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Building Automation System Market by Product, Application, and by Geography - Global Forecasts to 2022
The global building automation system
market size is expected to grow from USD 49.37 Billion in 2015 to reach
USD 100.60 Billion by 2022, at a CAGR of 10.65% between 2016 and 2022.
The growth of this market is being propelled by the high degree of
adoption of building automation system in commercial buildings as well
as the ability to increase the energy efficiency and enhance the
security and safety in buildings.
The scope of this report covers the building automation system market on the basis of products, applications, and geography. The market for security & access controls systems is leading in the building automation systems market. It is very difficult to manually monitor activities and keep track of people entering and exiting a building, especially in large organizations. Thus, the need of automatic systems to increase the security level, monitor activities, and control access has led to a rise in the demand for security & access controls.
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The market for the commercial buildings application is expected to lead the building automation system market during the forecast period because of the high demand for energy conservation and reduction of the overall operating cost in this sector.
The APAC region is expected to play a key role in the building automation system market and grow at the highest rate during the forecast period. The rapid growth of the construction industry in this region, in addition to the government initiatives, has contributed to the growth of the building automation system market in the APAC region.
One of the key restraining factors in the building automation system market is the high initial cost involved in designing and installation of building automation system. However, the advancements in wireless communication technologies, and the growing efforts taken by the manufacturers, facility managers, and the governments to make customers aware about the long-term benefits of installing a building automation system is expected to lower down the impact of this restraining factor in future.
The major players in the building automation system market include Honeywell International, Inc. (U.S.), United Technologies Corporation (U.S.), Johnson Controls, Inc. (U.S.), Hubbell, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Legrand SA (France), Ingersoll Rand PLC (Ireland), ABB (Switzerland), and Robert Bosch GmbH (Germany) among others. These players adopted various strategies such as new product developments, acquisitions, partnerships, collaborations, and business expansion to cater to the needs of the building automation system market.
- Honeywell International Inc.
- Hubbell Inc.
- Ingersoll-Rand PLC
- Johnson Controls Inc.
- Legrand SA
- Robert Bosch GmbH
- Schneider Electric SE
- Siemens AG
- United Technologies Corp.
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