Building Automation Systems Market Grow At A Healthy 7.8% CAGR | Says FMI
The global building automation system market is expected to grow at a 7.8 percent CAGR during the forecast period. The increasing demand for energy-efficient facilities with enhanced security systems is driving the growth of the building automation system market. Furthermore, advances in wireless communication technologies have reduced the complexity and cost of installing building automation systems in existing structures.
According to a recent market survey conducted by ESOMAR-certified consulting firm Future Market Insights (FMI), the global building automation systems market will be worth $44.6 billion in 2021.
Rapid advancements in building automation systems, coupled with the emergence of connective technologies such as artificial intelligence, machine learning, and cloud computing will continue augmenting market growth during the forecast period. FMI projects the market to grow at a healthy 7.8% CAGR between 2021 to 2031.
After buckling the impacts of the unprecedented COVID-19 outbreak, the global building automation systems market experienced year-over-year growth by 7.0% between 2020 and 2021.
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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.
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- 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.
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.