The e-magazine for KNX home & building control

MarketsandMarkets Expects Building Automation System Market to be Worth Over USD100 Billion by 2022

According to the new market research report “Building Automation System Market by Product Segments (HVAC Controls, Lighting Controls, Security & Access Controls, Application (Commercial, Residential, & Industrial), and Geography (North America, Europe, APAC, & Row) – Global Forecast to 2022”, published by MarketsandMarkets, the market is expected to reach USD 100.60 Billion by 2022, at a CAGR of 10.65% between 2016 and 2022.

The ability of the building automation and control systems to increase the energy efficiency and enhance the security and safety in buildings is one of the major driving factors for the market. Moreover, the advancements in the wireless communication technologies and convergence of IoT and building automation further drive the growth of the building automation and control systems market.

Security & access control systems to lead the building automation and controls market

The market for security & access control systems is expected to lead the global building automation and control systems market during the forecast period. It is very difficult to manually monitor the activities and keep track of people entering and exiting a building, especially in large organizations. Thus, the need for automatic systems to increase the security level, monitor activities, and control the access has led to the rise in demand for security & access control systems.

Commercial buildings sector expected to hold the largest share of the building automation and control systems market

The market for the commercial buildings application is expected to hold the largest share of the global building automation and control systems market during the forecast period. This sector has the highest demand for energy conservation and reducing the overall operating cost. This is one of the major driving factors for the growth of this market.

APAC expected to witness rapid growth during the forecast period

The APAC region is expected to play a key role in the building automation and control systems market and grow at the highest rate during the forecast period. The rapid growth of the construction industry in this region as well as the government initiatives have contributed to the growth of the building automation and controls market in the APAC region.

The major players in this market include Honeywell International Inc. (U.S.), United Technologies Corporation (U.S.), Johnson Controls Inc. (U.S.), Hubbell, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Legrand SA (France), Ingersoll Rand PLC (Ireland), ABB (Switzerland), and Robert Bosch GmbH (Germany) among others.

This research report categorizes the global building automation and controls market on the basis of protocols, standards & communication technologies, products, applications, and geography. This report describes the drivers, restraints, opportunities, and challenges for the growth of the building automation and control systems market. The Porter’s Five Forces analysis has been included in the report with a description of each of the force and its respective impact on the building automation and control systems market.

www.marketsandmarkets.com

Share on facebook
Share
Share on twitter
Tweet
Share on linkedin
Share

SPONSORS