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(Construction.IndustryNews247.Com, November 02, 2016 ) The global building automation system market size is expected to grow from USD 49.37 Billion in 2015 to reach USD 100.60 Billion by 2022, at a CAGR of 10.65% between 2016 and 2022. The growth of this market is being propelled by the high degree of adoption of building automation system in commercial buildings as well as the ability to increase the energy efficiency and enhance the security and safety in buildings.
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The research methodology used to estimate and forecast the building automation system market begins with capturing data on key vendor revenue through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the global building automation system market from the revenues of the key players in the market. After arriving at the overall market size, the total market has been split into several segments and subsegments which have been verified through primary research by conducting extensive interviews of people holding key positions such as CEOs, VPs, directors, and executives. These market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
The scope of this report covers the building automation system market on the basis of products, applications, and geography. The market for security & access controls systems is leading in the building automation systems market. It is very difficult to manually monitor activities and keep track of people entering and exiting a building, especially in large organizations. Thus, the need of automatic systems to increase the security level, monitor activities, and control access has led to a rise in the demand for security & access controls.
The building automation system ecosystem comprises building automation system vendors such as Honeywell International Inc. (U.S.), United Technologies Corporation (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Legrand SA (France), and Johnson Controls, Inc. (U.S.) and others who sell these products to end users to cater to their unique requirements; end users are from a wide range of applications sectors such as commercial buildings, residential buildings, and industrial buildings.
The APAC region is expected to play a key role in the building automation system market and grow at the highest rate during the forecast period. The rapid growth of the construction industry in this region, in addition to the government initiatives, has contributed to the growth of the building automation system market in the APAC region.
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The market for the commercial buildings application is expected to hold the largest share of the global building automation system market during the forecast period. This sector has the highest demand for energy conservation and reducing the overall operating cost. This is one of the major driving factors for the growth of this market.
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