August 10, 2022 12:50 ET | Source: Straits Research Straits Research
New York, United States, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The automatic central control for lighting, security, and access control systems, as well as heating, ventilation, and air conditioning systems, is known as building automation and controls. The sensors, detectors, relays, and other intelligent electronics used by the building automation and controls system provide access to a central computing system that allows it to function. They are employed in various business sectors, including retail, hospitality, residential, and industrial. The growing need for HVAC control, energy-efficient lighting control, and a higher standard of living will likely fuel the growth of the global building automation and controls market.
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Growing Deployment of Building Automation Systems Ignites the Market Demand
The increasing deployment of building automation systems in office buildings, shopping malls, and public transportation hubs, such as train stations and airports, is anticipated to fuel the growth of the building automation and control system market. The most widely used items in the home, enterprise, and commercial sectors are lighting controls, commercial sectors, and security and access control systems. Security and access control systems have become integral to several industrial verticals as security concerns have increased across all industries. Therefore, the rising demand for HVAC management, energy-efficient lighting control, and a better quality of life is anticipated to boost the global market for building automation systems.
Development of Smart Cities in Emerging Countries Gives Rise to Untapped Market Opportunities
The smart homes and buildings market has promoted the adoption of increased energy efficiency, greater security, and user-friendly access control. It is anticipated that it will serve as the foundation of intelligent buildings in future smart cities, making it the next great opportunity for industry leaders to pursue. It integrates smart building technology with other systems, such as HVAC and lighting management. The building automation and controls market offers attractive opportunities due to the increased acceptance of smart city projects.
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Europe is the highest revenue contributor and is estimated to grow at a CAGR of 9.7% during the forecast period. Increased penetration of digital electronic devices and strong acceptance of modern technologies have created numerous prospects for building automation and controls for the European industry. Due to stricter energy-use laws, it is anticipated that the market will continue to expand rapidly in European nations with thriving building businesses. In addition, the growing need to modernize an aging building stock is driving the building automation systems (BAS) market.
The North American building automation and controls market is projected to reach USD 80 billion by 2030, growing at a CAGR of 10.8%. North America holds a sizable revenue share of the building automation and controls market due to the emergence of automated security systems with a distinct approach to building security systems, wireless sensor network BAS technologies, and growing IoT penetration in buildings. In addition, the presence of a leading company in building automation systems, such as Siemens, along with the evolution of innovation and significant technological contributions, increases the demand for the building automation and controls industry.
Asia-Pacific is one of the fastest-growing regions for building automation services. The growth is attributable to the rapid economic expansion of leading Asia-Pacific countries and the subsequent growth projections for the building industry. In addition, the rapid urbanization and desire to adopt smart cities in APAC are anticipated to generate potential possibilities for the building automation and controls market. Numerous firms and their facilities are also investing in embedded building automation and controls, significantly contributing to the market growth.
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Competitive Players in the Global Building Automation and Controls Market
Global Building Automation and Controls Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/building-automation-and-controls-market/toc
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