As per EU regulations, the overall energy performance of commercial and residential buildings needs to be improved, as 40% of total energy consumption is accounted for by the building sector. In the U.K., growth of building automation systems market is largely backed by the regulations imposed by the European Union to promote energy efficiency in buildings. In 2018, as a part of the ‘Clean Energy for all Europeans’ package, the EU set a new target to cut reduce energy consumption by 32.5% by 2031.
During the forecast period, the market growth will be accelerated by the quick development of building automation systems as well as the emergence of connective technologies like artificial intelligence, machine learning, and cloud computing. According to FMI, the market will expand at a strong 7.8% CAGR from 2021 to 2031.
Between 2020 and 2021, the global market for building automation systems grew 7.0% year over year after absorbing the effects of the unprecedented COVID-19 outbreak.
Dowmload sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-2150
Building automation systems allow machines and devices to communicate with one another in order to manage and streamline daily operations in the commercial, industrial, and residential sectors. BAS sales will continue to benefit from rising tenant demand for convenience and comfort in modern residential spaces.
Aside from that, the emergence of smart cities in a number of countries is increasing demand for building automation systems. These systems improve energy efficiency, water and gas supply, lighting, temperature control, and security and surveillance in both residential and commercial buildings.
“Government-backed initiatives to encourage the development of smart buildings, coupled with post-sales assistance and services offered by market players will positively shape the demand outlook in the building automation systems market,” says the FMI analyst.
Customization Before Buying, Visit: https://www.futuremarketinsights.com/customization-available/rep-gb-2150
Key Takeaways:
- Building automation system services are estimated to dominate the product segment.
- Sales of security and surveillance building automation systems will remain high through 2031.
- Applications of building automation systems in commercial sector will continue gaining momentum.
- The U.S. is expected to witness high demand for building automation systems, owing to expansions in the residential and commercial sector. FMI projects the North American market to grow at a positive 7.2% CAGR.
- Growth prospects in the U.K. are projected to be bright, due to stringent government regulations regarding energy efficiency and conservation. The European building automation systems market is poised to expand at a 7.0% CAGR.
- China will emerge as an attractive market, owing to government initiatives promoting the development of smart cities.
- South Korea and Japan will collectively account for 7% of the total market share.
Ask Us Your Questions: https://www.futuremarketinsights.com/ask-question/rep-gb-2150
Competitive Landscape
Honeywell International, Schneider Electric, Siemens AG, ABB, Johnson Controls, Plc, Delta Electronics, Inc., Eaton Corporation, Bosch Rexroth, Emerson, AVASGLO Group, Signellent Technologies (India) Pvt. Ltd., Comnatz Thailand Company Ltd, Deos AG, MCS Automation Technology Company Ltd., and Philips Lighting are some prominent players operating in the building automation systems market profiled by FMI.
As per FMI’s analysis, top 5 players in the building automation systems market comprise Siemens AG, Honeywell International, ABB, Schneider Electric, and Johnson Controls, plc, accounting for 44% of the total market share.
As per FMI’s in-depth regional analysis, the U.S. is anticipated to witness high demand for building automation systems during the assessment period. Growth in commercial sector, coupled with penetration of building automation systems in schools, universities, hospitals, and entertainment centers are estimated to fuel market growth through 2031.
Building Automation Systems Market by Category
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
- East Asia
- Oceania
- Middle East and Africa
About Us:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Latest Report: https://www.futuremarketinsights.com/reports/
LinkedIn| Twitter| Blogs