According to a research report "Building Automation System Market by Offering ( Facility Management Systems, Security & Access Controls, Fire Protection Systems), Communication Technology (Wireless Technolgies, Wired Technologies), Application, & Region-Global Forecast to 2028" The building automation system market is expected to reach USD 155.9 billion by 2028 from 88.4 billion in 2023, at a CAGR of 12.0% during the 2023- 2028 period.Many companies are investing in building automation system which gives an opportunity for growth in the buislidng automation system market. The building automation system market is in the development phase at present, with the presence of multiple players offering building automation system technology. Asia Pacific is likely to contribute significantly to the growth of the building automation system market. Similarly, the North America, Europe and RoW regions are expected to be the growing market for the forecasted period.
Wireless Technology hold
the largest market share of communication technology of building automation
system market during the forecast period.
The wireless technology
segment will exhibit a higher compound annual growth rate (CAGR) than the wired
technology segment. This growth can be attributed to the advantages offered by
wireless technology, including enhanced mobility and cost savings in building
automation systems. Additionally, wireless technology simplifies installation,
especially in existing buildings, and provides reliable network connectivity
through various security algorithms. It offers scalability, link reliability,
real-time capabilities, and energy independence when used in conjunction with
energy-harvesting devices, particularly in building management systems.
Furthermore, wireless technology networks find wide-scale applications in
healthcare, surveillance, agriculture, and industrial sectors. Notable wireless
technologies used in building automation systems include ZigBee, EnOcean,
Z-Wave, and Wi-Fi.
Building Energy
Management Software to register the highest CAGR between 2023 and 2028
forecast.
The rising costs of
energy and the introduction of stringent energy efficiency regulations have
underscored the importance of monitoring energy consumption within buildings.
Building energy management software plays a pivotal role in enabling building
operators and homeowners to continually oversee and assess the energy usage in
structures. These systems not only alert building operators and owners about
deviations in energy consumption but also furnish actionable insights for
achieving energy savings. Companies like Schneider Electric (France), Siemens
AG (Germany), and International Business Machines Corporation (US) are among
those offering building energy management software. Furthermore, with
advancements in technology, manufacturers of building automation systems are
placing emphasis on creating user-friendly software for efficiently managing
energy consumption within buildings. This development is subsequently spurring
global demand for building energy management software.
High emphasis on
constructing energy efficient and ecofriendly buildings leads to increase in
the building automation system market.
The building sector
stands out as a significant global energy consumer, consistently accounting for
over one-third of the world's total energy consumption. Additionally, it
constitutes a substantial contributor to carbon dioxide (CO2) emissions. As
noted by the International Energy Agency (IEA), in regions highly reliant on
traditional biomass, energy consumption in buildings can represent an
astonishing 80% of the entire regional energy use. The proliferation of
electrical systems within buildings is further exacerbating energy consumption
and carbon emissions. Consequently, the effective and sustainable utilization
of energy resources is paramount.
In light of this
imperative, there is a growing demand for building automation systems. These
systems are gaining prominence due to their ability to reduce energy
consumption and maintenance costs in buildings. Notably, building automation
systems play a pivotal role in optimizing energy utilization, with a particular
focus on HVAC and lighting control systems, known for their energy-intensive
operations. According to IEA statistics, air heating, cooling, and water
heating jointly constitute approximately 60% of global energy consumption
within buildings, presenting a significant opportunity for energy reduction.
Building automation systems offer the added benefit of automating HVAC and
lighting systems, resulting in potential energy savings ranging from 5% to 30%
of a building's overall energy consumption.
Moreover, building
automation systems provide a proactive approach to building maintenance by
enabling early detection of operational issues within equipment. This proactive
approach not only prevents unexpected breakdowns but also contributes to
reduced building maintenance costs.
Building automation
system market for the Asia Pacific region to register the highest CAGR between
2023 and 2028 forecast.
The Asia Pacific
building automation system market has been analyzed, focusing on China, Japan,
India, South Korea, and the rest of the Asia Pacific region. During the
forecast period, this market is expected to exhibit the highest Compound Annual
Growth Rate (CAGR) in the region. The growth of the building automation system
market in Asia Pacific can be attributed to the economic expansion in the area,
coupled with a significant increase in construction and industrial activities
observed in key Asian Pacific countries. Consumers in this region primarily aim
to achieve energy and cost savings through the implementation of building
automation systems. Notably, countries like China and India are increasingly
embracing the development of smart cities, with building automation systems
playing a pivotal role in helping them achieve their energy-saving goals.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=408
Key Players
The report profiles
major players in the building automation system market Honeywell International
Inc. (US), Siemens (Germany), Johnson Controls (US), Schneider Electric
(France), Carrier (US), Robert Bosch GmbH (Germany), Legrand (France), Hubbell
(US), ABB (Switzerland), Trane Technologies plc (Ireland), Lutron Electronics
Co., Inc (US), Crestron Electronics, Inc. (US), Hitachi, Ltd. (Japan), Delta
Controls (Canada), Beckhoff Automation (Germany), Lennox International Inc. (US), Current
Lighting Solutions, LLC. (US), ACUITY BRANDS, INC, (Canada), Dialight (UK),
Cisco Systems, Inc. (US), Rockwell Automation (US), Snap One, LLC (US), Signify
Holding (Netherlands), Emerson Electric Co. (US), Leviton Manufacturing Co.,
Inc. (US), Mitsubishi Electric Corporation (Japan), Huawei Technologies Co.,
Ltd. (China), Bajaj Electricals Ltd (India), and Beijer Electronics, Inc.
(Sweden).
About MarketsandMarkets™
MarketsandMarkets™ is a
blue ocean alternative in growth consulting and program management, leveraging
a man-machine offering to drive supernormal growth for progressive
organizations in the B2B space. We have the widest lens on emerging
technologies, making us proficient in co-creating supernormal growth for
clients.
The B2B economy is
witnessing the emergence of $25 trillion of new revenue streams that are
substituting existing revenue streams in this decade alone. We work with
clients on growth programs, helping them monetize this $25 trillion opportunity
through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to
Execution, Market Share Gain, Account Enablement, and Thought Leadership
Marketing.
Built on the 'GIVE
Growth' principle, we work with several Forbes Global 2000 B2B companies -
helping them stay relevant in a disruptive ecosystem.Our insights and
strategies are molded by our industry experts, cutting-edge AI-powered Market
Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market
Intelligence Cloud) integrates our research, facilitates an analysis of
interconnections through a set of applications, helping clients look at the
entire ecosystem and understand the revenue shifts happening in their industry.
No comments:
Post a Comment