The global building automation
system market size is projected to grow from USD 73.5 billion in 2021 to USD 112.1
billion by 2026; it is estimated to grow at a CAGR of 8.8% during the forecast
period. The growth of the building automation system market is fueled by the
increasing requirement of energy-efficient facilities with enhanced security
systems. Besides this, advancements in wireless communication technologies have
lessened the complexity and the cost of installing building automation systems
in the existing buildings.
COVID-19
Impact on the Building Automation System Market
Before COVID-19,
real estate investments generated stable cash flow and returns for players
operating in this sector globally. However, the outbreak and the spread of the
COVID-19 led to quick changes in this scenario, with the real estate sector
witnessing significant impact of the virus. The real sector in the US, Europe,
and APAC has been impacted significantly by the pandemic. This has affected the
growth of the building automation system market as these geographies are the
largest consumers of building automation systems.
Driver: Rise
in adoption of automated security systems in buildings
Building automation
systems help in automating the security of a building using video surveillance
and biometric systems. A video surveillance system monitors and records the
behavior and activities of people. Surveillance systems are deployed at
airports, schools, office buildings, and so on. Several governments have made
it mandatory to install these systems for the protection of public places and
critical infrastructure owing to the growing focus on security issues due to
increasing terrorist attacks and criminal activities.
Restraints:
False notion about high installation costs of building automation systems
Building automation
systems help in saving energy and reducing operating and maintenance costs.
However, end users and building owners hesitate to implement building
automation systems due to their false perception that the installation costs of
these systems are high. Similarly, they are unaware of the fact that the cost
is primarily dependent on the complexity of integration pertaining to a
specific application. End users demand affordable building automation systems
but fail to realize the extent of the energy savings and the associated
benefits of long-term cost savings.
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Opportunities:
Favorable government initiatives and incentives
Several governments
play a crucial role in energy savings and supporting initiatives toward
reducing carbon emissions. Several governments have formulated regulations and
policies to improve energy efficiency and reduce a building’s footprint. This
is a significant factor encouraging the installation of BAS.
Challenges:
Presence of different communication protocols
The power of
building automation systems lies in synchronization and communication among
various equipment used in the overall system. Communication protocols play a
vital role in ensuring the proper integration of various devices and equipment
for the smooth functioning of BAS. However, the lack of common open
communication protocols may lead to the use of different protocols by these
devices.
In 2020,
Johnson Controls (Ireland, www.johnsoncontrols.com), Schneider Electric
(France, www.se.com), Carrier (US, www.carrier.com), Siemens AG (Germany,
www.siemens.com), and Honeywell International (US, www.honeywell.com),
dominated the global building automation system market.
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