Building Automation Systems Market Globally Expected to Drive Growth through 2026
Building Automation Systems Market: Drivers and Restraints
Buildings consume almost 40% of the total energy consumed worldwide. The need to minimize this number, is a major factor driving the growth of building automation systems market. These automated systems enables one to efficiently monitor and control various functions, therefore enabling one to save energy and cost. Moreover, the fact that building automation can be introduced to existing buildings is another factor leading to rising adoption of building automation systems. Automated systems offer a great level of convenience to users, which is a factor driving the growth of building automation systems market. Companies are adopting cost-reducing methods to offer affordable building automation systems that can be availed by all. High installation cost and lack of skilled labor are two factors hindering the growth of building automation system market.
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Building Automation Systems Market: Segmentation
Building automation systems market can be segmented on the basis of types of system, application, and region. The different types of building automation systems include security and access control (SAC) system, building energy management (BEM) system, heating, ventilation, and air conditioning (HVAC) system, and other systems (parking, water, elevators, etc.). On the basis of application, building automation systems market can be segmented into commercial, institutional, residential, hospitals, transportation and others. Region wise, building automation systems market can be segmented into North America, Latin America, Asia Pacific, Japan, Eastern Europe, Western Europe, and Middle East & Africa.
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Building Automation Systems Market: Regional Outlook
North America is expected to be a leader in building automation systems, followed by Western Europe, owing to the presence of key players in this region. But Asia Pacific and Japan are expected to witness a high growth rate over the forecast period. Latin America is expected to grow moderately in this market as countries like Brazil are opening up to new technologies. Middle East and Africa market is impacted by UAE’s market, which is fast in adopting new technologies and will help the market grow.
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