Building Automation Systems Market Size to Hit USD 130.13 Billion, at a CAGR 7.8% by 2030 | Fortune Business Insights
According to Fortune Business Insights, the global Building Automation Systems Market size is projected to grow from USD 73.80 Billion in 2022 to USD 130.13 Billion in 2030 at CAGR of 7.8% during forecast period.
Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) — The global building automation systems market size was valued at USD 73.80 billion in 2022. The market is anticipated to grow from USD 77.09 billion in 2023 to USD 130.13 billion by 2030, exhibiting a CAGR of 7.8% over the estimated period. The expansion is being driven by the rising formulation of customer-driven marketing strategies by key market players. Fortune Business Insights™ provides this information in its research report, titled “Building Automation Systems Market, Forecast 2023-2030”.
March 2023: Siemens introduced connect box for smaller to medium-sized buildings. The IoT solution for small to medium-sized buildings is designed to monitor building energy efficiency and help in improving indoor air quality.
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Report Scope & Segmentation:
|Forecast Period||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR||7.8%|
|2030 Value Projection||130.13 Billion|
|Building Automation Systems Market Size in 2022||73.80 Billion|
|Historical Data for||2019-2021|
|No. of Pages||180|
|Segments covered||By Product Type, By Application, By End User, By End User vs. Area Size, and By Region|
Market Drivers and Restraints:
Surging Construction Activities with Advanced Technology to Drive the Market Prospects
Due to rising demand for modern buildings with advanced and innovative technology, the market is anticipated to gain huge popularity over the projected period. The building automation systems market growth is influenced by several factors, including robust infrastructure development, rapid urbanization, constant monitoring of electronic assets connected to the systems, and energy management systems.
Building automation systems are centrally operated and connected to the internet, which might increase the threat of cyberattacks on the system. Such malware attacks might allow access to important data leading to misuse of data and disruptions in operations.
Growing Demand for Incorporation of Building Automation Systems to Drive the Market
The outbreak of the COVID-19 pandemic has slowed down the growth of automation systems, consisting of other industries. Disruptions in the supply chain caused a downfall during the pandemic period. The commercial and residential sectors are focused on building automation owing to remote monitoring and optimal building operations.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/building-automation-systems-market-107861
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
Building Automation Systems Market Segmentation Analysis:
HVAC Systems to have Considerable Market Growth Due to Increasing Awareness of Energy-Efficient Building
On the basis of application, the market is divided into HVAC systems, safety and security systems, energy systems, sanitization systems, and others. HVAC systems segment holds the largest share among other applications.
These automation systems are augmented with smart technology offerings such as control of HVAC systems through mobile or remote devices. The systems help monitor building data through any remote devices at any given time.
Profitable Industry to Show Subsequent Growth Owing to Rising Demand for Smart Buildings
Based on end user, the market is divided into residential, commercial, and industrial.
The commercial segment leads the market with the highest share and is estimated to expand market growth during the projected period. The commercial segment is further divided into institutional facilities, offices, buildings, hotels and restaurants, healthcare facilities, retail stores, and others.
Commercial Buildings Under 100,000 Sq.Ft. to Witness Strong Demand due to Changing Demographics
As per end-user vs. area size, the market is segmented into industrial, residential, and commercial.
The majority of the commercial buildings lie under 50,000 sq. ft. area size. Energy consumption by commercial spaces has increased owing to changing demographics, rising infrastructure investment, and urbanization directing the demand for energy savings solutions, increasing the energy demand for automation systems in commercial spaces.
Geographically, the market is divided across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
North America to Dominate the Market Share Due to Rising Awareness of Energy-Efficient Buildings
North America is anticipated to lead the building automation systems market share over the projected period. The dominance in the market is further followed by Europe due to the rising awareness about energy-efficient buildings.
Asia Pacific witnesses high growth prospects owing to rapid urbanization and rising infrastructure development across the region.
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Prominent Players Are Focusing on Strategies such as Acquisitions and Collaborative Measures to Drive Market
Key players are focusing on the introduction of new products in high-growth markets to expand their presence globally. Siemens AG, Schneider Electric, and Honeywell International Inc. are focusing on developing product portfolios for a wide range of applications, including HVAC systems and safety and security systems.
A List of Key Manufacturers Operating in the Global Market:
- Schneider Electric (France)
- Siemens AG (Germany)
- Cisco Systems (U.S.)
- Johnson Controls (U.S.)
- Robert Bosch (Germany)
- Hitachi (Japan)
- ABB (Switzerland)
- Carrier (U.S.)
- Legrand (France)
- Honeywell International (U.S.)
- General Electric (U.S.)
Have Any Query? Ask Our Experts:
Table of Content:
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2. Executive Summary
3. Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities, and Trends
3.3. Impact of COVID-19
4. Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. Global Building Automation Systems Key Players Market Share/Ranking, 2022
5. Global Building Automation Systems Market Size Estimates and Forecasts, By Segments, 2019-2030
5.1. Key Findings
5.2. By Product Type (USD)
18.104.22.168. Output Devices
22.214.171.124. User Interface
5.3. By Application (USD)
5.3.1. HVAC Systems
5.3.2. Safety and Security Systems
5.3.3. Energy Systems
5.3.4. Sanitization Systems
5.3.5. Others (Vents, Pumping Systems, etc.)
5.4. By End-User (USD)
126.96.36.199. Offices Buildings
188.8.131.52. Institutional Facilities
184.108.40.206. Healthcare Facilities
220.127.116.11. Hotels and Restaurants
18.104.22.168. Retail Stores
22.214.171.124. Others (Auditoriums, Museums, Galleries, etc.)
5.5. By End-User vs. Area Size (USD)
126.96.36.199. Up to 3,000 sq. ft.
188.8.131.52. 3,000 to 10,000 sq. ft.
184.108.40.206. Above 10,000 sq. ft.
220.127.116.11. Less than 25,000 sq. ft.
18.104.22.168. 25,000 to 100,000 sq. ft.
22.214.171.124. Above 100,000 sq. ft.
126.96.36.199. Below 50,000 sq. ft.
188.8.131.52. 50,000 to 200,000 sq. ft.
184.108.40.206. Above 200,000 sq. ft.
5.6. By Region (USD)
5.6.1. North America
5.6.3. Asia Pacific
5.6.4. Middle East & Africa
5.6.5. South America
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