$175 Bn, Building Automation System Market 2022-2028 COVID-19 Impact and Global Analysis by Top Industry Players

A building controlled by automation is often referred to as an intelligent building or a smart building. The demand for various systems, such as security & access control units, fire protection, facility management, and HVAC control, is rising to make building more connected and automated. With the growing scope of network integration worldwide, the inclination toward BAS will continue to propel. In a smart building, network integration communication within the mentioned systems becomes easy and quick. For instance, use of the Internet of Buildings can facilitate individuals and buildings to communicate to each other in real-time. Moreover, the emergence of virtual smart buildings is expected to continue playing a vital role in the construction industry. The use of virtual smart buildings will help in replacing outdated BAS installed in small and mid-size buildings.

The building automation system (BAS) market is expected to grow from US$ 70 billion in 2021 to US$ 175 billion by 2028 at a CAGR of 12% between 2022 and 2028.

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The global building automation system market is segmented into component, application, and communication technology. Based on component, the market is segmented into hardware, software, and services. Based on application, the market is categorized into residential, commercial, and industrial. Based on communication technology, the market is segmented into wireless technologies and wired technologies.

MARKET PLAYERS

The report covers all key developments in the building automation system market. Various companies focus on organic growth strategies, such as product launches, approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and the customer base of market players. With the rising demand for building automation systems, market players are anticipated to experience lucrative growth opportunities in the coming years.

The report also includes key building automation system companies' profiles, their SWOT analysis, and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key developments in the past five years.

In the building automation system market, ABB Ltd.; Siemens AG; Honeywell International Inc.; Hitachi, Ltd.; Hubbell; Ingersoll-Rand plc; Johnson Controls; Lennox International; Robert Bosch GmbH; and Schneider Electric SE are few key players operating in the building automation system market.

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In the last few years, many vital trends have emerged in building management and automation systems, offering new opportunities for systems integrators. Buildings are about better efficiency, and as they expand hands-on wireless infrastructure and IT, virtual deployment of smart devices is becoming easy. Moreover, installing smart devices enhances building connectivity while boosting flexibility and lowering installation costs. At present, smart buildings are using integrated networks, IoT devices, and wireless devices to reduce costs and become energy efficient.

The deployment of the below-mentioned technologies will increase and enhance space utilization and would also accelerate the adoption of building automation systems:

- Electronic access control and video surveillance
- Occupancy detectors and people counters
- Building systems software overlay

Furthermore, smart building technology will continue to play a vital role in upgrading the existing or old buildings during the forecast period. In the case of old/traditional buildings, the building automation system (BAS) has become obsolete and lags in featuring the benefits of the new BAS. Therefore, the use of IoT for building management is getting prevalent. It facilitates virtual systems to manage lighting and HVAC systems through cloud-based controls. The picture of virtual BAS offers high-impact functionality at a fraction of the cost of installation of the conventional BAS.

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