Building Automation System Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The building automation system market is expected to reach USD 155.9 billion by 2028 from 88.4 billion in 2023, at a CAGR of 12.0% during the 2023- 2028 period. One of the key drivers in the building automation system market is the strong focus on creating energy-efficient and environmentally friendly structures. The construction industry is a major global energy consumer, consistently accounting for more than one-third of the world's total energy usage. It also significantly contributes to carbon dioxide (CO2) emissions. According to the International Energy Agency (IEA), in regions heavily reliant on traditional biomass, energy consumption in buildings can make up an astounding 80% of the entire regional energy usage. The proliferation of electrical systems in buildings further exacerbates energy consumption and carbon emissions. Therefore, it is crucial to effectively and sustainably manage energy resources.

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In light of this pressing need, there is a growing demand for building automation systems. These systems are gaining prominence due to their capacity to decrease energy consumption and maintenance expenses in buildings. Building automation systems are particularly instrumental in optimizing energy utilization, with a specific focus on HVAC and lighting control systems, known for their energy-intensive operations. According to IEA data, air heating, cooling, and water heating collectively make up around 60% of global energy consumption within buildings, offering a substantial opportunity for energy reduction. Building automation systems also offer the added advantage of automating HVAC and lighting systems, resulting in potential energy savings ranging from 5% to 30% of a building's overall energy consumption.

Furthermore, building automation systems take a proactive approach to building maintenance by enabling early detection of operational issues within equipment. This proactive approach not only prevents unexpected breakdowns but also contributes to reduced building maintenance costs.

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Key players in the building automation system market are Honeywell International Inc. (US), Siemens (Germany), Johnson Controls (US), Schneider Electric (France), Carrier (US), Robert Bosch GmbH (Germany), Legrand (France), Hubbell (US), ABB (Switzerland), Trane Technologies plc (Ireland), Lutron Electronics Co., Inc (US), Crestron Electronics, Inc. (US), Hitachi, Ltd. (Japan), Delta Controls (Canada), Beckhoff Automation (Germany), Lennox International Inc. (US), Current Lighting Solutions, LLC. (US), ACUITY BRANDS, INC, (Canada), Dialight (UK), Cisco Systems, Inc. (US), Rockwell Automation (US), Snap One, LLC (US), Signify Holding (Netherlands), Emerson Electric Co. (US), Leviton Manufacturing Co., Inc. (US), Mitsubishi Electric Corporation (Japan), Huawei Technologies Co., Ltd. (China), Bajaj Electricals Ltd (India), and Beijer Electronics, Inc. (Sweden).

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