In a recent market survey, Future Market Insights (FMI) has forecast the global building automation systems market to reach a valuation of US$ 44.6 Bn in 2021.
After countering the initial impacts of COVID-19, the market is poised to grow at a robust 7.8% CAGR through 2031.
Emergence of smart cities and connective technology such as the Industrial Internet of things (IIoT) will continue augmenting market growth, with the U.S., the U.K., Germany, and Japan emerging as top producers during the assessment period.
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As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global building automation systems market totaled US$ 44.6 Bn in 2021.
Rapid advancements in building automation systems, coupled with the emergence of connective technologies such as artificial intelligence, machine learning, and cloud computing will continue augmenting market growth during the forecast period. FMI projects the market to grow at a healthy 7.8% CAGR between 2021 to 2031.
After buckling the impacts of the unprecedented COVID-19 outbreak, the global building automation systems market experienced year-over-year growth by 7.0% between 2020 and 2021.
Building automation systems offer interconnectivity of machines and devices to manage and streamline daily operations in commercial, industrial, and residential sectors. Growing demand for convenience and comfort among tenants in modern residential spaces will continue providing tailwinds to BAS sales.
Besides this, emergence of smart cities across several countries is spurring demand for building automation systems. These systems facilitate energy efficiency, water and gas supply, lighting, temperature control, along with superior security and surveillance in residential as well as commercial buildings.
As per FMI’s in-depth regional analysis, the U.S. is anticipated to witness high demand for building automation systems during the assessment period. Growth in commercial sector, coupled with penetration of building automation systems in schools, universities, hospitals, and entertainment centers are estimated to fuel market growth through 2031.
“Government-backed initiatives to encourage the development of smart buildings, coupled with post-sales assistance and services offered by market players will positively shape the demand outlook in the building automation systems market,” says the FMI analyst.
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Key Takeaways:
- Building automation system services are estimated to dominate the product segment.
- Sales of security and surveillance building automation systems will remain high through 2031.
- Applications of building automation systems in commercial sector will continue gaining momentum.
- The U.S. is expected to witness high demand for building automation systems, owing to expansions in the residential and commercial sector. FMI projects the North American market to grow at a positive 7.2% CAGR.
- Growth prospects in the U.K. are projected to be bright, due to stringent government regulations regarding energy efficiency and conservation. The European building automation systems market is poised to expand at a 7.0% CAGR.
- China will emerge as an attractive market, owing to government initiatives promoting the development of smart cities.
- South Korea and Japan will collectively account for 7% of the total market share.
By segment:
By Product Type:
- Hardware
- Software
- Services
By System Type:
- Security & Surveillance
- HVAC
- Lighting Solutions
- BEMS (Building Energy Management)
By Application Type:
- Commercial
- Residential
- Government
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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Competitive Landscape
Prominent players in the building automation systems market are focusing on intensive research and development to add new products and services to their product portfolios. Apart from this, strategic collaborations, acquisitions, and mergers will remain key growth strategies among market players in the upcoming decade.
- Honeywell International
- Schneider Electric
- Siemens AG
- ABB
- Johnson Controls, Plc
- Delta Electronics, Inc.
- Eaton Corporation
- Bosch Rexroth
- Emerson
- AVASGLO Group
- Signellent Technologies (India) Pvt. Ltd.
- Comnatz Thailand Company Ltd
- Deos AG
- MCS Automation Technology Company Ltd.
- Philips Lighting