(MENAFN- America News Hour) The global building automation systems market is estimated to occupy a large amount of revenue by recording a CAGR of ~11% during the forecast period, i.e., 2022 – 2030, owing to the growing need for proper energy management across the globe, and increasing emphasis on overcoming utility costs. Apart from these, rising technological developments in wireless connectivity networks, and surge in the number of government and private projects regarding building automation are also expected to drive market growth in the upcoming years.
The market is segmented by component, offering and application. Based on offering, the security and access controls segment is predicted to gather the largest share during the forecast period on the back of their ability to increase security level, monitor activities, and keep a record of people entering and exiting buildings. Additionally, by application, the industrial segment is projected to observe the highest growth over the forecast period ascribing to the rising adoption of smart building solutions to achieve energy optimization worldwide.
Research Nester published a report titled “Building Automation Systems Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global building automation systems market in terms of market segmentation by component, offering, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Geographically, the global building automation systems market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is evaluated to grab the largest share in the market during the forecast period attributing to the ongoing technological advancements, and strong presence of market players in the region. Moreover, Asia Pacific is predicted to register noteworthy market growth over the forecast period in view of the increasing industrial and construction activities, and high economic growth in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Growing Need for Proper Energy Management Globally to Drive Market Growth
Over the last few years, governmental and non-governmental organizations are emphasizing on adoption of sustainable means of energy management as a result of growing depletion of natural sources. This is giving rise to the increase in establishment of automation systems in buildings, which in turn is projected to drive market growth in the near future.
However, false notion about high installation costs of building automation systems is expected to operate as key restraint to the growth of the global building automation systems market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global building automation systems market which includes company profiling of Schneider Electric, Siemens AG, United Technologies Corp., Honeywell International, Inc., Johnson Controls International, ABB Ltd., Hubbell Inc., Ingersoll-Rand PLC, Mitsubishi Electric Corporation, Robert Bosch GmbH, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global building automation systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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