by Brianna Crandall — April 11, 2016—According to a new market research report from MarketsandMarkets, the global building automation system market is expected to reach USD 100.6 billion by 2022, at a compound annual growth rate (CAGR) of 10.65% between 2016 and 2022.
Building automation system market drivers
The ability of a building automation system (BAS) to increase energy efficiency and enhance security and safety in buildings is one of the major driving factors for the global market, according to the report. Moreover, advancements in wireless communication technologies and the convergence of the Internet of Things (IoT) and building automation further drive market growth.
Security and access control systems
The market for security and access control systems is expected to lead the global building automation system market during the forecast period. The report notes the difficulty of manually monitoring activities and keeping track of people entering and exiting a building, especially in large organizations. Thus, the need for automatic systems to increase the security level, monitor activities, and control access has led to the rise in demand for security and access control systems.
Commercial buildings
The market for the commercial buildings application is expected to hold the largest share of the global BAS market during the forecast period. This sector has the highest demand for energy conservation and reducing the overall operating cost. This is one of the major driving factors for the growth of this market.
APAC region
The Asia-Pacific (APAC) region is expected to play a key role in the building automation system market and to grow at the highest rate during the forecast period. The rapid growth of the construction industry in this region as well as related government initiatives have contributed to the growth of the BAS market in the region.
Key players
The major players in this market include Honeywell International Inc. (USA), United Technologies Corporation (USA), Johnson Controls Inc. (USA), Hubbell, Inc. (USA), Schneider Electric SE (France), Siemens AG (Germany), Legrand SA (France), Ingersoll Rand PLC (Ireland), ABB (Switzerland), and Robert Bosch GmbH (Germany), among others.
This research report categorizes the global BAS market on the basis of protocols, standards and communication technologies, products, applications, and geography. The report describes the drivers, restraints, opportunities, and challenges for the growth of the market, and a Porter’s Five Forces analysis has been included with a description of each of the force and its respective impact on the BAS market.
The 162-page Building Automation System Market – by Product Segments (HVAC Controls, Lighting Control system, video surveillance, biometric access control, fire sprinkler, fire alarm), Communication Protocol Application and Geography – Global Forecast To 2022 report is available for purchase from the MarketsandMarkets Web site. Early buyers will receive 10% customization on reports.
