July 26, 2022 20:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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DUBAI, United Arab Emirates, July 26, 2022 (GLOBE NEWSWIRE) -- The global building automation systems market is estimated to reach a valuation of US$ 44.6 Bn in 2021. Once the initial impacts of COVID-19 are fully countered, the market is anticipated to grow at a robust 7.8% CAGR through 2031.
Increasing development of smart cities and connective technology including the Industrial Internet of things (IIoT) will continue augmenting market growth, with the U.S., the U.K., Germany, and Japan emerging as top producers during the assessment period.
There is a significant rise in the demand for building automation systems (BAS) across the globe. The market has witnessed phenomenal growth in the past few years with a CAGR of 5.7%.
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Honeywell International, Schneider Electric, Siemens AG, ABB, Johnson Controls, Plc, Delta Electronics, Inc., Eaton Corporation, Bosch Rexroth, Emerson, AVASGLO Group, Signellent Technologies (India) Pvt. Ltd., Comnatz Thailand Company Ltd, Deos AG, MCS Automation Technology Company Ltd., Philips Lighting are some of the key companies profiled in the full version of the report.
As a part of their growth strategies, leading players operating in the global building automation systems market are emphasizing product developments, intensive research and development, and strategic collaborations, mergers, and acquisitions to establish a firm foothold in the market.
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More Insights into the Building Automation Systems Market
Owing to the rapid expansion of the commercial and residential sector in the U.S., it is anticipated to rule the building automation systems market in the North American region with a healthy CAGR of 7.2% CAGR through the forecast period.
The emergence of innovative technological solutions in industrial and commercial processes is one of the key factors driving sales of building automation systems in the U.S. Furthermore, rising concerns regarding excessive energy consumption within various industries is propelling the implementation of building automation systems.
The regulations imposed by European Union to promote energy efficiency are likely to spur the growth of the building automation systems market. The European building automation systems market is estimated to grow at a healthy CAGR of 7.0% in upcoming years.
Building automation systems are paving the way for educational institutes and tourist attractions such as museums, art galleries, and amusement parks, where power supply and consumption are controlled by BAS.
Rising environmental concerns regarding pollution, the Chinese government is emphasizing on development of green buildings across the country. Key market players in China are offering novel and sophisticated BAS solutions to cut down excessive energy consumption.
Besides commercial spaces, demand for the convenience of comfort among city dwellers is also driving sales of building automation systems.
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Building Automation Systems Market by Category
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The industrial automation division of FMI offers a distinct and pinpoint analysis of the industry. This exhaustive coverage extends from commodity, bulk, specialty, composites, and nanotechnology, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for manufacturers, research institutions, channel partners, and government bodies for development.
3.1. Key Trends Impacting the Market
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