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 10.1%. The rise in the
adoption of automated security systems in buildings, development of wireless
protocols and wireless sensor network technology for BAS, and rapid penetration
of IoT in building automation systems are the critical factors driving the
growth of the BAS market. The objective of the report is to define, describe,
and forecast the BAS market size based on offering, communication protocol, application
and region.
Building
energy management software is expected to grow at fastest rate during 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.
Commercial
application to lead building automation system market during the forecast
period
The growing deployment of building automation
systems in large shopping complexes, office buildings, and public transport
areas, such as airports and railway stations, drives the growth of the BAS
market for commercial applications. HVAC, lighting, and security and access
control systems are the major products used in commercial applications. Of
these, security and access control systems have become an integral part of
commercial buildings because of the rising security concerns in this sector.
Automation of facilities management systems, such as HVAC and lighting control
systems, in the industrial sector is boosting the BAS market growth for
industrial applications. The increased need for energy-efficient lighting and
HVAC control systems and improved standard of living propel the demand for
building automation systems in residential applications.
BAS
market in APAC is expected to grow at highest CAGR
The BAS market in APAC is expected to grow at
the highest CAGR during the forecast period. The expected rise is attributed to
the rapid growth of the construction industry in developing countries such as
China and India and government initiatives toward energy conservation have
contributed to the growth of the BAS market in APAC. Countries such as China
and India have aggressively started developing smart cities. BAS is acting as a
key enabler in achieving these objectives by the respective countries.
Johnson Controls
International (Ireland), Schneider
Electric (France), Honeywell International (US), United
Technologies Corp. (US), Siemens AG (Germany), Robert Bosch
(Germany), Legrand (France), Hubbell (US), ABB (Switzerland), Ingersoll-Rand
(Ireland), Lutron Electronics Co. (US), Crestron Electronics, Inc. (US),
BuildingIQ (US), Hitachi, Ltd. (Japan), Delta Controls (Canada), Beckhoff
Automation GmbH (Germay), Control4 Corporation (US), Lennox International Inc.
(US), General Electric (US), Distech Controls (Canada) are among a few major
players in the BAS market. These players are increasingly undertaking
acquisitions and product launches to develop and introduce new technologies and
products in the market.
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