Building Automation System Global Market Is Expected To Grow At A Rate Of Almost 12% Through 2023 – 2027
23 Jun, 2023
The global building automation system market size is expected to grow from $81.30 billion in 2022 to $90.28 billion in 2023 at a compound annual growth rate (CAGR) of 11.06%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global building automation system market size is expected to reach $141.34 billion in 2027 at a CAGR of 11.86%.
Global Building Automation System Market Key Driver
Increased construction activity is projected to drive the growth of the building automation system market. Construction activity is the process of constructing or assembling physical structures such as buildings, roads, bridges, and other infrastructure projects. As construction activity rises, so will demand for building automation systems (BAS). Implementing automation solutions can reduce administrative constraints on engineering professionals while also assisting construction managers in being more efficient in these important areas.
Get a sample of the global building automation system market reportGlobal Building Automation System Market Segments
The global building automation system market is segmented:
1) By Offerings: Facility Management Systems, Security And Access Controls, Fire Protection Systems, Building Energy Management Software, Building Automation System Services, Other Offerings
2) By Technology: Wireless Technology, Wired Technology
3) By Component: Hardware
4) By Application: Industrial, Residential, Commercial
5) By Geography: The regions covered in the building automation system market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global building automation system market.
Major Building Automation System Industry Players
Honeywell International Inc., Robert Bosch GmbH, Johnson Controls International plc, Mitsubishi Electric Corporation, ABB Ltd, Schneider Electric SE, Siemens AG, Hubbell Inc, United Technologies Corporation, Ingersoll-Rand PLC, General Electric Co., Cisco Systems Inc., Trane Technologies, Lutron Electronics Co Ltd, Hitachi Ltd, Huawei Technologies Corporation, Emerson Electric Co.
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Building Automation System Market Overview
A building automation system is an intelligent system comprising hardware and software used to control and monitor various systems that connect heating, ventilation, air conditioning (HVAC), lighting, security, and other systems in a building to interact on a single platform.
Building Automation System Global Market Report 2023 provides data on the global building automation system market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The building automation system market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.