Building Automation System Market Size, Share, Key Players, Growth Factors and Forecast 2023-2028

IMARC Group, a leading market research company, has recently releases report titled "𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐨𝐧 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬, 𝐒𝐡𝐚𝐫𝐞, 𝐒𝐢𝐳𝐞, 𝐆𝐫𝐨𝐰𝐭𝐡, 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐚𝐧𝐝 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟖″, The study provides a detailed analysis of the industry, including the global building automation system market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the building automation system market?

The global building automation system market size reached US$ 84.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 150.3 Billion by 2028, exhibiting a growth rate (CAGR) of 9.6% during 2023-2028.

What is Building Automation System?

A building automation system (BAS) is a centralized, computer-based system designed to monitor and control various subsystems within a building. These subsystems typically include heating, ventilation, air conditioning (HVAC), lighting, security, and other building systems. The primary objective of a BAS is to enhance operational efficiency, improve occupant comfort, and reduce energy consumption and operating costs. The BAS centralizes the control of these systems onto a single platform, often accessible via computers, smartphones, or tablets, thereby simplifying building management. It uses a variety of sensors, controllers, and actuators to collect data on temperature, humidity, light levels, occupancy, and other variables. This data is analyzed and processed to control the respective subsystems in real-time, according to pre-set parameters. One of the notable benefits of a BAS is energy efficiency. By optimizing the operation of HVAC and lighting systems, for example, significant energy savings can be achieved. Moreover, the system enhances building security by integrating features like access control, fire alarm systems, and surveillance cameras. It also increases the comfort level for occupants through individualized temperature and lighting settings.

𝐆𝐞𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.imarcgroup.com/building-automation-system-market/requestsample

What are the growth prospects and trends in the building automation system industry?

• The rising energy conservation represents one of the key factors driving the growth of the market across the globe. With increasing awareness of climate change and the rising cost of energy, organizations are looking for ways to minimize energy consumption. BAS helps in optimizing HVAC systems, lighting, and other energy-consuming processes, which reduces utility bills and carbon footprint. Governments in various countries around the world are imposing stricter regulations on energy usage and emissions.
• Meeting these standards often necessitates the implementation of sophisticated control systems like BAS. In commercial settings, a comfortable environment contributes to increased productivity and well-being. BAS allows individualized control over temperature, lighting, and air quality, thus making it attractive for companies wishing to provide an optimal work environment. The widespread adoption of Internet of Things (IoT) devices and advancements in sensor technology are making BAS more affordable and easier to implement which is fueling the market growth.
• The rising security challenges are forcing building owners to consider integrated systems that provide better surveillance, access control, and alarm systems. A BAS integrates these elements seamlessly, which improves overall security. Although the initial investment is substantial, a BAS offers long-term cost savings by optimizing various building functions. Operational costs are significantly reduced through automated processes. The shift towards smart cities, where automation and data analytics play a crucial role, is another factor encouraging the adoption of BAS.
• These systems are integrated into larger city-wide networks to optimize energy usage on a grand scale. The ability to control building systems remotely is especially appealing in today's interconnected world. This feature is particularly beneficial for facilities managers who oversee multiple buildings. An increasingly informed consumer base that understands the benefits of automation is pushing the demand for smarter, more efficient buildings, which is facilitating the growth of the market across the globe.

Who are the key players operating in the industry?

The report covers the major market players including:

• ABB Ltd.
• Convergint Technologies LLC
• Distech Controls Inc. (Acuity Brands Inc.)
• Hitachi Ltd.
• Honeywell International Inc.
• Johnson Controls
• Microchip Technology Inc.
• Mitsubishi Electric Corporation
• Robert Bosch GmbH
• Rockwell Automation Inc.
• Schneider Electric SE
• Siemens AG
• Trane Technologies plc

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Offering Insights:

• Security and Access Controls
• Facility Management Systems
• Fire Protection Systems
• Building Energy Management Software
• Building Automation System Services
• Others

Breakup by Communication Technology:

• Wireless
• Wired

Breakup by Application:

• Commercial
• Residential
• Industrial

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

𝐀𝐬𝐤 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐁𝐫𝐨𝐰𝐬𝐞 𝐟𝐮𝐥𝐥 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐓𝐎𝐂 & 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐅𝐢𝐠𝐮𝐫𝐞: https://www.imarcgroup.com/request?type=report&id=7187&flag=C

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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This release was published on openPR.