Categories: Metal & Construction

Building Automation System Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Building Automation System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Building Automation System Global Market Report 2024, The building automation system market size has grown rapidly in recent years. It will grow from $90.28 billion in 2023 to $100.57 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to energy efficiency and cost savings, government regulations and incentives, demand for smart buildings, occupant comfort and well-being, integration of building systems.

The building automation system market size is expected to see rapid growth in the next few years. It will grow to $159.69 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to rapid urbanization and smart city initiatives, emphasis on sustainability and green buildings, integration with cloud and edge computing, remote monitoring and control, cybersecurity measures. Major trends in the forecast period include rapid adoption of iot and edge computing, focus on energy efficiency and sustainability, integration of artificial intelligence (ai) and machine learning (ml), enhanced cybersecurity measures, cloud-based solutions and remote accessibility.

Increasing construction activities is expected to boost the growth of the building automation system market. Construction activity refers to the process of building or assembling physical structures, such as buildings, roads, bridges, and other infrastructure projects. As construction activities increase, there is likely to be a corresponding increase in demand for building automation systems (BAS). Implementing automation solutions can minimize administrative burdens on engineering personnel and assist construction managers in becoming more productive in these critical areas. For instance, as per the data published by the Office for National Statistics, a UK-based recognized national statistics institute, when compared to 2021, annual construction production increased by 5.6% in 2022. Therefore, increasing construction activities are driving the growth of the building automation system market.

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The building automation system market covered in this report is segmented –

1) By Component: Hardware, Software

2) 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

4) By Application: Industrial, Residential, Commercial

Technological advancements have emerged as a key trend gaining popularity in the building automation system market. Major companies operating in the building automation systems market are developing innovative technologies to strengthen their position in the market. For instance, in January 2022, Daikin Applied Americas Inc., a US-based company that designs, manufactures, and distributes heating, ventilation, and air conditioning systems, launched SiteLine Building Controls. It is a network of scalable, cloud-based technologies for easily connecting, monitoring, and managing individual pieces of HVAC equipment as well as integrated building systems. The new controls portfolio gives comprehensive transparency into the whole HVAC ecosystem, assisting in creating pleasant and sustainable work and living environments. It also easily connects many different brands of equipment, easing the integration issues that contractors and engineers confront daily.

The building automation system market report table of contents includes: