Market Synopsis of Building Automation System Market:
Smart buildings are a growing trend and a need of the future due to the vertical growth pattern of the real estate industry. The building automation system also called as intelligent building, smart building is a control system used to monitor & control the security, mechanical, illumination, climate and ventilation, access and movement and others in the infrastructure. The globally Building Automation System Market is expected to grow at a handsome CAGR rate of more than ~13% from 2016 to 2022.
Globally the Building Automation System Market is expected to grow at the rate of more than ~13% from 2016 to 2022.
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Market Dynamics of Building Automation System Market:
Drivers
- Economic benefits such as cost savings on maintenance due to automation. Traditional buildings consume more than 50% of energy as compared to automated smart buildings.
- Autonomous control and functioning of building which reduces manpower
- Increasing adoption and development of IP-based communication and automation technology
- Superior comfort an aesthetics due to smart selection of lamination, building climate parameters such as temperature, humidity and others
- Real time monitoring of performance, allows for automated functions during threats such as fire, power failure and others
- High buying power of real estate industry and bludgeoning demand due to growing incomes
- Development of consumerism and growing urbanization
- Growing population and mass recreation centers such as cinema halls, food parks, malls and others
- Advancements in internet of things (IOT) and sensor technology
- Service led industry growth and growing awareness of workplaces safety especially in hazardous industries such as chemicals, power plants and others
- The growing stringency of building rules & regulations by governments
- Increasing interest and demand for energy efficient smart buildings
Restraints
- Scarcity of trained manpower and skilled expertise
- Poor incomes in underdeveloped economies especially in Africa
- Lack of awareness in rural areas
- High installation costs
- Growing costs of land, which has resulted in pressure on profit margins
- Lack of building regulations in developing world
Key Players:
Some of the major players in Global Building Automation System Market includes ABB Ltd. (Switzerland), Cisco Systems, Inc. (U.S.), Robert Bosch GmbH (Germany), Siemens AG (Germany),Crestron Electronics, Inc. (U.S.), Delta controls, Inc. (U.S.), Rockwell Automation (U.S.), Schneider electric SE (France), General electric (U.S.), Honeywell International Inc. (U.S.), Lutron Electronics Co., Inc. (U.S.) and others.
Segments for Building Automation System Market:
Global Building Automation System Market can be segmented as follows:
- Segmentation by Network connectivity: Wireless and wired network.
- Segmentation by Product: Light control systems, HVAC control systems, surveillance systems, fire protection systems, and, management software.
- Segmentation by End-Users: Commercial, Industrial and residential.
Regional Analysis of Building Automation System Market:
The growing trend of implementing stringent rules & regulations by government to increase energy efficient solutions in construction industry is expected to boost the market of building automation system in the forecast period. Also, growing awareness about safety & security at workplaces, and increasing interest of consumers towards green & smart building is also fuelling the market growth of building automation system market.
Geographically, North America is expected to dominate the building automation system market during the forecast period 2016-2022 due to growing implementation of building automation system in U.S. construction industry. Also, changing regulatory policies, increasing energy cost is adding fruitful growth in the market. Asia-Pacific is projected to be the fastest growing market in building automation system during 2016-2022. The growth in construction industry and increasing demand of smart buildings among consumers is driving the growth of this market. Increasing industrial growth in developing countries namely India, China and Japan is fuelling the market growth of building automation system in Asia-Pacific region.
Key trends and developments
Growing cloud interfaces – the advantages of cloud such as no need of installation and maintenance, remote access through connected device is expected to be the chief driver.
Big data and machine learning – big data provides insights from a larger sample which can then be fed to machine learning algorithms to find patterns and commonalities. Thus it is expected that big data will provide more analytical power resulting in greater efficient operations. For example, music optimized to the liking of the crowd can be played by using data from previous and current interest of the customers of a mall. In fact Pandora music streaming application makes automated recommendations based on the music listener’s likes and interests.
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Target Audience:
- OEMs
- Network service providers
- Real estate
- Software vendors
- Suppliers & distributors
- Research & consultancy
- End-users
- Technology providers
- Cloud and network service providers
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