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Building Automation Market Size, Share, Growth and Trends Analysis Report By Type, By Application, and Segment Forecasts, 2021-2027
The global Building Automation market size is projected to reach US$ 59630 million by 2027, from US$ 40980 million in 2020, at a CAGR of 5.4% during 2021-2027. The rise in the adoption of automated building security systems, the development of wireless protocols and wireless network sensor technology for Building automation systems, and the rapid penetration of IoT in building automation systems are the key factors driving the growth of the Building Automation Market size.
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Nowadays, all organizations are keen on initiating steps to reduce energy usage. This has encouraged them to adopt building automation systems as these technologies offer various applications such as lighting management, air conditioning, and heat ventilation management. Furthermore, building automation systems help organizations to analyze their building data and manage energy usage. These factors have led to increased adoption of BAS by the organization, and has, in turn, led to the increase in the growth of building automation market size.
The rising use of renewable energy sources and increasing awareness among consumers about environmental protection will further drive the building automation market size.
The growing need for enhanced building protection and surveillance is also expected to contribute considerably to the growth of the building automation market.
Factors such as the adoption of various building automation protocols, the advancement of open-ended architecture, and easy access to technical innovations are expected to fuel the growth of the building automation market size.
Building Automation Market Share Analysis
APAC is expected to witness the highest growth during the forecast period. The growth in this region is due to the rapid growth of the construction industry in developing countries such as China and India. Furthermore, the government's energy-saving policies have contributed to the growth of the APAC building automation market size. Countries like China and India have begun aggressively developing smart cities. Building automation serves as a crucial enabler for the respective countries to achieve those goals.
The Building Automation market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Building Automation market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2016-2027.
Building Automation Market by Type
• Security Systems
• Life Safety Systems
• Facility Management Systems
• Building Energy Management System
Building Automation Market by Application
• Residential
• Commercial
• Industrial
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Major Players in the Building Automation Market
• Siemens Building Technologies Inc.
• Schneider Electric
• Honeywell International Inc.
• Johnson Control Inc.
• United Technologies Corporation
• ABB
• Azbil Corporation
• Eaton Corporation
• General Electric
• Ingersoll Rand Inc.
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