Building Automation System Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
A building automation system is an intelligent system comprising hardware and software used to control and monitor various systems that connect heating, ventilation, air conditioning (HVAC), lighting, security, and other systems in a building to interact on a single platform.

Sizing and Forecast
The building automation system market size has grown rapidly in recent years. It will grow from $90.28 billion in 2023 to $100.57 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%.  The  growth in the historic period can be attributed to energy efficiency and cost savings, government regulations and incentives, demand for smart buildings, occupant comfort and well-being, integration of building systems.

The building automation system market size is expected to see rapid growth in the next few years. It will grow to $159.69 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.  The growth in the forecast period can be attributed to rapid urbanization and smart city initiatives, emphasis on sustainability and green buildings, integration with cloud and edge computing, remote monitoring and control, cybersecurity measures. Major trends in the forecast period include rapid adoption of iot and edge computing, focus on energy efficiency and sustainability, integration of artificial intelligence (ai) and machine learning (ml), enhanced cybersecurity measures, cloud-based solutions and remote accessibility.

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Segmentation & Regional Insights
The building automation system market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Offerings: Facility Management Systems, Security And Access Controls, Fire Protection Systems, Building Energy Management Software, Building Automation System Services, Other Offerings
2) By Technology: Wireless Technology, Wired Technology
4) By Application: Industrial, Residential, Commercial

North America was the largest region in the building automation system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global building automation system market report during the forecast period. The regions covered in the building automation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
Increasing construction activities is expected to boost the growth of the building automation system market. Construction activity refers to the process of building or assembling physical structures, such as buildings, roads, bridges, and other infrastructure projects. As construction activities increase, there is likely to be a corresponding increase in demand for building automation systems (BAS). Implementing automation solutions can minimize administrative burdens on engineering personnel and assist construction managers in becoming more productive in these critical areas. For instance, as per the data published by the Office for National Statistics, a UK-based recognized national statistics institute, when compared to 2021, annual construction production increased by 5.6% in 2022. Therefore, increasing construction activities are driving the growth of the building automation system market.

Key Industry Players
Major companies operating in the building automation system market report are Honeywell International Inc., Robert Bosch GmbH, Johnson Controls International plc, Mitsubishi Electric Corporation, ABB Ltd., Schneider Electric SE, Siemens AG, Hubbell Inc., United Technologies Corporation, Ingersoll-Rand plc, General Electric Company, Cisco Systems Inc., Trane Technologies, Lutron Electronics Co. Ltd., Hitachi Ltd., Huawei Technologies Co. Ltd., Emerson Electric Co., Legrand, Control4 Corporation, Automated Logic Corporation, Delta Controls Inc., Distech Controls Inc., Crestron Electronics Inc., Leviton Manufacturing Co. Inc., Lynxspring Inc., Reliable Controls Corporation, Tridium Inc., Carrier Corporation, Computrols Inc., Daikin Industries Ltd.

The building automation system  market report table of contents includes:
1. Executive Summary

2. Building Automation System Market Characteristics

3. Building Automation System Market Trends And Strategies

4. Building Automation System Market - Macro Economic Scenario

5. Global Building Automation System Market Size and Growth

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31. Global Building Automation System Market Competitive Benchmarking

32. Global Building Automation System Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Building Automation System Market

34. Building Automation System Market Future Outlook and Potential Analysis

35. Appendix

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