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NEW YORK , Oct. 7, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Building Automation System Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028," the global building automation system market size is expected to grow from $70 Billion in 2021 to $175 Billion by 2028 at a CAGR of 12% between 2022 and 2028.
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Global Building Automation System Market Report Scope, Segmentations, Regional & Country Scope:
Component, Application, Communication Technology, and Geography
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
ABB Ltd.; Siemens AG; Honeywell International Inc.; Hitachi, Ltd.; Hubbell; Ingersoll-Rand plc; Johnson Controls; Lennox International; Robert Bosch GmbH; Schneider Electric SE
Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development
Global Building Automation System Market Forecast to 2028 - Latest COVID-19 Analysis
https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00004033/
Browse key market insights spread across 150 pages with list of tables & list of figures from the report, "Building Automation System Market- COVID-19 Impact and Global Analysis – By Component (Hardware, Software, and Services), Application (Residential, Commercial, and Industrial), Communication Technology (Wireless Technologies and Wired Technologies), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/building-automation-system-market
In the last few years, many vital trends have emerged in building management and automation systems, offering new opportunities for systems integrators. Buildings are about better efficiency, and as they expand hands-on wireless infrastructure and IT, virtual deployment of smart devices is becoming easy. Moreover, installing smart devices enhances building connectivity while boosting flexibility and lowering installation costs. At present, smart buildings are using integrated networks, IoT devices, and wireless devices to reduce costs and become energy efficient.
The deployment of the below-mentioned technologies will increase and enhance space utilization and would also accelerate the adoption of building automation systems:
In addition to the abovementioned factors, the demand for energy-efficient solutions is increasing. Control functions and building automation would help promote higher energy efficiency in buildings, save building operating costs, and lower carbon emissions. Advanced technologies, such as IoT, can help in accessing real-time monitoring of water, gas meters, and electricity. Also, access to real-time sub-metering data can bring focus on inefficiencies in the building. Therefore, the integration of advanced technologies is expected to boost the scope of building automation systems soon, propelling the building automation system market.
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Demand for More Technological Advanced Building Systems Penetrate Building Automation System Market:
Furthermore, smart building technology will continue to play a vital role in upgrading the existing or old buildings during the forecast period. In the case of old/traditional buildings, the building automation system (BAS) has become obsolete and lags in featuring the benefits of the new BAS. Therefore, the use of IoT for building management is getting prevalent. It facilitates virtual systems to manage lighting and HVAC systems through cloud-based controls. The picture of virtual BAS offers high-impact functionality at a fraction of the cost of installation of the conventional BAS.
The deployment of advanced security technologies like touch-free technology, facial recognition, and video analytics is rising exponentially, which is projected to benefit both commercial and residential buildings. Integrating the technologies mentioned above into a smart building will ensure the safety of users and building occupants. IoT, predictive analytics, app-enabled building services, and smart building management systems are other smart building technologies projected to benefit BAS and, therefore global building automation system market.
Further, the trend of smart buildings is massive in North American and European countries. South Korea and Southeast Asia are witnessing substantial growth in BAS uptake in Asia . However, Japan is expected to be a challenging market for international players to compete in, as the competitive environment for the building automation industry is dominated by a single domestic provider.
Emerging economies, such as India and China , have observed exponential growth in commercial building constructions, attracting the installation of many BAS in buildings. Additionally, the building owners are identifying the value of investing in complex & expensive controllers and sensors. Mid-market projects in the abovementioned countries are transforming the outlook of building automation systems by making them technologically more advanced and ready-to-use anywhere.
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The report segments the global building automation system market as follows:
Global Building Automation System Market - By Component
Global Building Automation System Market - By Application
Global Building Automation System Market - By Communication Technology
Global Building Automation System Market - By Geography
Global Building Automation System Market - Company Profiles
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