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Market OverviewMarket Research Future (MRFR), in its latest report on the global building automation system market 2020, discusses different factors that governs the market. A complete analysis of the COVID 19 impact on the building automation market by MRFR is offered along with the report. MRFR analysis data states that the building automation system global market is expected to rise 13% CAGR in the forecast period (2016-2022). By 2022, the Building Automation System Market value can attain USD 100 billion, states MRFR analysis.
The rise in awareness about the efficiency of building automation system and its associated systems can cause the expansion of the market across the review period. The increase in the application of building automation system for single purview and to ease monitoring and controlling process can prompt the expansion of the building automation market in the assessment period. The building automation system offers security, mechanical infrastructure, HVAC, humidity control, fire, and lighting services. In addition, the increase in the application of building automation system is increasing due to rise in smart building projects. Building automation system aids in the curbing the energy consumption by about 50% during construction activities. This is causing rapid replacement of traditional buildings. This can promote the expansion of the building automation system market in the review period. The expansion of the building automation system market can be attributed to the rise in use of IP-based communication and increase in pervasiveness of automation, plus the increase in application of internet of things (IoT).
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Key Players:
Some of the major players in Global building automation system market includes ABB Ltd. (Switzerland), Cisco Systems, Inc. (U.S.), Robert Bosch GmbH (Germany), Siemens AG (Germany),Crestron Electronics, Inc. (U.S.), Delta controls, Inc. (U.S.), Rockwell Automation (U.S.), Schneider electric SE (France), General electric (U.S.), Honeywell International Inc. (U.S.), Lutron Electronics Co., Inc. (U.S.) and others.
Segmentation:
The segment evaluation of the global building automation system market is done by end-users, network connectivity, and product.
The network connectivity based segments of the global building automation system market are wired and wireless network.
The product based segments of the building automation system market are HVAC control systems, light control systems, fire protection systems, surveillance systems, and management software. The Surveillance systems segment can generate high revenue due to the rise in popularity of surveillance system in urban areas as an increase in the number of criminal activities is observed.
The end-users based segments of the building automation system market are residential, commercial, and industrial. The increase in shopping complexes that are adopting building automation system is resulting in the commercial segment to gain significant traction, which can promote the expansion of the market in the assessment period.
Regional Analysis:
In North America, the building automation system market is likely to generate the highest revenue in the assessment period. The increase in the adoption of building automation systems in the construction industry due to rise in new buildings can impel the expansion of the market across the assessment period. In Europe, the rapid implementation of modern construction technology and high inclination towards automated solutions can promote the building automation system market in Europe. In APAC, the building automation system is expected to become the rapidly growing region for the market in the years ahead. The rise in the adoption of building automation system market in developing economies can cause a considerable rise in the revenue generation for the regional market across the analysis period.
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Release ID: 88964543