Global Building Automation Systems Market Highlights 2022 – 2030
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.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Building Automation Systems Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global building automation systems market includes the following segments:
By Component
- Hardware
- Software
- Services
By Offering
- Facility Management Systems
- Security and Access Controls
- Fire Protection Systems
By Application
- Residential
- Industrial
- Commercial
Growth Drivers
- Increasing Need for Proper Energy Management
- Rising Emphasis on Overcoming Utility Costs Globally
Challenges
- False Notion About High Installation Costs of Building Automation Systems
Top Featured Companies Dominating the Market
- Schneider Electric
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Siemens AG
- United Technologies Corp.
- Honeywell International, Inc.
- Johnson Controls International
- ABB Ltd.
- Hubbell Inc.
- Ingersoll-Rand PLC
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
