The building automation system market is anticipated to increase at a CAGR of 11.4% from 2022 to 2027, from USD 86.8 billion in 2022 to USD 148.6 billion in 2027.
The commercial application segment is anticipated to hold the largest market share during the projected period
The commercial application category is anticipated to hold the largest market share during the projected period. The retail market is expanding due to the expanding deployment of building automation systems in sizable shopping malls, office buildings, and public transportation hubs like airports and train stations. The most important methods utilized in commercial applications are those for HVAC, lighting, security, and access control.
Due to growing security concerns, access control and security systems have been integrated into commercial buildings. Office buildings, hotels, hospitals, healthcare facilities, shopping malls, public gathering places, railroads, airports, and warehouses are a few examples of commercial structures that use building automation systems.
The building automation system market’s BEM software segment is anticipated to experience the greatest CAGR growth throughout the projected period
During the projection period, the building energy management software segment is anticipated to develop at the greatest CAGR. The capacity to build automation systems that reduce energy consumption, which results in energy and cost savings, can be credited with the rise of the building automation software market.
It is essential to monitor the energy consumption levels in buildings due to rising energy prices and the creation of strict energy efficiency standards. Building energy management software enables building managers or homeowners to track and continuously assess their properties’ energy consumption.
They provide actionable information for energy savings and alert building owners or operators of energy drifts. Building energy management software is provided by a few businesses, including Schneider Electric (France), Siemens AG (Germany), and International Business Machines Corporation (US). Manufacturers of building automation systems are concentrating on creating user-friendly software for managing energy usage in buildings due to technological advancements. Building energy management software is in demand globally as a result of this.
During the projection period, the building automation system market in APAC is anticipated to have the highest CARG and the largest market share (2022-2027)
China, Japan, India, South Korea, and the rest of Asia Pacific have all had building automation system markets analyzed. This region’s market is anticipated to see the greatest CAGR throughout the forecast period. Building automation system market growth in APAC can be attributed to the region’s economic expansion as well as an increase in industrial and construction activity seen in the major economies in Asia Pacific.
Consumers in the area are primarily interested in building automation systems to achieve energy savings, resulting in monetary savings. Smart city development has increasingly begun in nations like China and India. In these nations, building automation systems are essential for achieving energy-saving goals. A sizable portion of the world’s population lives in Asia and the Pacific.
Due to the region’s improving economic conditions, consumers are actively installing building automation systems in both residential and commercial spaces. Additionally, the building automation system market in the Asia Pacific is expanding due to rising construction activity in China. The ability of these systems to lower building operating costs is causing the surge in demand for building automation systems for use in commercial applications. Building automation systems facilitate comfortable temperature and lighting maintenance and provide increased security, which drives market expansion in the area.
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