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.
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”.
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.
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.