Building Automation Systems (BAS) Market will surpass US$ 44.6 Bn in 2021 Driven by Investment in Smart Cities and Energy-Efficient Buildings: Future Market Insights

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DUBAI, UAE, Oct. 7, 2021 /PRNewswire/ -- The global building automation systems (BAS) market demand outlook will remain positive, with sales expected to surge at a robust 7.8% CAGR during the forecast period (2021-2031), projects Future Market Insights (FMI) in its latest study.

The market will register stellar growth as demand for energy efficient infrastructure continues to surge. Emergence of smart cities and industrial internet of things (IIoT) technology, especially in East Asia will continue to augment market growth.

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Historically, demand for building automation systems grew at a steady pace of 5.7% CAGR between 2016 and 2020. However, with surge in demand for energy-efficient building and need for robust interconnected infrastructure for leisure and convenience, adoption of building automation systems increased over the last few years.

Rapid integration of artificial intelligence, machine learning, and cloud computing in building automation systems to provide secure and smart surveillance services will augment the market growth through 2031.

As consumers are increasingly seeking to upgrade their lifestyle, need for smart connected buildings, energy-efficient lighting systems, and secured interconnectivity of machines is increasing. This is providing tailwinds to the adoption of BAS.

Favourable initiatives launched by various governments to promote the agenda of smart cities, especially in countries such as China, India, and Japan, are creating conducive environment for the BAS market growth.

Alongside this, growth in commercial sector, coupled with need for upgrading security systems and temperature control within schools, hospitals, and industrial offices will fuel the demand through 2031. 

"Due to the increasing demand for energy-efficient and smart infrastructure, dependence on building automation system services has increased exponentially, in commercial and residential sectors, alike. In order to capitalize on these opportunities, market players are increasing the adoption of IIoT technology, artificial intelligence, and machine learning. This is expected to create incremental growth opportunities for the market," says the FMI analyst.

Key Takeaways from FMI's Building Automation Systems Market Survey

• Demand for security and surveillance building automation systems will surge at a remarkable pace over the forecast period
• The U.S. building automation systems market will account for highest growth across North America, expanding at 7.2% CAGR over the projection period
• Backed by favorable government initiatives to promote energy efficient infrastructure, the U.K. market is expected to witness positive growth at 7% CAGR
• Sales of building automation systems in China are expected to surge at an impressive pace underpinned by government initiatives to promote smart building infrastructure
• Growth prospects in South Korea and Japan are expected to remain positive, capturing 7% of global market share

Full Report Analysis@ https://www.futuremarketinsights.com/reports/building-automation-systems-market

Key Drivers

• Investment towards construction of energy-efficient buildings is increasing worldwide. This will improve the adoption of building automation systems
• Rapid growth of construction and infrastructure industry, followed by increasing penetration of industrial internet of things (IIoT) technology will augment market growth
• Development of wireless sensor network and wireless protocols for BAS will drive the market growth over the coming years

Key Restraints:

• Hesitation among end-users and building owners to implement building automation systems due to their false notion regarding high installation cost are likely to hamper sales
• Presence of alternative communication controls, along with lack of interoperability will impede the sales of building automation systems

Competitive Landscape

Presence of established players in the building automation systems market has led to market consolidation, finds FMI in its latest report. Siemens AG, Honeywell International, ABB, Schneider Electric, and Johnson Controls PLC are identified as top 5 players by Future Market Insights.

To gain competitive edge in the market, key players are emphasizing on product development and extensive research & development activities. Besides this, they are investing in strategic alliances with other key manufacturers through mergers and acquisitions.

For instance,

• In August 2021, Schneider Electric announced the partnership with American Power Conversion line for uninterruptable power supplies and to offer improved visibility, front-end maintenance across their customers UPS' systems.
• In January 2021, ABB Smart Buildings unveiled its FLXeon BACnet/IP automation control solutions to deliver powerful connectivity and visualization of intelligent buildings.
• In March 2020, FSG Smart Buildings, a division of Facility Solutions Group, announced the launch of Chariot, a building automation systems software with robust energy management system (EMS) capabilities combining HVAC controls and lighting with smart metering and Internet of Thinking (IoT) devices for multi-site command.

Some of the key players operating in the building automation systems industry market profiled by FMI are:

• Honeywell International
• Schneider Electric
• Siemens AG
• ABB
• Johnson Controls, Plc
• Delta Electronics, Inc.
• Eaton Corporation
• Bosch Rexroth
• Emerson
• AVASGLO Group
• Signellent Technologies (India) Pvt. Ltd.
• Comnatz Thailand Company Ltd
• Deos AG
• MCS Automation Technology Company Ltd.
• Philips Lighting
• Others

For any Queries Linked with the Report, Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-2150 

More Valuable Insights on Building Automation Systems Market

FMI, in its new report, offers an unbiased analysis of the global building automation systems market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in building automation systems industry market with detailed segmentation:

By Product:

• Hardware
• Software
• Services

By System Type:

• Security & Surveillance
• HVAC
• Lighting Solutions
• BEMS (Building Energy Management)

By Application Type:

• Commercial
• Residential
• Government

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa

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Key Questions Covered in the Report

• The report offers insight into building automation systems market demand outlook for the forecast period 2021-2031
• The market study also highlights projected sales growth for building automation systems market between 2021 and 2031
• Building automation systems market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry 
• Building automation systems market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others 

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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SOURCE Future Market Insights