Building Automation System Market estimated to reach worth $ 121.5 billion by 2024

(IT-NEWSWIRE.COM, July 06, 2019 ) The Building automation system market is expected to grow from USD 75.0 billion in 2019 to USD 121.5 billion by 2024 growing at a CAGR of 10.12%. 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.

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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.

Industrial facilities include factories, production plants, distribution facilities, warehouses, and other infrastructure buildings that support manufacturing and production functions. The segment is expected to adopt smart building solutions to achieve energy and cost savings, higher productivity, enhanced identity and access management, and optimized surveillance. Manufacturing and industrial buildings have their own set of requirements for different manufacturing processes and storage purposes. These buildings are equipped with highly sophisticated technologies, ranging from lifts and air-conditioning units to controlled ventilation systems, which contributes to high energy consumption. Reduction in energy expenditure is critical for industrial and manufacturing facilities as it directly contributes to the operational and capital expenditure of the company and can affect its profitability.

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The BAS market in APAC is expected to grow at the highest CAGR during the forecast period. The expected rise is attributed to the rapid growth of the construction industry in developing countries such as China and India and government initiatives toward energy conservation have contributed to the growth of the BAS market in APAC. Countries such as China and India have aggressively started developing smart cities. BAS is acting as a key enabler in achieving these objectives by the respective countries.

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Key Market Players

Honeywell International (US), Siemens AG (Germany), Johnson Controls International (Ireland), Schneider Electric (France), United Technologies Corp. (US), Robert Bosch (Germany), Legrand (France), Hubbell (US), ABB (Switzerland), and Ingersoll-Rand (Ireland) are among a few major players in the BAS market. These players are increasingly undertaking acquisitions and product launches to develop and introduce new technologies and products in the market.

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Building Automation System Market estimated to reach worth $ 121.5 billion by 2024