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Building Automation System Market Size, Industry Growth, Trends And Business Opportunities by 2032 - Honeywell International Inc., Robert Bosch GmbH, Johnson Controls International plc, Mitsubishi Electric Corporation
Building Automation System Market
Building Automation System Market Size, Growth Rate, And Forecast
The global building automation system market size is expected to grow from $81.30 billion in 2022 to $90.28 billion in 2023 at a compound annual growth rate (CAGR) of 11.06%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global building automation system market size is expected to reach $141.34 billion in 2027 at a CAGR of 11.86%.
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Building Automation System Market Drivers
Increasing construction activities is expected to boost the growth of the building automation system market. Construction activity refers to the process of building or assembling physical structures, such as buildings, roads, bridges, and other infrastructure projects. As construction activities increase, there is likely to be a corresponding increase in demand for building automation systems (BAS). Implementing automation solutions can minimize administrative burdens on engineering personnel and assist construction managers in becoming more productive in these critical areas. For instance, as per the data published by the Office for National Statistics, a UK-based recognized national statistics institute, when compared to 2021, annual construction production increased by 5.6% in 2022. Therefore, increasing construction activities are driving the growth of the building automation system market.
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Building Automation System Market Segments
• By Offerings: Facility Management Systems, Security And Access Controls, Fire Protection Systems, Building Energy Management Software, Building Automation System Services, Other Offerings
• By Technology: Wireless Technology, Wired Technology
• By Component: Hardware
• By Application: Industrial, Residential, Commercial
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Building Automation System market.
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Building Automation System Market Key Players
Major competitors in the building automation system market are Honeywell International Inc., Robert Bosch GmbH, Johnson Controls International plc, Mitsubishi Electric Corporation, ABB Ltd, Schneider Electric SE, Siemens AG, Hubbell Inc, United Technologies Corporation, Ingersoll-Rand PLC, General Electric Co., Cisco Systems Inc.
The Business Research Company's "Global Building Automation System Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Building Automation System Market Include:
1. Executive Summary
2. Building Automation System Market Characteristics
3. Building Automation System Market Trends And Strategies
4. Building Automation System Market - Macro Economic Scenario
5. Building Automation System Market Size And Growth
………………
27. Building Automation System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Building Automation System Market
29. Building Automation System Market Future Outlook and Potential Analysis
30. Appendix
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