Building Automation System Market expected to be worth $112.1 billion by 2026

(IT-NEWSWIRE.COM, February 27, 2021 ) According to a research report "Building Automation System Market with COVID-19 Impact by Communication Technology, Offering (Facility Management Systems, Security and Access Controls, and Fire Protection Systems), Application, Region - Global Forecast to 2026", published by MarketsandMarkets, the global building automation system market size is projected to grow from USD 73.5 billion in 2021 to USD 112.1 billion by 2026; it is estimated to grow at a CAGR of 8.8% during the forecast period. The growth of the building automation system market is fueled by the increasing requirement of energy-efficient facilities with enhanced security systems. Besides this, advancements in wireless communication technologies have lessened the complexity and the cost of installing building automation systems in the existing buildings.

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“Building energy management software market is expected to be the fastest-growing building automation system offering segment during the forecast period”

The increased prices of energy and the formulation of stringent energy-efficiency policies have made it crucial to check the energy consumption levels in buildings. Building energy management software help building operators or homeowners to continuously monitor and analyze the amount of energy used by buildings. They not only notify building operators or owners of energy drifts but also provide actionable information for energy savings.

“Industrial application is expected to be the fastest-growing application for building automation system market during the forecast period”

The highest CAGR of video surveillance services are due to a rise in the adoption of Video Surveillance-as-a-Service (VSaaS). The growth in this market is driven by the increasing importance of VSaaS in various application areas due to benefits such as remote access and management. As video feeds are stored in the cloud, customers can access and manage them using a desktop, laptop, or mobile device from any location with an internet connection.

“North America to account for large size of building automation system market in 2020”

North America is one of the most developed regions in the world. It is also a leading market for building automation systems. The region accounted for a major share of the building automation system market in 2020. The rising requirement of energy management and the increasing demand for green homes have resulted in the growth of the building automation system market in North America. The market in North America has been studied for the US, Canada, and Mexico. Government organizations in countries of the region work together for efficient and clean production and use of energy.

Major companies involved in the development and supply of building automation system are Johnson Controls (Ireland), Schneider Electric (France), Carrier (US), Siemens AG (Germany), and Honeywell International (US).

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Building Automation System Market expected to be worth $112.1 billion by 2026