The building automation systems market size is projected to be valued at US$ 52.2 Billion in 2023 and is expected to rise to US$ 103.4 Billion by 2033. The sales of building automation systems are expected to grow at a significant CAGR of 7.1% during the forecast period.
The market for building automation systems is expected to develop as a result of the growing deployment of these systems in office buildings, shopping centers, and public transportation hubs like train stations and airports.
The global market for building automation systems has been driven by the Internet of Things’ increased popularity, increasing government and private sector activities, and rising security concerns.
Additionally, wireless protocols and sensor networks are developing more quickly. Moreover, the intervention of industry 4.0 and rapidly evolving cloud technologies would further contribute towards market expansion.
Maximize Your Industry Knowledge: Dive Deeper with Our Sample Report Insights
https://www.futuremarketinsights.com/reports/sample/rep-gb-2150
Furthermore, throughout the period of 2023 to 2033, government measures to lower carbon emissions and improve energy efficiency are projected to offer attractive chances for the market to expand.
Key Takeaways from the Building Automation Systems
- U.S. to generate a revenue of US$ 23.6 Billion by 2033 as sales of building automation systems will continue to be driven by the rapid adoption of technology in commercial and industrial activities.
- U.K would likely to contribute a share of USD 5.2Billion by 2033 due to adoption of smart home devices and favorable regulation laid by authorities.
- China is the most lucrative region among all with a growth trajectory of 9.6% as the idea of building automation systems is still relatively new in China, market players are able to increase their market share and provide cutting-edge BAS solutions there.
- The market’s largest contributor, HVAC Control, is anticipated to expand at a CAGR of 6.1% during the forecast period. The growth is attributed towards growing population and to enhance their market share and enter new markets, HVAC manufacturers are expanding their product profile.
- Service segment registered the highest growth rate of 7.8% as building automation market participants are encouraging sales by providing enticing packages and offers, as well as post-sales assistance in maintenance and installation.
Competitive Landscape
Top 5 players in the global building automation market include Siemens AG, Honeywell International, ABB, Schneider Electric, and Johnson Controls, plc. As per FMI’s analysis, top 5 players are anticipated to account for 44% of the total market share.
As a part of their growth strategies, leading players operating in the global building automation systems market are emphasizing on product developments, intensive research and development, and strategic collaborations, mergers, and acquisitions to establish a firm foothold in the market. For instance:
- In August 2021, Schneider Electric, a global data center hardware giant, entered an on-demand leasing program hardware deal with American Power Conversion line for uninterruptable power supplies (UPS). The partnership will allow channel partners to offer improved visibility and front-end maintenance across their customers’ UPS systems.
- In July 2021, ASM Global, a global leader of entertainment experience, announced a strategic collaboration with Honeywell International, a leader in connected buildings, to create smarter and safer venue operations and more enjoyable audience experiences across ASM’s diverse portfolio.
Get Ahead with Detailed Market Intelligence: Purchase Now to Access Segment-specific Information, Uncover Key Trends, Drivers, and Challenges
https://www.futuremarketinsights.com/checkout/2150
Building Automation Systems Market
By Product Type:
- Hardware
- Software
- Services
By System Type:
- Security & Surveillance
- HVAC
- Lighting Solutions
- BEMS (Building Energy Management)
By Application Type:
- Commercial
- Residential
- Government
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube