The building automation system market Size is expected to reach a value worth USD 148.6 billion by 2027, a rise from USD 86.8 billion in 2022, with a CAGR of 11.4% from 2022 to 2027.
In offering segment, the
security & access controls segment is expected to hold the largest market
share during the forecast period
The security and access
control segment is projected to contribute the largest market share during the
forecast period. These systems enhance the security and safety of buildings.
The requirement for increased security level, activity monitoring, and access
control has led to a rise in demand for security and access controls.
The commercial
applications of these systems, such as in offices, retail stores, educational
buildings, and healthcare facilities, are the key contributors to the growth of
the security and access controls segment of the building automation system
market. The building energy management software segment is projected to grow at
the highest CAGR during the forecast period.
The growth of the
building automation software segment can be attributed to the ability of
building automation systems to reduce energy consumption, which leads to energy
and cost savings. The growth of the security and access controls segment of the
building automation system market can be attributed to the significant
implementation of various products such as access control and video
surveillance systems in residential and commercial buildings, government
offices, and financial institutions. In a number of European countries,
including Germany, the UK, and France, governments are implementing security
products such as access control systems and video surveillance cameras.
In communication
technology segment, the wireless segment is expected to grow at higher CAGR
during the forecast period
The wired technology
segment accounted for a larger share of the building automation system market
in 2021 than the wireless technology segment. The wireless technology segment
of the market is projected to grow at a higher CAGR than the wired technology
segment.
The growth of this
segment can be attributed to advantages offered by wireless technology in the
form of increased mobility and reduced costs of building automation systems.
Moreover, it also minimizes the installation complexity for building automation
systems, especially in existing buildings. This wireless medium uses different
security algorithms and, hence, provide reliable network for consumers or
users. They provide an extremely scalable and link-reliable medium and offer
real-time capability and energy independence when deployed with
energy-harvesting devices, especially when it comes to building management
systems. Furthermore, wireless technology network can be used on a large scale
for healthcare, surveillance, agriculture, and industrial applications. ZigBee,
EnOcean, Z-Wave, and Wi-Fi are a few prominent wireless technologies used in
building automation systems.
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The building automation
system market in APAC is expected to grow at highest CAGR during the forecast
period (2022-2027)
Asia Pacific is expected
to lead the building automation system market from 2022 to 2027, in terms of
growth rate. The increasing adoption of the Internet of Things (IoT) and
leading technologies in lighting solutions in commercial buildings and the
industrial sector has fueled the demand for building automation systems in the
region.
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