The building automation market is projected to reach USD 86.8 billion by 2028, between 2022 to 2028.
Building automation is a simple method of regulating and monitoring building systems. Facility management systems, security and access controls, and fire and life safety alarms are examples of these systems. Building automation reduces energy usage in buildings, improves occupant comfort, and effectively handles building operations. The increasing need for energy-efficient facilities with increased security systems is driving the growth of the building automation system market. Furthermore, developments in wireless communication technology have lowered the complexity and expense of integrating building automation systems in existing structures.
This reason has also increased the market expansion of building automation. However, the main challenges that enterprises in this sector confront include a misunderstanding about the high installation costs of building automation systems and technical issues in their deployment. The growing global concern for energy conservation, as well as rising energy costs, are driving demand for building automation systems to make buildings more energy efficient. This is one of the primary factors driving the growth of the market for building automation. The capacity of building automation to minimise building operating costs has contributed to the surge in demand for these systems in commercial applications. The ease with which temperature and lighting levels can be maintained.
The construction industry is one of the most energy-intensive, accounting for more than one-third of total global energy consumption. It contributes significantly to carbon dioxide (CO2) emissions. According to the International Energy Agency (IEA), energy use in buildings accounts for up to 80% of total energy consumption in certain regions that rely heavily on traditional biomass. The number of electrical systems utilised in buildings is increasing, resulting in increased energy consumption and CO2 emissions. As a result, the efficient and sustainable use of energy is critical.
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The growing emphasis on reducing energy usage and building maintenance costs is driving up demand for the building automation market. While improving lighting quality and lowering environmental impact. Aside from that, the initial investment in building automation and control systems is readily recouped in a few years because it reduces energy expenses, maintenance costs, and repair and replacement costs. The perception of high building automation costs, as well as a lack of information about their benefits in terms of long-term cost savings, can stymie the global acceptance and expansion of the building automation market.
Due to rising urbanisation, cities now require new solutions to long-term difficulties such as controlling traffic flows, managing trash, reaching energy-efficiency standards, controlling security breaches, and managing city surveillance. Governments in developing economies, such as China and India, are focusing on constructing smart cities through massive government and stakeholder financing to address the long-term issues posed by increasing urbanisation. Terrorism poses an increasing threat to both international and domestic public-concentrated places, including government offices, buildings, schools, and prisons. As a result, governments around the world, particularly in developing nations, are focusing on investing in video surveillance, access control, and fire prevention systems for smart city building automation projects.
Regional Analysis:
In terms of growth rate, Asia Pacific is predicted to lead the building automation market from 2022 to 2028. The region’s need for building automation has been spurred by the increasing acceptance of the Internet of Things (IoT) and leading technology in lighting solutions in commercial buildings and the industrial sector. Chinese and Indian cities provide an ideal combination of low-cost land, adequate infrastructure, and a large workforce to attract investments in industrial development. APAC’s use of building automation has been spurred by strong economic growth, expanding infrastructure, and new buildings.
This is one of the primary factors driving the growth of the market for building automation. Building automation market are in high demand in APAC because of the numerous benefits they provide, including better security levels. Asia Pacific is home to a sizable share of the world’s population. Because of improved economic conditions, consumers in this region are aggressively adopting building automation systems in residential and commercial locations. Furthermore, rising development activity in China is propelling the Asia Pacific building automation market forward.
Competitive Analysis:
Honeywell International (US), Siemens AG (Germany), Johnson Control (US), Schneider Electric (France), Carrier (US), Robert Bosch (Germany), Legrand (France), Hubbell (US), ABB (Zurich), Trane Technologies (Ireland), Lutron Electronics (US), Crestron Electronics (US), Hitachi (Japan), Delta Controls (Canada), Beckhoff Automation (Germany), Lennox International (US), General Electric (US), Distech (US).
Some of the key questions answered in this report:
1. Analysis of Building Automation market (Preceding, present, and future) to calculate the rate of growth and market size.
2. Market risk, market opportunities, driving forces.
3. New technologies and issues to investigate market dynamics.
4. Market Forecast
5. Closely evaluate current and rising market segments.
Then, the report describes the Building Automation market division based on various parameters and attributes that are based on geographical distribution, product types, and applications. The market segmentation clarifies further regional distribution for the market, business trends, potential revenue sources, and upcoming market opportunities.
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Table of Contents:
1. Building Automation Market Overview
2. Impact on Building Automation Market Industry
3. Building Automation Market Competition
4. Building Automation Market Production, Revenue by Region
5. Building Automation Market Supply, Consumption, Export and Import by Region
6. Building Automation Market Production, Revenue, Price Trend by Type
7. Building Automation Market Analysis by Application
8. Building Automation Market Manufacturing Cost Analysis
9. Internal Chain, Sourcing Strategy and Downstream Buyers
10. Marketing Strategy Analysis, Distributors/Traders
11. Market Effect Factors Analysis
12. Building Automation Market Forecast (2022-2028)
13. Appendix
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