The Insight Partners published latest research study on “Building Automation System Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028,” the global building automation system market size is expected to grow from $70 Billion in 2021 to $175 Billion by 2028 at a CAGR of 12% between 2022 and 2028.
The deployment of the below-mentioned technologies will increase and enhance space utilization and would also accelerate the adoption of building automation systems:
- Electronic access control and video surveillance
- Occupancy detectors and people counters
- Building systems software overlay
In addition to the abovementioned factors, the demand for energy-efficient solutions is increasing. Control functions and building automation would help promote higher energy efficiency in buildings, save building operating costs, and lower carbon emissions. Advanced technologies, such as IoT, can help in accessing real-time monitoring of water, gas meters, and electricity. Also, access to real-time sub-metering data can bring focus on inefficiencies in the building. Therefore, the integration of advanced technologies is expected to boost the scope of building automation systems soon, propelling the building automation system market.
Demand for More Technological Advanced Building Systems Penetrate Building Automation System Market:
Furthermore, smart building technology will continue to play a vital role in upgrading the existing or old buildings during the forecast period. In the case of old/traditional buildings, the building automation system (BAS) has become obsolete and lags in featuring the benefits of the new BAS. Therefore, the use of IoT for building management is getting prevalent. It facilitates virtual systems to manage lighting and HVAC systems through cloud-based controls. The picture of virtual BAS offers high-impact functionality at a fraction of the cost of installation of the conventional BAS.
The deployment of advanced security technologies like touch-free technology, facial recognition, and video analytics is rising exponentially, which is projected to benefit both commercial and residential buildings. Integrating the technologies mentioned above into a smart building will ensure the safety of users and building occupants. IoT, predictive analytics, app-enabled building services, and smart building management systems are other smart building technologies projected to benefit BAS and, therefore global building automation system market.
Further, the trend of smart buildings is massive in North American and European countries. South Korea and Southeast Asia are witnessing substantial growth in BAS uptake in Asia. However, Japan is expected to be a challenging market for international players to compete in, as the competitive environment for the building automation industry is dominated by a single domestic provider.
Emerging economies, such as India and China, have observed exponential growth in commercial building constructions, attracting the installation of many BAS in buildings. Additionally, the building owners are identifying the value of investing in complex & expensive controllers and sensors. Mid-market projects in the above mentioned countries are transforming the outlook of building automation systems by making them technologically more advanced and ready-to-use anywhere.