Building Automation Systems Market Segmentation by Component (Hardware, Software, and Services); by Offering (Facility Management Systems, Security and Access Controls, and Fire Protection Systems); and by Application (Residential, Industrial, and Commercial) – Global Demand Analysis & Opportunity Outlook 2030
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
October 2021- Siemens announced the acquisition of Wattsense to boost IoT systems for small and medium buildings, expanding the former’s building products portfolio.
July 2019- Bosch Building Technologies planned to acquire GFR – Gesellschaft für Regelungstechnik und Energieeinsparung mbH headquartered in Verl, Germany. The aim is to improve its portfolio of building automation solutions for more security, comfort, and efficiency in commercial buildings.
The global building automation systems market is estimated to garner a sizeable revenue by growing at a CAGR of ~11% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing need for proper energy management, and rising emphasis on overcoming utility costs across the globe. Along with these, growing technological advancements in wireless communication technologies, and escalating number of government and private projects associated with building automation are also expected to drive market growth in the upcoming years. Furthermore, rapid growth of IoT technology, and initiatives associated with reducing carbon emissions is projected to offer profitable opportunities to the market in the near future. It was calculated that the automotive and enterprise internet of things industry grew by more than 20 percent in 2020, since the last year. Moreover, by the end of 2019, more than 4.5 billion IoT endpoints were evaluated to be in use.
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The market is segmented by offering into facility management systems, security and access controls, and fire protection systems, out of which, the security and access controls segment is anticipated to hold the largest share in the global building automation systems market. This can be accounted to their ability to increase security level, monitor activities and movements of people, and keep a record of people entering and exiting buildings. Apart from these, these systems have revolutionized building security by completely eliminating human intervention, which is another factor predicted to boost market segment growth in the future. Additionally, on the basis of application, the industrial segment is assessed to observe the highest growth during the forecast period, which can be ascribed to the growing adoption of smart building solutions for achieving energy and cost savings, and optimizing surveillance activities.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global building automation systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the surging industrial and construction activities, and high economic growth in the region. In addition, government initiatives regarding energy conservation is also a crucial factor expected to accelerate the region’s market growth in the coming years. Moreover, the market in North America is predicted to acquire the largest share during the forecast period owing to the ongoing technological developments, high adoption of building automation systems, and presence of prominent market players in the region. Moreover, the increasing demand for commercial building automation in the United States, backed by the surge in awareness for the numerous benefits associated with the adoption of automation systems, and the surge in the number of commercial buildings in the country, is also predicted to remarkably drive the market growth in the region. According to the data by the U.S. Energy Information Administration (EIA), in the year 2018, the number of commercial buildings crossed 6 million, registering an annual growth of 6% across the country.
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The global building automation systems market is further classified on the basis of region as follows:
Our in-depth analysis of the global building automation systems market includes the following segments:
Ans: The major factors driving market growth are increasing need for proper energy management, and rising emphasis on overcoming utility costs globally.
Ans: The market is anticipated to attain a CAGR of ~11% over the forecast period, i.e., 2022 – 2030.
Ans: False notion about high installation costs of building automation systems is estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the surging industrial and construction activities, and high economic growth in the region.
Ans: The major players in the market are Schneider Electric, Siemens AG, United Technologies Corp., Honeywell International, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by component, offering, application, and by region.
Ans: The security and access controls segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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