Growing number of smart cities is likely to increase the demand for Building Automation System Market; to Witness a CAGR of 11.2% during 2019-2025
The global building automation system (BAS) market is projected to reach USD 119.23 Billion while experiencing a CAGR of 11.2% during the forecast period. Factors driving the market growth are increasing penetration of IoT, and rapid growth of construction industry in emerging economies. In addition, increasing demand for energy-efficient solution in buildings is expected to impel the industry growth over the years to come. Moreover, favorable government initiatives for the development of smart cities are creating an ample opportunity for the industry during the forecast period.
A building automation system (BAS) is a computer-based control system used to control and monitor the operation of building’s mechanical as well as electrical equipments such as lighting, ventilation, security systems, power systems and among others. Moreover, it aids in connecting various systems that are coordinated by an integrated system. Besides, building automation systems are equipped with the user interface which allows them to adjust control settings as per their requirement and enables them to maintain the optimal temperature of the building.
Moreover, deploying centralized computer-based automation system in large commercial buildings helps to evaluate, monitor, and control the systems used within the building, and can reduce the energy consumption upto 20%. Furthermore, these systems can decrease operating costs, enhance thermal parameters, ensure and maintain efficient operation, and gives real-time status information while ensuring a high level of comfort and energy efficiency.
Key findings of the report:
– The global building automation system market is estimated to reach USD 119.23 Billion by 2025, while augmenting with a CAGR of 11.2%
– Based on offerings, security and access control system is projected to dominate the market during the forecast period. The segment growth is attributed to the rising incidences of the illegal encroachment and security breaches across the globe.
Based on control technology, wireless technology segment accounted to hold the major market share in 2018, and is anticipated to retain its dominance during 2019-2025.
– On the basis application, the commercial building held the major market share in 2018, and is likely to augment with the highest CAGR during 2019-2025.
– Geographically, Asia-Pacific is expected to grow with the highest CAGR during 2019-2025 owing to the evolution in construction sector coupled with increasing investments for the development of smart cities.
– Key players operating in the building automation system market include Siemens AG, Schneider Electric, Crestron Electronics, Inc., Distech Controls Inc., Lutron Electronics Co., Inc., ABB, United Technologies Corp., Johnson Controls, Honeywell International Inc., Emerson Electric Co., and Cisco Systems, Inc. among others.