Building Automation and Control System Market Valuation is projected to Grow at a CAGR of ~9% during the Forecast Period, finds TMR Study

October 14 18:26 2021
Building Automation and Control System Market Valuation is projected to Grow at a CAGR of ~9% during the Forecast Period, finds TMR Study
Advancements in cloud computing, machine learning, and artificial intelligence, and connectivity technologies are expected to boost the growth of the global building automation and control system market.

Transparency Market Research delivers key insights on the global building automation and control system market. In terms of revenue, the global building automation and control system market is estimated to expand at a CAGR of ~9% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global building automation and control system market.

The building automation and control system (BACS) term refers to a centralized system that monitors, controls, and records functions of building services. Building facilities that are monitored and controlled by a reliable BACS tend to maintain the building environment in a more efficient manner and reduce the environmental impact and energy costs of the building. The core functions of a BACS system include maintenance of control over the building environment, operation of systems according to occupancy and energy demand, monitoring and correction of the performance of systems, and issuing of sound alerts as required.

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Based on application, the global building automation and control system market has been segmented into facility management, fire control system, safety & security system, energy management system, and others. In terms of technology, the study takes into consideration wired as well as wireless technology-enabled devices and systems used for building automation and control.

Building Automation and Control System Market: Dynamics

In this report, TMR proposes that building automation and control systems are estimated to undergo technological advancements in the near future. Building automation and control systems are applied in lighting, safety and security, entertainment (audio and video), and HVAC (heating, ventilation, and air-conditioning) applications.

In addition to these core applications, several new applications are being developed and offered by players operating in different sectors. These include home healthcare, remote monitoring (as a specialized part of safety and security), home robotics, and pet care.

The home healthcare segment holds high growth potential, due to increase in elderly population and rise in the need for elderly care homes. As for home healthcare, use of automation systems helps save on expenses incurred for visits to the doctor or for deputing a nurse at home. It also saves efforts to dedicatedly monitor people at home.

This has promoted growth of the global building automation and control system market, as consumers have more solutions available to choose from and they enjoy their discretion in terms of price and features. Moreover, the development and adoption in application such as facility management, fire control system, safety & security system is anticipated to increase during the forecast period, thereby fueling the global building automation and control system market.

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Building Automation and Control System Market: Prominent Regions

North America is estimated to hold a major share of the global building automation and control system market in the next few years, as manufacturers in the region offer advanced building automation and control systems. The market in the region is expected to expand significantly during the forecast period, primarily due to early adoption of building automation technologies. The market in Asia Pacific is expected to expand at the maximum CAGR from 2019 to 2027, owing to rapidly growing adoption the hi-tech technology in this region.

Key manufacturers operating in the global building automation and control system market are displaying synergies through collaborations with distributor companies and raw material suppliers in the areas of sales, marketing, and production. Manufacturers are also expanding through organic methods, such as increase in the production capacity, so as to meet the rising demand for building automation and control systems across the globe.

Building Automation and Control System Market: Key Players

Key players operating in the global building automation and control system market are Honeywell International Inc., ABB Ltd., Crestron Electronics, Inc., BuildingIQ, 75F, LLC, Siemens AG, Johnson Controls International Plc, Hubbell, Legrand, Schneider Electric SE, and United Technologies Corporation.

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