Building Automation And Control System Market Scope, Share, Trends Analysis And Forecasts(2024 - 2033)

"""The Business Research Company recently released a comprehensive report on the Global Building Automation And Control System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The building automation and control system market size has grown strongly in recent years. It will grow from $87.90 billion in 2023 to $96.36 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to energy efficiency regulations, cost reduction demands, shift towards smart buildings, growing focus on occupant comfort and well-being, and demand for real-time monitoring and control.

The building automation and control system market size is expected to see rapid growth in the next few years. It will grow to $141.05 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to focus on energy efficiency and sustainability, growth of smart cities and infrastructure, increased connectivity and interoperability, rise of remote work and remote monitoring. Major trends in the forecast period include integration of artificial intelligence (AI) and machine, expansion of internet of things (IoT) connectivity, growth of edge computing, adoption of cloud-based solutions, and rise of smart building platforms.

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Market Drivers and Trends:

The rise in smart building construction is expected to propel the growth of the building automation and control system market going forward. Smart buildings utilize advanced technology and interconnected systems to optimize energy efficiency, enhance occupant comfort, improve operational efficiency, and increase overall building performance. Smart building construction is increasing due to cost-saving opportunities, regulatory requirements, and the growing demand for connected and intelligent spaces. The building automation and control system provides the necessary connectivity and integration capabilities to ensure interoperability and coordination among various components, enabling centralized control and monitoring of building operations. For instance, in May 2022, according to reports published by Buildup., a Europe-based climate, infrastructure, and environment executive agency, globally there will be 115 million smart buildings by 2026, up from 45 million in 2022. Therefore, the rise in smart buildings is driving the growth of the building automation and control system market.

Major companies operating in the building automation and control system market are developing innovative products, such as IoT-based smart actuators, to enhance building automation and renovation processes. The smart actuators combine traditional actuation capabilities with smart technology features, typically incorporating sensors, connectivity, and control mechanisms. For instance, in July 2022, Sauter AG., a Switzerland-based building automation company, launched a new generation of IoT-capable actuators and is extending its product line. This innovative technology enables air conditioning, ventilation, and heating with fully or partially autonomous control. Simple commissioning and installation, cloud connectivity with an application library and remote access, and a smartphone app are other advantages.

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Major Key Players of the Market:

Robert Bosch GmbH, Hitachi Ltd, Siemens AG, Cisco Systems Inc, Schneider Electric SE, Honeywell International Inc, ABB Ltd, Johnson Controls International plc, Trane Technologies plc, Emerson Electric Co, Legrand SA, Rockwell Automation Inc, Signify Holding B.V, Hubbell Incorporated, Lennox International Inc, Acuity Brands Inc, Carrier Global Corporation, Crestron Electronics Inc, Leviton Manufacturing Co. Inc, Beckhoff Automation GmbH & Co. KG, Snap One LLC, Lutron Electronics Co. Inc, Current Lighting Solutions LLC, Dialight plc, Uplight Inc.

Building Automation And Control System Market 2024 Key Insights:

• The building automation and control system market size is expected to see rapid growth in the next few years. It will grow to $141.05 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• The Impact Of The Rise In Smart Buildings On The Building Automation And Control System Market
• Sauter AG Unveils Next-Gen IoT-Capable Smart Actuators
• Asia-Pacific was the largest region in the building automation and control system market in 2023

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