The global Building Automation & Control Systems (BACS) market is expected to reach USD 151.86 Billion by 2028, according to a new report by Reports and Data. A rise in demand for smart buildings with better connectivity and efficient management systems to reduce utility costs and enhance the security and access system of the buildings such as residential building, shopping malls, etc. have created an escalating demand for Building Automation & Control Systems (BACS) across the globe.
Initiatives taken by Governments to build smart building is further pushing the growth of Building Automation & Control Systems (BACS) market. On July, 2107, Public Services and Procurement Canada (PSPC) in an announcement said that they would be deploying the Smart Buildings initiative in around 100 buildings across Canada through a phased tactic over the subsequent three years.
The announcement is the result of the success of pilot project that comprised 13 buildings in the National Capital Region of Ottawa-Gatineau. The Smart Buildings technology that was deployed resulted in energy savings of up to 17 per cent, which interprets into $1 million per year.
Requirement of high cost in the implementation of Building Automation & Control Systems (BACS) may create hindrances in the growth of the market.
The market in Asia Pacific region is projected to grow at the highest CAGR of 7.9% in the forecast period. Proliferation of IoT technology in the region along with a rise in the level of disposable income coupled with the various government initiatives and funding to build smart cities and smart buildings are the main reasons driving the growth of the market in this region.
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Key participants include Siemens AG, Johnson Controls International PLC, Honeywell International Inc., Schneider Electric SE, Robert Bosch GmBH, Legrand SA, United Technologies Corporation, ABB Ltd., Hubble Inc. and LutronElectronics Co. Inc.
Further key findings from the report suggest
- Energy management systems would hold the largest market share and witness the growth rate of CAGR 7.7% during the forecast period as unnecessary wastage of energy is being translated into increased expenses on energy which would be optimally managed with the implementation of Building Automation & Control Systems (BACS). Also, governments all over the world are putting in consistent efforts to find alternative ways to generate energy as in present situation energy is being generated from natural resources that would soon be depleted.
- Wireless technology for establishing communication in Building Automation & Control Systems (BACS) in connected buildings is estimated to experience the highest growth rate of CAGR 7.85% during the forecast period. The use of wireless communication technology enhances the efficiency of automation and control systems by enabling ease of operation and control of the system.
- The region of North America would contribute to the largest market share growing with a CAGR 7.8% during the forecast period. A rise in renovation as compared to new construction of buildings in US is responsible for the demand of automation and control system in the buildings. With rise in pollution, the need to have clean and purified air is also driving the market growth.
- A rise in investment in HVAC systems to reduce energy consumption in existing buildings will further boost the market growth.
- Siemens AG, a key company in the market offers Desigo, an advanced building automation and control system, for converting traditional buildings into smart buildings.
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For the purpose of this report, Reports and Data have segmented global Building Automation & Control Systems (BACS) Market on the basis of product, communication technology, application and region:
Product Outlook (Revenue, USD Billion; 2020-2028)
- Electronic Security & Safety
- Access Control
- Energy Management System
- Fire & Line Safety
- Heating, Ventilation & Air-Conditioning
Communication Technology Outlook (Revenue, USD Billion; 2020-2028)
Application Outlook (Revenue, USD Billion; 2020-2028)
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Benefits of Global Building Automation & Control Systems (BACS) Market Report:
- Comprehensive analysis of the changing market dynamics
- A futuristic outlook on different factors influencing the market
- An 8-year forecast of the market growth and expected revenue growth
- Ease of understanding of the market, key segments, and their future growth
- In-depth analysis of the competitive landscape to give an advantageous edge for the companies
- Extensive insight into the market with in-depth analysis of the segmentation
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