Building Automation System Market Growing at 10.12% CAGR to 2024

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Global Building Automation System Market Report including definitions, classifications, applications and industry chain structure. Global Building Automation System market status, size, outlook of global and major regions, from angles of manufacturers, regions, product types and end industries. The BAS 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%.
Major players profiled in Building Automation System Market report are 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), Ingersoll-Rand (Ireland).

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The growth of Building Automation System market is mainly driven by the rise in the adoption of automated security systems in buildings, a high focus on designing and establishing energy-efficient and eco-friendly buildings and several benefits of BAS, rapid penetration of IoT in building automation systems, and rapid infrastructure growth in developing nations. Favorable government initiatives and incentives, and advancements of building technologies and automation with data analytics provide lucrative opportunities for players in the BAS market. However, technical difficulties and a dearth of skilled experts restraint the BAS market growth.

“Security and access control systems to hold largest size of BAS market during the forecast period”
Security and access control systems accounted for the largest share of the BAS market in 2018. Security and access control systems have become an integral part of the safety and security of buildings and their occupants. These systems have revolutionized the building security and removed human intervention. These are installed in buildings to increase the security level, monitor activities, and keep a record of people entering and exiting the building. Several businesses make use of these systems for the protection of assets, staff, and information; monitoring of activities; and controlling the access to the building. Worldwide governments are also investing heavily to develop reliable and robust security systems for safeguarding their citizens from terrorist attacks.

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“Commercial application is expected to hold significantly large share of BAS market by 2024”
The commercial application accounted for the largest share of the BAS market in 2018, and a similar trend is likely to continue in the near future. The growing deployment of BAS in large shopping complexes, office buildings, and public transport areas, such as airports and railway stations, drives the growth of the BAS market for commercial applications. HVAC, lighting, and security and access control systems are the major products used in commercial applications. Of these, security and access control systems have become an integral part of commercial buildings because of the rising security concerns in this sector.

“Market in APAC is likely to grow at highest CAGR during forecast period”
The BAS market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is expected to provide ample opportunities to BAS market players during the forecast period due to the influx of global players, along with the emergence of native players in this region. The expected rise is attributed to the high economic growth and surge in the construction and industrial activities witnessed by major countries in this region. The region houses a large proportion of the population in the world, and consumers are actively deploying BAS in residential and commercial areas owing to the improvements in economic conditions in this region. The prime objective of consumers is to achieve energy savings with the implementation of BAS, which directly translates to monetary savings. 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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Breakdown of the profiles of primary participants:
• By Company Type: Tier 1 -30%, Tier 2 -40%, and Tier 3 -30%
• By Designation: C-Level Executives -30%, Directors-35%, andOthers-35%
• By Region: North America -40%, Europe -20%, APAC -30%, and RoW -10%

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• Illustrative segmentation, analysis, and forecast for the market based on type, industry, and geography have been conducted to give an overall view of the automatic tube cleaning system market.
• Major drivers, restraints, opportunities, and challenges for the automatic tube cleaning system market have been detailed in this report.
• The report includes a detailed competitive landscape, along with key players, and in-depth analysis.

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