Monday, 20 February 2023 11:37 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / February 20, 2023 / Transparency Market Research Inc. - The global building automation and control system market value stood at US$ 87.3 Bn in 2022 and is expected to reach US$ 168.8 Bn by 2031. The global market is projected to grow at a CAGR of 7.9% between 2023 and 2031.Contemporary building automation and control systems that make use of artificial intelligence technologies, IoT technology, data analytics, and cloud computing offer an innovative way to cut expenses, guarantee accessibility to the building's amenities, and increase energy efficiency.
Building structures have a significant influence on the environment across the globe. Buildings account for around 40% of all CO2 emissions globally when construction is taken into account. According to estimates, one-third of all non-fixed operating costs are attributable to energy use. The building sector has a relatively large carbon footprint if both indirect and direct emissions are accounted for. Demand for smart building systems, governmental restrictions, and penetration of IoT technology are some of the factors that are projected to fuel market development in the near future.
According to estimations from the International Energy Agency (IEA), in 2021, fossil fuel usage in buildings was responsible for 8% of all energy- and process-related CO2 emissions globally. Production of steel, cement, and aluminum used in building construction contributed another 19% of these emissions, along with another 6% from those associated with the generation of heat and power consumed in structures. Currently, a building automation and control system manages and monitors all powered systems in a facility in order to fully optimize energy consumption across the entire site. A contemporary and next-generation building automation and control system offers the resources required to efficiently optimize energy consumption, meet the rising public demand, and satisfy statutory climate laws. These advantages are expected to drive business growth in the global market.
All building control systems, such as heating, ventilation, and air conditioning (HVAC), lighting, security, and fire systems, are managed by a single set of controls, which is anticipated to bolster industry growth. Using a single interface, an operator can gain access to, manage, and keep a record of all connected building systems due to a building automation system. For a facility to be operated in a safe, effective, and reliable manner, a building automation and control system (BACS) is an essential instrument. This is anticipated to increase its market value in the near future.
Increase in consumer awareness about sustainability and climate change concerns, as well as improved building management systems, have all contributed to rapid growth of the North America market. The region's rise in investments in smart building technologies and an expanding construction sector are projected to drive market demand in North America.
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Key Findings of Market Report
- Based on offerings, the heating, ventilation, and air conditioning (HVAC) control sub-segment of the solutions category held the maximum market share in 2022. The sub-segment is anticipated to expand at a CAGR of 8.2% between 2023 and 2031. Systems for heating, ventilation, and air conditioning are essential parts of any structure. They keep the humidity, temperature, and indoor air quality within normal limits, which is anticipated to drive market demand. Building automation and control systems are intended to optimize energy efficiency, save maintenance costs, and assure the security and comfort of building inhabitants.
- Based on technology, wired and wireless systems are the two different segments in the global building automation and control system market. In 2022, the wireless segment held a sizable portion of the global industry. The segment is anticipated to expand significantly at a CAGR of 8.5% during the forecast period. Wired systems are more dependable, capable of handling enormous volumes of data, and provide better coverage. Individual gadgets are also more affordable. However, the installation of wired devices is more expensive, less versatile, and sometimes does not provide access to information across the entire area.
Global Building Automation and Control System Market: Growth Drivers
- Advent of improved IT and smart building technologies, together with a considerable increase in use of contemporary building automation and control systems, is likely to drive the global building automation and control system market. Leading companies are generating building automation and control systems and offering rapid and dependable services to their customers with the combination of communication devices, network controllers, and field controllers.
- IoT technology can be integrated into building automation and control systems to enhance the management and surveillance of numerous building systems. By integrating actuators, sensors, and connected devices, a BACS can gain insight and data on building conditions and resource consumption in real-time, which is anticipated to increase market size in the near future. Smart lighting controls, predictive upkeep of building equipment, and energy-efficient HVAC management are a few instances of IoT applications in BACS. This is expected to accelerate the growth of the global building automation and control system market.
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Global Building Automation and Control System Market: Regional Landscape
- North America held nearly 34% market share in 2022. The building automation and control system market in North America is projected to witness rapid expansion due to the presence of several residential and commercial structures as well as the deployment of smart technologies.
Global Building Automation and Control System Market: Key Players
Some of the key players in the global building automation and control system market include:
- Lutron Electronics Co., Inc.
- Johnson Controls International
- General Electric Company
- Schneider Electric SE
- Honeywell International Inc.
- Siemens AG
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Global Building Automation and Control System Market: Segmentation
Offerings
- Solution
- Services
Technology
- Wired
- Wireless
End-use
- Residential
- Commercial
- Industrial
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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