Global Building Automation System Market Report: Insights, Trends, and Growth Analysis – 2028


Posted February 2, 2024 by stevestark002

The global building automation system market size 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.

 
The global building automation system (BAS) market has been witnessing significant growth driven by advancements in technology, increasing awareness about energy conservation, and the growing demand for smart building solutions.

Building Automation Systems (BAS) are integrated networks of software and hardware that control and monitor building facilities, including heating, ventilation, air conditioning (HVAC), lighting, security, and other systems. These systems enhance operational efficiency, reduce energy consumption, and improve occupant comfort and safety.

Global Building Automation System Industry Size

The global BAS market has been experiencing steady growth, with projections indicating robust expansion in the coming years. According to MarketsandMarkets newly published research report, The global building automation system market size 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.

Building Automation System Market Share

India is expected to be the fastest-growing market in the Asia Pacific region for the building automation system market

Though the building automation system market in India is smaller than that in Japan and China, it is expected to witness significant growth in the future. Niti Aayog, the policy agency of the Government of India, estimated that energy demand from buildings in the country is expected to increase by more than 800% in 2047 as compared with 2012. Under the current standards, India is anticipated to face high energy costs and consumption for decades. At the same time, the worsening air pollution problem in the country is adding to the impact of climate change. The Government of India took an important step forward in 2017 by launching the revised Energy Conservation Building Code (ECBC) 2017, which was developed by the Ministry of Power and the Bureau of Energy Efficiency. The code prescribes energy performance standards for new commercial buildings to reduce energy consumption and promote low-carbon growth. It sets parameters for builders, designers, and architects to integrate renewable energy sources with building designs to achieve a 50% reduction in the energy consumption of buildings by 2030.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=408

Building Automation System Market Statistics and Growth Analysis:

Technological Advancements: Rapid advancements in IoT (Internet of Things), cloud computing, and artificial intelligence (AI) are revolutionizing BAS, enabling seamless integration, remote monitoring, and predictive maintenance.

Energy Efficiency Regulations: Stringent energy efficiency regulations and sustainability initiatives by governments worldwide are encouraging the adoption of BAS to optimize energy usage and reduce carbon emissions.

Demand for Smart Buildings: Increasing demand for smart buildings equipped with automated systems for energy management, security, and comfort control is fueling market growth.

Urbanization and Infrastructure Development: Rapid urbanization and infrastructure development projects, particularly in emerging economies, are driving the adoption of BAS in commercial, residential, and industrial sectors.

Top Building Automation System Companies - Key Market Players

The major players in the building automation system companies with a significant global presence include 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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Tags building automation system market size
Last Updated February 2, 2024