Building Automation Market Size is Projected to Reach USD 11
BANGALORE, India, July 20, 2020 /PRNewswire/ -- Building automation systems (BAS) integrate building's mechanical, electrical and security systems into one intuitive framework that provides the optimum balance efficiency with productivity and occupant comfort.
The Global Building Automation Market size is projected to reach USD 112.3 Billion by 2026, from USD 64.7 Billion in 2019, at a CAGR of 8.2% during 2020-2026.
The rise in the adoption of automated building security systems, the development of wireless protocols and wireless network sensor technology for Building automation systems, and the rapid penetration of IoT in building automation systems are the key factors driving the growth of the Building Automation Market size.
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TRENDS INFLUENCING THE BUILDING AUTOMATION MARKET SIZE
Nowadays, all organizations are keen on initiating steps to reduce energy usage. This has encouraged them to adopt building automation systems as these technologies offer various applications such as lighting management, air conditioning, and heat ventilation management. Furthermore, building automation systems help organizations to analyze their building data and manage energy usage. These factors have led to increased adoption of BAS by the organization, and has, in turn, led to the increase in the growth of building automation market size.
Rising use of renewable energy sources and increasing awareness among consumers about environmental protection will further drive the building automation market size.
The growing need for enhanced building protection and surveillance is also expected to contribute considerably to the growth of the building automation market size.
Factors such as the adoption of various building automation protocols, the advancement of open-ended architecture, and easy access to technical innovations are expected to fuel the growth of building automation market size.
Lack of end-user knowledge and high initial investments could hinder the growth of the building automation market. In addition, technical difficulties associated with the operation of the building automation system can hinder the market growth.
BUILDING AUTOMATION MARKET SHARE ANALYSIS
APAC is expected to witness the highest growth during the forecast period. The growth in this region is due to the rapid growth of the construction industry in developing countries such as China and India. Furthermore, the government's energy-saving policies have contributed to the growth of the APAC building automation market size. Countries like China and India have begun aggressively developing smart cities. The building automation serves as a crucial enabler for the respective countries to achieve those goals.
Europe is expected to hold a significant building automation market share during the forecast period. The market growth of this region is due to EU directives such as the Energy Performance of Buildings Directive, rising implementation of security systems by homeowners, and the increasing demand for energy-efficient products and smart grid services.
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TOP COMPANIES IN THE BUILDING AUTOMATION MARKET ARE:
- Johnson Controls
- Schneider Electric
- United Technologies
Building Automation Breakdown Data by Type
- Wired Technology
- Wireless Technology
Building Automation Breakdown Data by Application
Building Automation Breakdown Data by Region
- North America
- Southeast Asia
- Central & South America
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SIMILAR REPORTS :
● Building Management System (BMS) Market
BMS are deployed in large buildings for efficient energy management, and they help in controlling and managing building facilities such as lighting, electricity, fire precautions, safety, security, and HVAC.
Johnson Controls, Schneider, Siemens, and Honeywell are the key players and accounted for 16.09%, 13.97%, 9.16% and 7.71% respectively of the overall Building Management System market share in 2016.
● Intelligent Building Automation Technologies Market
In 2019, the global Intelligent Building Automation Technologies market size was USD 64760 Million.
Based on the region, North America is expected to hold the largest Intelligent Building Automation Technologies Market share.
Europe closely follows North America. Due to favorable government policies and initiatives, the European region is expected to witness the highest CAGR during the forecast period.
Some of the top companies in the Intelligent Building Automation Technologies Market are Siemens Building Technologies, Schneider Electric, Honeywell International, Johnson Control, United Technologies Corporation, ABB, Azbil Corporation, Eaton Corporation, General Electric, and Ingersoll Rand.
● Commercial Building Automation Market
In 2019, the global Commercial Building Automation market size was USD 73510 Million, and it is expected to reach USD 93670 Million by the end of 2026, with a CAGR of 3.5% during 2021-2026.
The key regions covered in the Commercial Building Automation market report are North America, Europe, China, Japan, Southeast Asia, India, and Central & South America, etc. The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type and application segment in terms of revenue for 2015-2026.
● Building Automation Software Market
Building automation in industrial, residential, and commercial buildings can significantly improve the efficiency, productivity, and cost of business operations. This factor is expected to drive the growth of Building Automation Software Market size.
Building Automation Software market is segmented by Type and Application. The report's segmental analysis focuses on revenue and forecast for Type and Application for the period 2015-2026.
● Building Automation and Control System Market
Building automation and control systems aim to enhance and occupants comfort, reduce energy consumption, and operating costs. Furthermore, building automation and control systems ensure efficient operation and provides real-time status information.
Stringent government regulation for energy-efficient construction and growing awareness of the new wireless technologies are likely to propel the Building Automation and Control System Market growth.
● LonWorks Building Management System Market
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