The building automation systems market size is projected to be valued at US$ 52.2 Billion in 2023 and is expected to rise to US$ 103.4 Billion by 2033. The sales of building automation systems are expected to grow at a significant CAGR of 7.1% during the forecast period.
The market for building automation systems is expected to develop as a result of the growing deployment of these systems in office buildings, shopping centers, and public transportation hubs like train stations and airports.
The global market for building automation systems has been driven by the Internet of Things’ increased popularity, increasing government and private sector activities, and rising security concerns.
Additionally, wireless protocols and sensor networks are developing more quickly. Moreover, the intervention of industry 4.0 and rapidly evolving cloud technologies would further contribute towards market expansion.
Furthermore, throughout the period of 2023-2033, government measures to lower carbon emissions and improve energy efficiency are projected to offer attractive chances for the market to expand.
Key Takeaways from the Building Automation Systems
- U.S. to generate a revenue of USD 23.6 Billion by 2033 as sales of building automation systems will continue to be driven by the rapid adoption of technology in commercial and industrial activities.
- U.K would likely to contribute a share of USD 5.2Billion by 2033 due to adoption of smart home devices and favourable regulation laid by authorities.
- China is the most lucrative region among all with a growth trajectory of 9.6% as the idea of building automation systems is still relatively new in China, market players are able to increase their market share and provide cutting-edge BAS solutions there.
- The market’s largest contributor, HVAC Control, is anticipated to expand at a CAGR of 6.1% during the forecast period. The growth is attributed towards growing population and to enhance their market share and enter new markets, HVAC manufacturers are expanding their product profile.
- Service segment registered the highest growth rate of 7.8% as building automation market participants are encouraging sales by providing enticing packages and offers, as well as post-sales assistance in maintenance and installation.