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Sunday, 14 April 2024
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Building Automation System Market is expected to reach US$ 167.40 billion by 2030

The building automation system market is likely to garner a value of US$ 167.40 billion by 2030. Analysis by end-user and software.

By The Insight Partners

Growing Technological Developments to Provide Opportunities for Building Automation System Market During 2022–2030

According to our latest market study on "Building Automation System Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component and End User," the building automation system market was valued at US$ 76.75 billion in 2022 and is expected to reach US$ 167.40 billion by 2030; it is estimated to record a CAGR of 10.2% from 2022 to 2030.

IoT, machine intelligence, and new networking capabilities play important roles in advancing building automation systems. Advanced fault detection and diagnostics, energy analytics, and grid integration are crucial aspects as building owners and facility managers prioritize increased energy efficiency and cost savings. Increasing demand for consumer IoT technologies, such as smart alarms, home appliances, security systems, and thermostats, are expected to bring new building automation system market trends in the coming years. These consumer IoT devices will also help building owners and occupants gain extensive data on temperature, humidity, and indoor air quality, as well as greater control over indoor settings, particularly in HVAC systems in commercial buildings. In addition, the integration of IP-based devices to the building network in modern building automation systems (BAS) can provide increased scalability without the need to connect more fiber or Cat6 cables or reprogram individual devices to free up IP address ranges. Further, including more IP-based devices in BAS can help eliminate operational challenges such as costly reprogramming, incompatibility of devices and automation systems, and the time-intensive process of laying cables, playing an important role in determining the building automation system market forecast.

Building Automation System Market Analysis — by Geography, 2022

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00004033

 

Source: The Insight Partners Analysis

The growing adoption of cloud-hosted BAS is raising the demand for software-as-a-service (SaaS) solutions. This shift to SaaS-based solutions cuts operating expenses because building owners no longer need to maintain pricey software or engage application-specific programmers. With SaaS, the owner can easily forecast their monthly operating budget without having to commit to a long-term service agreement. Simple integration of new building equipment, feature deployment, and cloud-hosted automatic upgrades are all made possible by the cloud-hosted, SaaS-based BAS platform. SaaS-based BAS solutions also provide contractors with remote access and control so they don't have to visit the site. Thus, the growing adoption of advanced technologies such as consumer IoT, IP-based devices, and SaaS is expected to facilitate the expansion of the building automation system market share during the forecast period.

In terms of revenue, North America dominated the building automation system market share followed by Europe. The construction sector has seen tremendous growth in Europe, mainly in terms of new construction, which is expected to boost the growth of the building automation system market in the region. The construction industry in Europe plays an important role in the economy, employing ~18 million people in the workforce and contributing to 9% of the total GDP of the European Union. The construction sector creates new residential, industrial, and commercial buildings for Europeans to work and live in, and builds infrastructure, maintains and repairs older structures and buildings. Europe is increasingly involved in initiating various major construction projects, which is expected to increase the adoption of building automation systems in the European Union. Below is a list of a few major construction projects initiated in Europe in 2022.

  • Krampnitz Housing Development (US$ 1,831 million): The project involves the construction of the Krampnitz housing complex to provide living space for 10,000 people.
  • Ostendstraße 1–14 Commercial Buildings (US$ 1,293 million): This project aims to meet the growing requirement for office, retail, hotel, and commercial facilities for people in the region.
  • Frechen NEOBEL Mixed-Use Development: The project involves the construction for residential, office, and commercial facilities in North Rhine-Westphalia with an investment of US$ 163 million. The project is expected to be completed in Q4 of 2025.

Thus, such an increase in residential and commercial construction projects is expected to drive the adoption of building automation systems such as HVAC controls, lighting controls, and surveillance cameras in Europe, fueling the building automation system market growth.

ABB Ltd, Mitsubishi Electric Corporation, Robert Bosch GmbH, Honeywell International Inc, Schneider Electric, Siemens AG, Johnson Controls International, Carrier, Lutron Electronics Co Inc, and Trane Technologies are among the key players profiled in the building automation system market report. Several other major building automation system market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The building automation system market report provides detailed market insights, which help the key players strategize their growth.

The adoption of home automation has increased recently. The market for home automation products, which include locks, lightbulbs, plugs, speakers, thermostats, and security systems, has grown tenfold more quickly than that of larger businesses. Also, the Internet of Things has become a reality in homes. Additionally, a lot of these gadgets may be automated and networked using smartphone apps. These apps can lock and unlock doors, adjust the setpoint, set the alarm, and even turn on and off lights based on the user's location and personal preferences. Hence, the growing demand for home automation solutions is expected to fuel the building automation system market growth.

Similar ideas are being applied in commercial buildings. The best example of this is perhaps The Edge in Amsterdam. The Edge is a net zero building that tailors each tenant's experience with a smartphone app. Among its many amazing features, the Edge's software gives residents a desk to use each day, depending on what's on their calendars. Their designated desk will then be outfitted with their selected lighting configuration. Thus, the growing integration of automation solutions is expected to positively fuel the building automation system market during the forecast period. 

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