building automation system market opportunities.
- The market research is offered along with information related to building automation system market opportunity, key drivers, restraints.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the building automation system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global building automation system market outlook.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global building automation system market trends, key players, market segments, application areas, and market growth strategies.
Building Automation System Market Segments:
Application
- Industrial
- Residential
- Commercial
Offerings
- Facility Management Systems
- Security and Access Controls
- Fire Protection Systems
- Building Energy Management Software
- BAS Services
- Others
Component
- Hardware
- Software
By Region
- North America (U.S., Canada, Mexico)
- Europe (U.K., Germany, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)
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