Building Automation System Market Worth $100.6 Billion by 2022
Ability to increase energy efficiency and enhance security and safety are driving growth
PUNE, India — The global building automation system market is forecast to reach $100.6 billion by 2022, increasing at a compound annual growth rate (CAGR) of 10.65 percent between 2016 and 2022, according to a new market research report published by MarketsandMarkets.
The ability of building automation and control systems to increase energy efficiency and enhance security and safety in buildings are the major factors driving growth in the market. Additionally, advancements in wireless communication technologies and the convergence of the Internet of Things (IoT) and building automation are further driving the market.
The market for security and access control systems is expected to lead the global building automation system market during the forecast period. 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 for automated systems to increase the security level, monitor activities, and control building access has led to the rise in demand for security and access control systems.
The commercial buildings sector is expected to hold the largest share of the building automation and control systems market during the forecast period. This is because this sector has the highest demand for energy conservation and reducing overall operating costs.
The Asia Pacific (APAC) region is expected to grow at the highest rate during the forecast period. The rapid growth of new construction in this region, as well as government initiatives, have contributed to the growth of the building automation market in the APAC region.
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Publication date: 4/7/2016