According
to the new research report "Building
Automation System Market by Communication Technology, Offering (Facilities
Management Systems, Security & Access Control Systems, Fire Protection
Systems, and Building Energy Management Software), Application, Region - Global
Forecast to 2024", the BAS market is expected to grow from USD 75.0
billion in 2019 to USD 121.5 billion by 2024 growing at a CAGR of 10.12%. The
growth of this market is mainly driven by several factors, such as a high focus
on designing and establishing energy-efficient and eco-friendly buildings and
several benefits of BAS, development of wireless protocols and wireless sensor
network technology for BAS, and rapid infrastructure growth in developing
nations.
Security and access control systems to
hold largest share of BAS market by 2024
Security
and access control systems accounted for the largest share of the BAS market in
2018, and a similar trend is likely to continue in the near future. The demand
for home security solutions is growing at a rapid pace because of various
factors, such as technological advancements, the rise in crime rates, the
increased need for medical assistance to senior citizens at home and monitoring
the children at home. Security and access control systems have become an
integral part of the safety and security of buildings and their occupants.
These systems have revolutionized the building security and removed human
intervention. These are installed in buildings to increase the security level,
monitor activities, and keep a record of people entering and exiting the
building. Worldwide governments are also investing heavily to develop reliable
and robust security systems for safeguarding their citizens from terrorist
attacks.
BAS market for industrial application to
grow at highest CAGR from 2019 to 2024
The
industrial application includes manufacturing facilities, distribution
facilities, warehouses, and other infrastructure buildings of automotive,
chemicals, metals, engineering, mining, pharmaceuticals, oil & gas, and
other industries. The segment is expected to adopt smart building solutions to
achieve energy and cost savings, higher productivity, enhanced identity and
access management, and optimized surveillance. BAS has a wide scope for
development in emerging economies such as India, China, and Brazil, having
diverse manufacturing sectors growing at a high rate. In spite of having the largest
manufacturing base, these nations lack buildings equipped with energy-efficient
infrastructure. This creates a tremendous market opportunity for all companies
offering building automation systems to increase their viability in these
nations on a large scale.
Increasing construction industry in
developing countries such as China and India will boost the demand for BAS in APAC
during the forecast period
The
BAS market in APAC is expected to grow at the highest CAGR during the forecast
period. The rapid growth of the construction industry in developing countries,
such as China and India, and government initiatives toward energy conservation
have contributed to the growth of the BAS market in APAC. Countries such as
China and India have aggressively started developing smart cities. BAS is
acting as a key enabler in achieving these objectives by the respective
countries.
Honeywell
International (US), Siemens AG (Germany), Johnson Controls International
(Ireland), Schneider Electric (France), United Technologies Corp. (US), Robert
Bosch (Germany), Legrand (France), Hubbell (US), ABB (Switzerland), and
Ingersoll-Rand (Ireland) are among a few major players in the BAS market.
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