Building Automation Growing At 9.9 Per Cent, Security, Access Control Most Profitable
The global building automation system market is predicted to witness a significant growth to 2027, with the hardware, commercial, and security and access control sub-segments estimated to be the most profitable and North America is expected to dominate the market.
According to Research Dive report “Building Automation System Market by Component: Global Opportunity Analysis and Industry Forecast, 2020–2027”, building automation is anticipated to garner revenue of $142,257.3 million by 2027 at a CAGR of 9.9 per cent during the period.
North America regional market of building automation system accounted $24,009.1 million in 2019 and is further projected to grow at a CAGR of 9.1 per cent. The main attributor behind this growth is the presence of the major industry players in various countries across the region.
The hardware sub-segment accounted for $36,119.9 million in 2019 and is further predicted to grow at a CAGR of 8.6 per cent in the forecast period. The main reason behind this growth is growing demand of hardware in automation system set up in smart buildings.
Commercial sub-segment generated around $28,495.0 million in 2019 and is further expected to grow with a CAGR of 8.9 per cent during the upcoming years. Rise in the use of building automation system for various security reasons in the commercial sector is predicted to enhance the market growth.
The security and access control sub-segment was accounted for $14,813.0 million in 2019 and is predicted to grow with a CAGR of 8.6 per cent in the estimated period. Driving the segment is the fundamental that security and access control solutions are integral to building management applications.
According to the report, one of the major driving factors of the market includes increasing demand for energy-efficient and eco-friendly buildings. Moreover, in a dynamic approach, the system helps the user to display accurate details of energy used with precision and the time consumed to perform the task. These are the main attributors behind the growth of the market.
The BAS technology can be complex to operate, which is predicted to hinder the market growth in the forecast period. Implementation of the AI for complete automation during the construction of buildings is predicted to create many opportunities for the global building automation system market during the projected timeframe.
The COVID-19 pandemic has impacted the market in a negative way as the nationwide lockdowns led to temporary stoppage of the construction activities. However, as the unlock procedures have started the construction activities have taken momentum and the demand for the building automation system have increased which predicts of a better market growth in upcoming years.
According to the report, the top 10 players of the building automation system market include:
* Schneider Electric SE
* Honeywell International Inc.
* Robert Bosch GmbH
* Siemens AG
* General Electrical
* Mitsubishi Electric Corporation
* ABB Ltd
* Johnson Controls International PLC
* Hubbell Inc.
* United Technologies Corporation