DUBLIN--(BUSINESS WIRE)--The "Global Building Automation Systems Market" report has been added to ResearchAndMarkets.com's offering.
The Global Building Automation Systems Market is estimated to be USD 73 Bn in 2021 and is expected to reach USD 109.8 Bn by 2026, growing at a CAGR of 8.5%.
Building automation refers to the use of a Building Management System (BMS) or Building Automation System to automate the control of a building's HVAC (heating, ventilation, and air conditioning), electrical, lighting, shading, Access Control, Security Systems, and other interconnected systems (BAS). Improved occupant comfort, efficient building system operation, reduced energy consumption, reduced operating and maintenance costs, increased security, historical performance documentation, remote access/control/operation, and improved life cycle of equipment and related utilities are all goals of building automation.
The global building automation system market has been driven by the growing popularity of the Internet of Things, expanding government and private sector initiatives, and rising security concerns. The use of automated security systems in buildings has increased in recent years. In addition, the development of wireless sensor networks and wireless protocol technologies is accelerating. Furthermore, during the anticipated period, the rapid rise of IoT has aided market growth. Moreover, government programs aimed at lowering carbon emissions and increasing energy efficiency are expected to present attractive growth possibilities for the market throughout the forecast period.
However, incorrect impressions of high installation costs and technical concerns, as well as an increase in security issues and access control systems, and a scarcity of experienced specialists, are expected to hamper the market's expansion throughout the projection period.
The Global Building Automation Systems Market is segmented based on Offering, Communication Technology & Application.
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Building Automation Systems Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes an in-depth market analysis using Porter's 5 forces model and the Ansoff Matrix. In addition, the impact of Covid-19 on the market is also featured in the report.
- The report also includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
- The report also contains the competitive analysis using Positioning Quadrants, the analyst's Proprietary competitive positioning tool.
Market Dynamics
Drivers
- Increasing Demand of Smart Building
- The Growing Use of I.T. Communication Methods
- Rapid Infrastructure Development in Developing Economies
- The Internet of Things is Becoming Increasingly Popular
Restraints
- Building Automation Systems Have a Greater Maintenance Cost
- Technical Challenges and a Shortage of Qualified Specialists
Opportunities
- Increased Government and Stakeholder Financing for Smart City Development
- Government Efforts and Incentives That are Beneficial
- Technological Advancements like automation with data analytics
Challenges
- Lack of Standardisation in Communication Protocols
Companies Mentioned
- ABB Ltd
- Beckhoff Automation
- Carrier Global Corporation
- Cisco Systems, Inc
- Control4
- Crestron Electronics, Inc
- Delta Controls, Inc
- Distech Controls Inc
- General Electric
- Hitachi, Ltd
- Honeywell International Inc
- Hubbell Inc
- Johnson Controls International
- Legrand
- Lennox international
- Lutron Electronics Co., Inc
- Mitsubishi Electric Corporation
- Philips Lighting Holding B.V.
- Robert Bosch
- Rockwell Automation
- Schneider Electric
- Siemens AG
- Trane Technologies plc
- Raytheon Technologies
For more information about this report visit https://www.researchandmarkets.com/r/olzsj0
