Building Automation and Controls Market is projected to reach $215.59 billion by 2027, registering a CAGR of 11.10% during the forecast period

According to a new report published by Report Ocean, titled, "Building Automation and Controls Market By Product Type, Offering, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020–2027", the global building automation and controls market size was valued at $101.91 billion in 2019, and is projected to reach $215.59 billion by 2027, registering a CAGR of 11.10% during the forecast period. Europe is expected to be the leading contributor to the global building automation and controls market analysis, followed by North America and Asia-Pacific.

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The building automation and controls system is a centralized system that controls, monitors, and records the functions of building services systems. Building facilities, which are monitored and controlled by a reliable BACS system tend to maintain the building environment more efficiently and reduce the building's environmental impact and energy costs. In addition, the building automation system broadly refers to creating network systems of hardware and software that monitor and control building’s facility systems such as electricity, lighting, plumbing, HVAC, and water supply.

The growing deployment of building automation systems in large office buildings, shopping complexes, and public transport areas, such as railway stations and airports, is expected to drive the growth of the building automation and controls market. In addition, lighting controls, HVAC control, and security & access control systems are the major products, which used in residential, enterprise, commercial sectors.

The global building automation and controls market is expected to witness significant growth during the forecast period, owing to the surging need for advanced energy-efficient interventions, growing deployment of building automation systems, and rise in demand for convenient user experience. Moreover, constant development of the supportive regulatory structure and legislative requirements fuel the demand for intelligent building solutions. In addition, development of smart cities in emerging countries and government initiatives are expected to boost the growth of the building automation and controls industry in the coming years. However, lack of interoperability between devices hampers the growth of the market.

The HVAC control segment contributed the maximum in terms of revenue to the market and accounted for 40% share in 2019 due to the penetration of artificial intelligence and IoT for the advancement of HVAC systems. In addition, the residential segment is expected to grow at a faster rate of 12.90%, owing to increased awareness for smart homes, development of application-specific solutions, and increased utilization of connected domestic appliances.Therefore, this factor drives the intelligent building automation and controls market growth.

The global building automation and controls market is segmented on the basis of product type, offering, industrial vertical, and region. On the basis of product type, the market is divided into HVAC control, lighting control, and security & access control. Based on offering, it is bifurcated into integration and services. Depending on industry vertical, it is classified into residential, enterprise, industrial, hospitality, retail, and others.

Region-wise, the building automation and controls market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The analysis had identified that Europe contributed maximum revenue in 2019 and is expected to follow the same trend during the forecast period. Factors, such as increase in penetration of digital electronic devices and high adoption of advanced technologies, have provided several growth opportunities for the building automation and controls market in Europe.

COVID-19 Impact Analysis

Attributed to the ongoing COVID-19 crises, the construction market is expected to witness abrupt downturn this year. However, a slow recovery is anticipated to begin next year. It is also estimated that the construction market will face a lot of challenges leading to the COVID-19 crisis with stagnation trends in many countries. Moreover, the ongoing crisis is anticipated to have a huge negative impact on the construction industry across the globe. However, Europe is estimated to witness positive growth rates next year and normalization in 2022.

Key Findings of the Study

In 2019, the HVAC control segment accounted for maximum revenue and is projected to grow at a notable CAGR of 13.00% during the forecast period.
The integration segment accounted for more than 60.0% of the building automation and controls market share in 2019.
The residential segment has the highest growth rate during the forecast period.
Germany wasthe major shareholder in the Europe building automation and controls market, accounting for approximately 30.00% share in 2019.
The key players profiled in the report include Honeywell International, Beijer Electronics, ABB, Siemens AG, Johnson Controls, Schneider Electric, General Electric, Legrand, Lutron Electronics Co., and Control4 Corporation. These key players have adopted various strategies, such as product launch, collaboration, partnership, acquisition, and expansion, to expand their foothold in the building automation and controls industry.

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This release was published on openPR.