New York, USA, July 13, 2021 (GLOBE NEWSWIRE) — As per a latest report published by Research Dive, the global building automation system market is projected to register a revenue of $142,257.3 million at a CAGR of 9.9% during the forecast period from 2020 to 2027, increasing from $68,111.0 million in 2019. The comprehensive report provides a brief summary of the current market scenario including major aspects of the market such as growth factors, challenges, restraints, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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As per the analysts of Research Dive, the growing popularity of smart buildings among consumers and the increasing demand for eco-friendly and energy-efficient buildings are the significant factors expected to foster the growth of the global building automation system market during the analysis period. Moreover, the implementation of artificial intelligence (AI) for complete automation during the construction of buildings is projected to create huge growth opportunities for the global market by 2027. However, the high costs associated with building automation systems (BAS) is estimated to hinder the market growth in the coming years.
Impact of COVID-19 on the Market
The COVID 19 pandemic has unfavorably impacted the global building automation system market. This is mainly because automation systems are majorly used in construction sector and the construction activities were stopped in the beginning of the pandemic to curb the virus spread. However, the unlock procedures have started in many parts of the world and the construction activities have taken momentum. Thus, the demand for the building automation system is expected to increase, which will help the global market to sustain during the pandemic period.
Hardware Sub-segment to Hold Largest Market Share
By component, the hardware sub-segment valued for $36,119.9 million in 2019 and is projected to hold the majority of market share in the forecast period. This is mainly because hardware is an essential component for setting up automation system in buildings and thus hardware is majorly used in building automation systems.
Industrial Sub-segment to Witness Highest Growth
By application, the industrial sub-segment accounted for $20,422.3 million in 2019 and is predicted to observe significant growth during the forecast period. This is mainly because industrial sector uses building automation systems for easy monitoring & assessing of production and supply.
Security and Access Control Sub-segment to Hold Highest Market Share
By offerings, the security and access control sub-segment accounted for $14,813.0 million in 2019 and is estimated to hold the majority of market share by 2027. This is majorly because security and access control keeps a close view on the place which helps in controlling, managing, and accessing the security as well as the control panels is an appropriate way.
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North America Region to Lead the Market
By region, the North America market for building automation system valued for $24,009.1 million in 2019 and is estimated to dominate in the global industry throughout the forecast period. The presence of large number of companies for construction activities in is predicted to be the major factor to drive the regional market growth. Besides, the increasing investments of these companies in the BAS is boosting the growth of the North America market.
Prominent Global Building Automation System Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global building automation system industry are:
- Honeywell International Inc.
- Johnson Controls International PLC
- Robert Bosch GmbH
- Mitsubishi Electric Corporation
- Schneider Electric SE
- ABB Ltd.
- Siemens AG
- Hubbell Inc.
- General Electric
- United Technologies Corporation.
These players are implementing numerous strategies to gain a leading position in the global industry.
For instance, in August 2020, Siemens, a German multinational conglomerate company, announced the launch of its new building automation controllers namely, ‘Desigo PXC4 and PXC5’ to renovate buildings into high-performing and energy efficient assets. The Desigo’s new generation of building automation controllers offers a broad range of benefits for automating small & medium-sized buildings to get the most scalable and flexible building automation.
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