Building automation systems (BAS) are gaining popularity due to their ability to save energy, improve comfort and convenience, and enhance security. Technological advancements such as AI, cloud services, and machine learning make BAS more efficient and cost-effective, driving growth in the BAS market.
NEWARK, Del., Nov. 1, 2023 /PRNewswire/ -- Building Automation System Market Segmentation by HVAC and Lighting Solutions, with Growth Opportunities and Revenue Forecast 2023 -2033
The building automation system market is expected to be US$ 47,800 million in 2023. In 2022, the market recorded a valuation of US$ 44,200 million. The market's progress is expected to be encouraging over the 2023 to 2033 period, with a CAGR of 7.4%. By 2033, the market is projected to have soared to US$ 96,264 million.
With the population becoming increasingly aware of the need for sustainability, residential and commercial buildings are desired to be eco-friendly. Building automation systems are emerging as a prominent way for buildings to become more sustainable. The system provides efficient heating, cooling, and other processes that save and conserve energy.
Smart living is emerging as a prominent trend, with convenience a key demand for many consumers. Government initiatives are also aiming at converting cities into smart cities. Building automation systems is a well-known way to achieve smart buildings, smart cities, and smart living.
There is acceptance of technological advancements in the daily lives of consumers. Building automation systems, too, are taking the help of popular technologies like AI, cloud services, and machine learning to improve the product. Through technology, building automation systems are growing in effectiveness; thus, the demand is rising.
"While large buildings naturally comprise a significant part of the customer base for building automation systems, the market scope is not restricted there. Medium and small buildings are also coming under the building automation system umbrella. Features like security and heat regulation are also important in medium- and small-size buildings. Thus, players in the market can expand the customer base by targeting non-traditional customers," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways
- The building automation system market will reach US$ 47,800 million in 2023.
- HVAC systems are the most popular systems in the market. HVAC systems are expected to hold 30.9% of the market share 2023 by system category.
- Building automation systems most regularly find applications in the commercial space. For 2023, commercial application is expected to account for 65.8% of the market share.
- With excellent market potential, India is projected to have a CAGR of 9.7% through 2033.
- China and Japan are other Asian countries with promising signs. For the forecast period, the CAGR in China and Japan is expected to be 9.4% and 7.8%, respectively.
- Italy and France are the European countries forecasted to show significant growth. For the 2023 to 2033 period, the market is expected to progress at a CAGR of 8.1% and 7.7% in Italy and France, respectively.
Country-wise Insights of Building Automation Trend (2023-2033)
Countries | CAGR (2023 -2033) |
Indian Building Automation System Market Share | 9.7 % |
China Building Automation System Market Size | 9.4 % |
France Building Automation System Market Outlook | 7.7 % |
Italy Building Automation System Market | 8.1 % |
Japan Building Automation System Market | 7.8 % |
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Competitive Landscape
Players in the market are focusing on technological innovation. There is scope for players of all scales in the market, with local suppliers flourishing. Industry experts in energy management are keeping their feet on the ground with cutting-edge technologies to create a healthy environment for owners and occupants. Some prominent companies in the market include Honeywell International, Beijer Electronics, ABB, and Siemens AG.
Recent Developments
- In January 2022, Johnson Controls acquired Foghorn to boost the former's AI capabilities in building automation systems.
- In December 2021, industry giant Honeywell International acquired US Digital Designs, Inc.. Honeywell has further strengthened its foothold in the market by utilizing the acquisition.
- In July 2021, Honeywell International collaborated with ASM Global to create buildings that act as advanced entertainment venues.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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