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Building Management System Market Analysis, Revenue, Size, Share, Growth Rate And Opportunity Forecast To 2033

06-17-2024 08:16 AM CET | Industry, Real Estate & Construction

Press release from: The Business research company

Building Management System Market Analysis

Building Management System Market Analysis

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Building Management System Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $44.9 billion In 2028 At A CAGR Of 24.9% :

The building management system market size has grown exponentially in recent years. It will grow from $14.77 billion in 2023 to $18.43 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. The growth in the historic period can be attributed to advances in data analytics, rising energy costs, energy efficiency regulations, rising energy costs, shift towards smart buildings.

The building management system market size is expected to see exponential growth in the next few years. It will grow to $44.9 billion in 2028 at a compound annual growth rate (CAGR) of 24.9%. The growth in the forecast period can be attributed to increasing demand for energy efficiency, rising focus on occupant comfort, regulatory compliance requirements, demand for smart buildings, focus on predictive maintenance. Major trends in the forecast period include adoption of IoT and smart building technologies, focus on energy efficiency, rise of cloud-based solutions, demand for integrated systems, enhanced security and access control.

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Building Management System Market Major Segments
The building management system market covered in this report is segmented -
1) By Component: Hardware, Software, Service
2) By Technology: Wireless Technologies, Wired Technologies
3) By End-User: Commercial Buildings, Residential Buildings, Industrial Buildings, Government And Public Buildings

Key Driver - Driving Growth With Building Management Systems (BMS) In The Construction Industry

The rapid expansion of building and construction-related activities is expected to propel the growth of the building management system market going forward. Construction activities refer to any proposed or ongoing installation, repair, maintenance, or similar action on the land, including the movement of vehicles and cranes, the transport of building supplies, and the anchoring or shoring of rocks. BMS allows building managers to centrally control and manage multiple building systems from a single interface, including HVAC, lighting, security, and access control. This centralized control enables efficient operation and coordination of building functions, optimizing energy usage and occupant comfort. For instance, in June 2023, according to the United States Census Bureau, a US-based primary agency of the Federal Statistics System, construction spending reached $566.7 billion in the initial four months of 2023, an increase of 6.1 % compared to $533.9 billion in the same period of 2022. Therefore, the rapid expansion of building and construction-related activities drives the building management system market.

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Prominent Trend - Innovating Building Management With Automated Solutions For Enhanced Efficiency

Major companies operating in the building management system are developing automated building management systems to streamline building operations, improve energy efficiency, and enhance occupant comfort. An automated building management system (BMS) is a centralized system that uses sensors, controllers, and software to automate and control various building systems. For instance, in January 2024, Honeywell International Inc., a manufacturer of building controls, launched advance control for buildings. This distinctive technology combines automation, machine learning, and cybersecurity to optimize building operations, increase energy efficiency, and enhance the overall occupant experience. Honeywell's Advance Control for Buildings represents a significant advancement in building control technology by leveraging existing wiring and strategic partnerships with semiconductor leaders such as NXP Semiconductors and Analog Devices Inc., offering faster network speeds, enhanced security, and increased operational efficiency.

Building Management System Market Players
Major companies operating in the building management system market are Siemens AG, United Technologies Corporation (UTC), International Business Machines Corporation (IBM), Cisco Systems Inc., Schneider Electric SE, Mitsubishi Electric Corporation, Honeywell International Inc., ABB Group, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, Emerson Electric Co., Legrand SA, Rockwell Automation Inc., Crestron Electronics Inc., Delta Controls Inc., Automated Logic Corporation, Trend Control Systems Ltd., KMC Controls Inc., Alerton, Reliable Controls Corporation, Distech Controls Inc. (Acuity Brands), Cylon Controls Ltd., Automated Building Controls (ABC) Ltd., Computrols Inc., Innotech Control Systems

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https://www.thebusinessresearchcompany.com/report/building-management-system-global-market-report

Largest And Fastest Growing Region In The Market
Europe was the largest region in the building management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the building management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Building Management System Market Report Structure
3. Building Management System Market Trends And Strategies
4. Building Management System Market - Macro Economic Scenario
5. Building Management System Market Size And Growth
…..
27. Building Management System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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