Building Automation Market Overview, Dynamics, Competitive Landscape, Opportunities and Forecast 2020-2030
Posted by florathoms from the Business category at 30 Dec 2022 01:28:21 pm.
The synced state with technological advancement is assisting the Building Automation Market in accelerating in terms of growth. It increases the efficiency of the associated systems by bringing them under a single purview and easing the monitoring and controlling process. The global building automation system market is expected to rise with a 13% CAGR during the forecast period (2022-2030). In its process of cementing a foothold, it can cross the USD 100 billion mark by 2030, claims Market Research Future (MRFR) in a comprehensive report. The system encompasses mechanical infrastructure, security, fire, lighting, HVAC, and humidity control. The finished building is more commonly known as an intelligent building or smart building which lessens the consumption of energy by almost 50% during construction in comparison to that traditional buildings. This reduction directly impacts maintenance costs as well. The building automation system market is further getting encouraged by the increasing use of IP-based communication and the pervasiveness of automation, along with, demand for the internet of things (IoT) running rife. Emerging economies are also supporting the infrastructure by backing up the Building Automation Market with superior infrastructure.
Despite such advantages, the building automation system industry can receive a few blows during the forecast period. Lack of skilled hands and technical drawbacks can deter market growth. But these can only have situational impacts, that too, not for long. This system supports eco-friendliness and can bask in the growing demand for homes that leave a little carbon footprint.
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Some of the major players in the global building automation system market are ABB Ltd. (Switzerland), Cisco Systems, Inc. (U.S.), Robert Bosch GmbH (Germany), Siemens AG (Germany), Crestron Electronics, Inc. (U.S.), Delta controls, Inc. (U.S.), Rockwell Automation (U.S.), Schneider Electric SE (France), General Electric (U.S.), Honeywell International Inc. (U.S.), Lutron Electronics Co., Inc. (U.S.) and others. These companies get involved in a strategic headlock which includes mergers, acquisitions, collaborations, product launches, and others. Survival of companies and market expansion depend on such decisions.
ABB Ltd. has acquired GE Industrial Solutions in 2018. The acquisition is supposed to strengthen ABB’s market position in global electrification.
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The global building automation system industry can be segmented by network connectivity, product, and end-users.
Based on network connectivity, the global building automation system market can be segmented into wireless and wired networks.
Product-wise, the building automation system industry includes light control systems, HVAC control systems, surveillance systems, fire protection systems, and management software. The surveillance systems segment is gaining huge popularity in urban areas with an increasing number of criminal activities getting registered.
Based on end-users, the building automation system market comprises commercial, industrial, and residential. Shopping complexes are integrating the system more than ever now which is giving the commercial segment significant traction.
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Region-specific approach to the building automation system market spans North America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
North America is currently having a great run in the market as it is generating the maximum revenue share. The market is benefitting much from the construction industry as they have increased the number of automation system implementations in new buildings. Furthermore, the region enjoys implementing the latest technologies into the system which gets amply backed by superior infrastructure. With people earning more than in any other region, investment capacity for such homes is quite high which is providing thrust to the market. Government policies have been relaxed which is also fanning the growth of the building automation system market.
The APAC region is changing its market demography and is touted to become the fastest-growing region during the forecast period. Emerging economies such as India and China are witnessing industrial expansion which is providing scope for the building automation system market to penetrate and settle there for a better prospect.