The market for building automation systems is anticipated to be worth US$ 52.2 billion in 2023 and US$ 103.4 billion by 2033. Building automation system sales are anticipated to increase during the forecast period at a significant CAGR of 7.1%.
Building automation systems (BAS) are increasingly in demand all over the world. With a CAGR of 5.7%, the market has experienced phenomenal growth in recent years.
Owing to the rapid expansion of the commercial and residential sector in the U.S., it is anticipated to rule the building automation systems market in the North American region with a healthy CAGR of 7.2% CAGR through the forecast period.
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Key Takeaways
- Several advancements in the BAS industry have propelled its adoption in small and medium-sized buildings and the trend is anticipated to prevail in the upcoming years.
- Tremendous improvements can be witnessed in the building automation systems market in recent years with the objective of providing optimal safety and comfort to occupants.
- Since traditional technologies have taken a backseat now, market players are focusing on launching novel connective technologies and systems to facilitate advanced automation metrics.
- Backed by advanced technological factors, the building automation systems market is anticipated to witness lucrative growth prospects during the forecast period.
- Rapid urbanization in various developed and developing economies is providing lucrative growth opportunities to create sophisticated smart cities.
- The North American region is anticipated to emerge as a dominant market with a growth rate of 7.2 CAGR through the forecast period.
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., Philips Lighting are some of the key companies profiled in the full version of the report.
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 market.
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More Insights into the Building Automation Systems Market
The emergence of innovative technological solutions in industrial and commercial processes is one of the key factors driving sales of building automation systems in the U.S. Furthermore, rising concerns regarding excessive energy consumption within various industries is propelling the implementation of building automation systems.
The regulations imposed by European Union to promote energy efficiency are likely to spur the growth of the building automation systems market. The European building automation systems market is estimated to grow at a healthy CAGR of 7.0% in upcoming years.
Building automation systems are paving the way for educational institutes and tourist attractions such as museums, art galleries, and amusement parks, where power supply and consumption are controlled by BAS.
Rising environmental concerns regarding pollution, the Chinese government is emphasizing on development of green buildings across the country. Key market players in China are offering novel and sophisticated BAS solutions to cut down excessive energy consumption.
Besides commercial spaces, demand for the convenience of comfort among city dwellers is also driving sales of building automation systems.
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