Building Automation System Market Worth $99.11 Billion by 2022
Growing at a CAGR of 10.73 percent
PUNE, India — According to the new market research report, "Building Automation System [BAS] Market - by Communication Technology, Offering, Application, and Region - Global Forecast To 2022," published by MarketsandMarkets, the overall BAS market was valued at $53.66 billion in 2016 and is expected to reach $99.11 billion by 2022, growing at a compound annual growth rate (CAGR) of 10.73 percent between 2017 and 2022.
The growth of this market is driven by the increase in demand for energy-efficient systems, growing need for the automation of security systems in buildings and advancement of the Internet of Things (IoT) in BAS.
The security and access control systems is expected to hold the largest size of the BAS market during the forecast period. The need for increased level of security, activity monitoring, and access control has led to the rise in the demand for security and access control systems. The demand for home security solutions is also growing at a rapid pace because of various factors such as technological advancements, increased crime rates, the need for medical assistance to senior citizens at home, and monitoring children at home.
The commercial application held the largest size of the BAS market in 2016, and the trend is expected to continue during the forecast period. The increased rate of implementation of BAS in large shopping complexes, office buildings, and public transport areas such as airports and railway stations is encouraging the growth of the BAS market for commercial application. HVAC, lighting, and security and access control systems are the major products used in the market for commercial application.
Asia-Pacific is expected to be the fastest-growing market for BAS systems. The market in this region has been further segmented into India, China, Japan, and all other areas of Asia-Pacific. The expected growth is attributed to the high economic growth witnessed by the major countries in this region. The rapid growth of the construction industry in this region, in addition to the government initiatives, has contributed to the growth of the BAS market.
According to the report, the major companies in the BAS ecosystem include Honeywell Intl. Inc. (U.S.), Siemens AG (Germany), Johnson Controls Intl. PLC (Ireland), Schneider Electric SE (France), United Technologies Corp. (U.S.), Robert Bosch GmbH (Germany), Legrand SA (France), Hubbell Inc. (U.S.), ABB Ltd. (Switzerland), Ingersoll-Rand Plc (Ireland), Lutron Electronics Co. Inc. (U.S.), Crestron Electronics Inc. (U.S.), and BuildingIQ (U.S.), among others.
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Publication date: 4/21/2017