The rise in the adoption of automated security systems in buildings, development of wireless protocols and wireless sensor network technology for BAS, and rapid penetration of IoT in building automation systems are the critical factors driving the growth of the BAS market. The market has witnessed considerable growth owing to factors such as growing concerns over global warming, rising energy prices, and increasing awareness regarding energy conservation. Rising use of renewable energy sources and increasing awareness among consumers about environmental protection will further drive the market.
While The demand for BAS is increasing with the rising awareness of energy conservation and growing focus on reduction of energy consumption and maintenance costs of buildings. BAS plays an important role in optimizing energy usage and reducing energy costs. HVAC and lighting control systems consume maximum energy.
“Global Building Automation Market was valued at USD XX million in 2018 and it is expected to reach more than USD 121.5 Billion by 2025, likely to grow at a CAGR of 10.1% during the forecast period”
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These segment basis of the offering Building energy management software is expected to grow at the fastest rate with CAGR 11.1% during the forecast period. Building energy management software helps building operators or homeowners to continuously monitor and analyze how much energy is used by a building. It not only notifies building operators or owners of energy drifts but also provides actionable information for energy saving. With the advent of technology, BAS manufacturers are focusing on developing user-friendly software for the management of energy consumption in a building, which, in turn, driving the demand for building energy management software.
These segment basis of the application of the growing deployment of building automation systems in large shopping complexes, office buildings, and public transport areas, such as airports and railway stations, drives the growth of the BAS market for commercial applications. HVAC, lighting, and security and access control systems are the major products used in commercial applications. Of these, security and access control systems have become an integral part of commercial buildings because of the rising security concerns in this sector. Automation of facilities management systems, such as HVAC and lighting control systems, in the industrial sector is boosting the BAS market growth for industrial applications. The increased need for energy-efficient lighting and HVAC control systems and improved standard of living propel the demand for building automation systems in residential applications.
Key players in the market include ABB; Azbil Corporation; Eaton; General Electric; Ingersoll Rand plc.; Siemens Building Technologies Inc.; Schneider Electric; Honeywell International Inc.; Hubbell Inc.; Johnson Control; Rockwell Automation Inc.; and United Technologies Corporation. These players have been focusing on acquiring a larger market share by engaging in mergers and acquisitions. For instance, Honeywell International Inc., in September 2018, completed the acquisition of Transnorm, a warehouse automation solutions provider, enabling the former to expand its customer base across Western Europe.
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