The Building Automation Systems Market is anticipated to reach USD 47,800 million in 2023 and is projected to grow to USD 96,264 million by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 7.4% over the forecast period.
This growth is largely driven by government initiatives aimed at reducing carbon emissions and enhancing energy efficiency, which are expected to create significant opportunities for market expansion. The increasing adoption of the Internet of Things (IoT), heightened security concerns, and both government and private sector investments are also key factors propelling the market forward.
Additionally, advancements in wireless protocols and sensor networks, coupled with the rise of Industry 4.0 and the rapid evolution of cloud technologies, are further fueling the expansion of the building automation systems industry. These technological innovations are enhancing the functionality and efficiency of automation systems, contributing to their growing market presence.
Key Takeaways from the Building Automation Systems Market Report:
- U.S. to generate a revenue of USD 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 contribute a share of USD 5.2 billion by 2033 due to the adoption of smart home devices and favorable regulations 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, industry players are able to increase their industry share and provide cutting-edge BAS solutions there.
- The industry’s largest contributor, HVAC Control, is anticipated to expand at a CAGR of 6.1% during the forecast period. The growth is attributed to the growing population and to enhance their industry share and enter a new industry, HVAC manufacturers are expanding their product profile.
- The service segment registered the highest growth rate of 7.8% as building automation industry participants are encouraging sales by providing enticing packages and offers, as well as post-sales assistance in maintenance and installation.
In-Depth Market Analysis: A Complete Report
Competitive Landscape:
The top 5 players in the global building automation industry 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 industry share.
As a part of their growth strategies, leading players operating in the global Building Automation Systems Market are emphasizing product developments, intensive research and development, and strategic collaborations, mergers, and acquisitions to establish a firm foothold in the industry. For instance:
- In August 2021, Schneider Electric, a global data center hardware giant, entered an on-demand leasing program hardware deal with the 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 in 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.
Leading Key Players:
- Honeywell International
- Beijer Electronics
- ABB
- Siemens AG
- Johnson Controls
- Schneider Electric
- General Electric
- Legrand
- Lutron Electronics Co
- Control4 Corporation
Building Automation Systems Market Segmentation:
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 stands as 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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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