The Global Building Automation System Market is projected to grow at a CAGR of 10.56% from 2019 to 2026, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 68.82 Billion in 2018 and is expected to reach USD 154.25 Billion by the end of the forecast period.
Building Automation System Market Drivers:
- Internet of Things (IoT): The growing popularity of IoT technology has created opportunities for smart building solutions, propelling the demand for BAS.
- Government and Private Initiatives: Governments and private establishments are investing heavily in building automation systems to improve efficiency, safety, and sustainability.
- Security Concerns: Escalating security concerns have spurred the adoption of automated security systems within buildings, further fuelling market growth.
- Wireless Sensor Networks: Advancements in wireless sensor networks and protocols have expanded the capabilities and applications of BAS.
- IoT Expansion: The rapid growth of the Internet of Things ecosystem has been a catalyst for the building automation system market.
- Energy Efficiency Initiatives: Government-led efforts to reduce carbon emissions and enhance energy efficiency are creating lucrative opportunities for BAS.
The global Building Automation System market is poised for continued expansion, with robust growth expected, particularly in the Asia Pacific region. Developing countries such as India and China are experiencing rapid growth in the construction industry, while government initiatives focused on energy conservation are further propelling the market in this region.