The Building Automation Systems 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 high focus on designing and establishing
energy-efficient and eco-friendly buildings, the development of wireless
protocols and wireless sensor network technology for BAS, and rapid
infrastructure growth in developing nations are the key factors driving the
growth of the BAS market.
Building
automation systems are used to automate and control a building’s heating,
ventilation, and air-conditioning systems; lighting systems; and other systems
to increase the comfort, safety, security, and convenience of an occupant and
make the building energy-efficient. Facility management systems, security and access
control systems, and fire protection systems are the major products offered in the building automation system market.
Facility management systems include lighting and HVAC control systems that are
used to reduce energy consumption and increase the comfort level and
convenience in buildings. Security and access control systems are installed to enhance
the security level, monitor suspicious activities, and keep a record of people
entering and moving out of the building, while fire protection systems are
installed to minimize the risk of loss of lives, assets, and resources due to
fire accidents.
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The market for the industrial
application is expected to grow
at the highest CAGR during the forecast period. BAS systems play an important role in the industrial application 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 huge market opportunity for all
companies offering building automation systems to increase their viability in
these nations on a large scale.
By offering, the market for building energy
management software is expected to grow at the highest CAGR during the forecast
period. Building energy management
software helps building operators or homeowners to continuously monitor and analyze
how much energy is used by a building. It not only notifies building operators
or owners of energy drifts but also provides actionable information for energy
saving. With the advent of technology, BAS manufacturers are focusing on
developing user-friendly software for the management of energy consumption in a
building, which, in turn, driving the demand for building energy management
software.
The BAS market has been segmented on
the basis of geographic regions into North America, Europe, APAC, and
RoW. The market in APAC is expected to grow at the highest CAGR from 2019 to 2024
owing to the rapid growth of the construction industry in developing countries such
as China and India and government initiatives toward energy conservation.
Countries such as China and India have aggressively started developing smart
cities. BAS is acting as a critical
enabler in achieving these objectives by the respective countries,
which, in turn, is expected to drive the BAS market growth in this
region.
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