NEW
YORK, Aug. 12, 2024 /PRNewswire/ -- The global
building automation and control systems market size is estimated to
grow by USD 31.11 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 8.71% during the forecast period. Demand for energy
efficiency is driving market growth, with a trend towards increase
in use of personnel assistant in residential buildings. However,
high installation cost poses a challenge. Key market players
include ABB Ltd., Bajaj Electricals Ltd., BuildingLogiX,
Emerson Electric Co., Evon Technologies Pvt. Ltd., FORESCOUT,
Honeywell International Inc., IoEnergy Inc., Itron Inc., Johnson
Controls International Plc., KMC Controls Inc., Legrand, Lutron
Electronics Co. Inc., Mode Green Integrated Building Technology,
OptergyA, PointGrab Inc., Robert Bosch GmbH, Rockwell Automation
Inc., Schneider Electric SE, and Siemens AG.
![Technavio has announced its latest market research report titled Global building automation and control systems market 2024-2028 Technavio has announced its latest market research report titled Global building automation and control systems market 2024-2028](https://mma.prnewswire.com/media/2479492/Technavio_IRTNTR44667_bw2.jpg)
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
End-user (Commercial
buildings, Residential buildings, Government buildings, and Other
buildings), Type (Integration and Services), and Geography (Europe,
North America, APAC, Middle East and Africa, and South
America)
|
Region
Covered
|
Europe, North America,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
ABB Ltd., Bajaj
Electricals Ltd., BuildingLogiX, Emerson Electric Co., Evon
Technologies Pvt. Ltd., FORESCOUT, Honeywell International Inc.,
IoEnergy Inc., Itron Inc., Johnson Controls International Plc., KMC
Controls Inc., Legrand, Lutron Electronics Co. Inc., Mode Green
Integrated Building Technology, OptergyA, PointGrab Inc., Robert
Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, and
Siemens AG
|
Key Market Trends Fueling Growth
The Building Automation and Control Systems (BACS) market in the
residential sector is experiencing significant growth due to the
increasing trend of transforming homes into smart residences.
Amazon's Alexa and Google Home are leading the way with their
personnel assistant devices, enabling users to connect and control
various smart home appliances via the internet and voice commands.
These devices function as controllers for lighting systems and
thermostats, while also offering additional features such as
setting alarms and taking notes. The market is projected to expand
at a Compound Annual Growth Rate (CAGR) of 11.61% during the
forecast period, driven by the popularity of smart homes.
The Building Automation and Control Systems market is thriving,
driven by the increasing use of sensors, detectors, relays, and
smart electronics in office buildings, shopping centers, public
transportation hubs, airports, and train stations. Core
competencies include HVAC Control, Lighting Control, and Security
Access Control. Material types and industry verticals, such as
Residential, Hospitality, and Energy consumption, are key factors.
Technology growth is fueled by integrated systems, real estate
assets, semiconductor chips, and construction sector. Remote
monitoring, energy efficiency, interconnected systems, and
international energy agency are shaping the future of this
industry. Smart appliances, urbanization, energy management
systems, and monitoring are also trends to watch. The market is
expected to grow significantly due to the need for cost savings and
energy efficiency.
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Market Challenges
- The Building Automation and Control Systems Market growth may
be impeded due to the high cost of installation and the variability
of solutions. End-users often hesitate to invest in these systems
due to the lengthy recovery period. This economic constraint could
impact vendors' revenue during the forecast period. Despite these
challenges, the market continues to offer significant benefits,
such as energy efficiency and improved operational control, making
it an attractive investment for businesses seeking to optimize
their facilities.
- Building Automation and Control Systems Market: Overcoming
Challenges for Smarter, Safer, and Sustainable Buildings The
Building Automation and Control Systems (BACS) market is growing
rapidly due to the increasing demand for energy-efficient,
comfortable, and secure buildings. However, the market faces
several challenges that need to be addressed for continued growth.
Cyberattacks and malware attacks pose significant risks to BACS,
threatening data security and system reliability.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This building automation and control systems market report
extensively covers market segmentation by
- End-user
- 1.1 Commercial buildings
- 1.2 Residential buildings
- 1.3 Government buildings
- 1.4 Other buildings
- Type
- 2.1 Integration
- 2.2 Services
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Commercial buildings-
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Building Automation and Control Systems (BACS) market is
experiencing significant growth due to the increasing focus on
energy efficiency and sustainability in both commercial and
residential buildings. With the rising energy consumption and
operating costs, integrated systems that manage HVAC, lighting,
safety, and security are becoming essential for real estate assets.
The market is driven by the adoption of electronic devices and
software, as well as the integration of hardware components such as
sensors and actuators. Technology advancements, including 5G
technology and energy-efficient buildings, are key factors fueling
market growth. Core competencies of BACS include HVAC Control,
Lighting Control, and Security Access Control. Material types and
industry verticals, such as residential and hospitality, are also
important considerations. Safety systems, air conditioning, and
lighting are critical components of BACS, with energy efficiency
and building sustainability being key priorities. De-carbonization
is also a significant trend, as the industry seeks to reduce
greenhouse gas emissions and promote a more sustainable future.
Overall, the BACS market is poised for continued growth as the
demand for energy-efficient and intelligent building solutions
increases.
Market Research Overview
Building Automation and Control Systems (BACS) market is
witnessing significant growth due to the increasing focus on energy
consumption and operating costs reduction in various industry
verticals. Technology growth in integrated systems, real estate
assets, and urbanization is driving the demand for energy
efficiency and interconnected systems. The International Energy
Agency reports that energy consumption in buildings accounts for
nearly 40% of global energy usage. Semiconductor chips and smart
appliances are integral components of BACS, enabling remote
monitoring and energy management systems.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Commercial Buildings
- Residential Buildings
- Government Buildings
- Other Buildings
- Type
-
- Geography
-
- Europe
- North America
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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