Building Automation System Market - CAGR of 10.2% by 2030

Building Automation System Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis By Component [Hardware (Security and Surveillance Systems, Facility Management Systems, Fire Protection Systems, and Others), and Software and Services], and End User (Commercial, Industrial, and Residential)

Publication Month : Feb 2024

  • Report Code : TIPRE00004033
  • Category : Electronics and Semiconductor
  • Status : Data Released
  • No. of Pages : 150
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[Research Report] The building automation system market size is expected to grow from US$ 76.75 billion in 2022 to US$ 167.40 billion by 2030; it is estimated to record a CAGR of 10.2% from 2022 to 2030.

 

Analyst Perspective:

The growing construction activities and increasing demand for smart buildings worldwide are the major factors fueling the building automation system market growth. Building automation systems use sophisticated sensors, actuators, and networking technologies to provide centralized control and monitoring of building systems, such as HVAC, lighting, security, access control, and energy management. These technologies are designed to maximize building efficiency, lower energy usage, simplify facility management procedures, and guarantee adherence to regulations and standards, further raising its demand in the market. The rising technological advancements, such as the integration of IoT, IP-based devices, SaaS, machine learning, and other technologies, are also expected to bring new building automation system market trends in the coming years.

Building Automation System Market Overview:

A building automation system (BAS) enables an operator to access, control, and monitor all connected building systems via a single interface. BAS technology allows an owner to use networked electronic devices to obtain centralized management over the operations of their building. To maintain occupant comfort, the systems control ventilation, humidity, lighting, and temperature. Occupancy sensors and scheduling help to minimize energy waste by modifying environmental systems while not in use. Additionally, it ensures that every system is running at optimal efficiency and accurately. Operators are notified by sensors when preventative maintenance is necessary. The building's fire, access, and surveillance systems are all integrated to protect the safety of the building and its people.

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Building Automation System Market: Strategic Insights

building-automation-system-market
Market Size Value inUS$ 76.75 billion in 2022
Market Size Value byUS$ 167.40 billion by 2030
Growth rateCAGR of 10.2% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Market Driver:

Growing Need for Enhanced Comfort, Safety, and Security Drive Building Automation System Market Growth

Building automation systems improve a building's security system by offering cutting-edge instruments and techniques. It provides better security to the building's occupants and helps to protect assets, corporate resources, property, and IT data. In addition to preventing property damage and theft, the system may guard against employee tampering and theft. The elevator access control system in the building restricts access to select floors and regions within the building that the management staff deems restricted. In addition, the system guards against security breaches and allows temporary traffic to be directed within the facility. Only authorized personnel are granted access through the use of time and day scheduling constraints in access control management. Furthermore, every activity occurring on the property grounds and within the building is recorded and stored by access control software. Moreover, the system can also be programmed to detect possible safety issues, such as gas leaks or fires, and take appropriate action to limit these risks.

A building's indoor environmental quality (IEQ) and comfort can both be improved by using building automation systems. These systems can be designed to keep the temperature and humidity levels consistent and comfortable throughout the building. In order to guarantee that the air in a building is clean and uncontaminated, BAS can also be used to monitor and manage the air quality in that space. This can be crucial in structures with large occupancy rates, such as office and school buildings. Thus, all the above benefits of building automation systems plays an important role in determining the building automation system market forecast.

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Report Segmentation and Scope:

The building automation system market is segmented on the basis of component, end user, and geography. Based on component, the market is divided into hardware and software and services. The hardware segment is further bifurcated into security and surveillance systems, facility management systems, fire protection systems, and others. In terms of end user, the building automation system market is categorized into commercial, industrial, and residential. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

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Building Automation System Market Analysis: Segmental 

Based on end user, the building automation system market is divided into commercial, industrial, and residential. The commercial systems segment held the largest building automation system market share in 2022 and is anticipated to register the highest CAGR during 2022–2030. In commercial buildings, the use of a building automation system to manage internal temperatures and lighting based on occupancy, time of year, or other significant parameters allows for waste minimization with minimal effort. Building control systems regulate the usage of heating and cooling equipment, as well as lighting systems, to maintain rooms environment and functionality as needed to stimulate productivity while also conserving energy when these areas are not in use. In addition, for a facility's maintenance workers, using a commercial building automation system is quite beneficial. The team is notified when abnormalities are discovered, as system and component performance are regularly monitored.

Regional Analysis:

North America held the largest building automation system market share in 2022. The North America building automation system market is expected to grow during the anticipated period due to an increase in construction activity throughout the region and an uptick in the economies of several member states. Building automation systems are the main means by which consumers in the region hope to achieve energy efficiency, as this directly correlates with financial savings. Countries such as the US and Canada are building smart cities at a rapid pace, which is expected to provide an opportunity for the growth of the building automation system market during the forecast period.

Key Player Analysis:

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 the key players profiled in the building automation system market report. This building automation system market report provides detailed market insights, which help the key players strategize their growth.

Recent Developments: 

The building automation system market players highly adopt inorganic and organic strategies. A few recent key market developments are listed below:

  • In March 2023, Honeywell launched the first fire alarm system with UL-approved self-testing smoke detectors that can be tested automatically, changing the way fire and life safety systems are installed, tested, and maintained. The NOTIFIER INSPIRE fire alarm system is designed to help create a safer building environment by increasing facility managers' awareness of system needs while equipping service providers with digital self-testing tools that streamline maintenance and support regulatory compliance and system uptime.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What are the driving factors impacting the building automation system market?

Growing construction activities and increasing demand for smart buildings are the major factors that propel the building automation system market.

What is the estimated market size for the building automation system market in 2022?

The building automation system market was estimated to be US$ 76.75 billion in 2022 and is expected to grow at a CAGR of 10.2 % during the forecast period 2022 - 2030.

What are the future trends of the building automation system market?

Increasing demand for energy efficient solutions is anticipated to play a significant role in the building automation system market in the coming years.

Which is the fastest growing regional market?

Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.

Which are the key players holding the major market share of the building automation system market?

The key players holding majority shares in the building automation system market are Honeywell International Inc, Schneider Electric, Johnson Controls International, ABB Ltd, Siemens AG.

What will be the market size for the building automation system market by 2030?

The building automation system market is expected to reach US$ 167.40 billion by 2030.

What is the incremental growth of the building automation system market during the forecast period?

The incremental growth expected to be recorded for the building automation system market during the forecast period is US$ 90.64 billion.

Which country is holding the major market share of global building automation system market?

The US held the largest building automation system market share in 2022.

The List of Companies - Building Automation System Market

  • ABB Ltd
  • Mitsubishi Electric Corporation
  • Robert Bosch GmbH
  • Honeywell International Inc
  • Schneider Electric
  • Siemens AG
  • Johnson Controls International
  • Carrier
  • Lutron Electronics Co Inc
  • Trane Technologies

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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