Market Leaders - Building Automation System Market

 

The Building Automation System 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%. Favorable government initiatives and incentives, advancements in building technologies, and automation with data analytics provide lucrative opportunities for the players in the BAS market. Rapid infrastructure growth in developing nations and rise in the adoption of automated security systems in buildings are the major factors driving the market growth.

Key players operating in the BAS market include major players operating in different stages in the entire value chain of BAS; these players are 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). Many major companies focus on the implementation of organic growth strategies, such as product launches, and inorganic strategies, such as acquisitions and expansions, to increase their revenue.

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Top 2 Players in Building Automation System Market:

Johnson Controls International (Ireland) operates in more than 150 countries across the Americas, Europe, the Middle East and Africa, and APAC. It is one of the leading players in the BAS market. The company has a broad product portfolio pertaining to the BAS market, with products ranging from building management systems, integrated HVAC systems, controls, and security and mechanical equipment. The company also provides air-conditioning and heating systems for residential buildings, industrial refrigeration products, energy management consulting, and technical services. Acquisition and partnerships were the primary strategies adopted by the company in 2018. For instance, in October 2018, the company partnered with the Town of Walden to implement Colorado’s first floating solar photovoltaic (PV) array at the Town Water Treatment Facility in Walden. In October 2018, the company acquired Lux Products Corporation (US), a leader in residential thermostats and smart products. In January 2016, Johnson Controls announced its merger with Tyco International (Ireland) and found the company based in Cork, Ireland.  According to this agreement, Johnson Controls combined with Tyco, a global fire and security provider, to establish a company engaged in building products and technologies, integrated solutions, and energy storage solutions. The merger was completed in September 2016, and Johnson Controls International was formed. This merger strengthened the BAS offering portfolio of the company and helped increase the overall revenue.

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