The building automation system market is anticipated to be $47,800 million this year. Last year, the market recorded a valuation close to $44,500 million. The growth of the market is anticipated to be encouraging between 2023 and 2032, with a CAGR of 7.4%. By 2033, the market is forecast to soar to $96,364 million.
It is well to be noted that with the population becoming more aware of the requirement in terms of sustainability, residential as well as commercial buildings are desired to be eco-friendly. Building automation systems happen to be emerging as a prominent way for buildings to become sustainable. The system goes on to provide efficient heating and cooling, as well as other processes, so as to save and conserve energy.
Smart living happens to be emerging as a prominent trend, with convenience being a key demand for numerous consumers. Government initiatives also aim at converting cities into smart cities, and apparently building automation systems happen to be a smart way to achieve smart buildings and smart cities that lead to smart living.
There happens to be an acceptance of technological advancements in consumers daily lives, and building automation systems are also making use of popular technologies such as AI, cloud services, as well as machine learning to enhance the product. By way of technology, building automation systems are progressing in terms of effectiveness, and hence the demand happens to be rising.
As per one of the professionals from a market insights company, while large buildings naturally have in them a significant part of the customer base for building automation systems, the market scope is not just restricted there. Medium as well as small buildings are also falling under the umbrella of building automation systems. Characteristics such as security and heat regulation are imperative when it comes to medium- as well as small-sized buildings. Hence, the players within the market can go on to expand the customer base by making non-traditional customers their target segment.
Key Outcomes
- The building automation market is estimated to touch $47,800 million in 2023.
- HVAC happens to be the most popular system within the market and is anticipated to hold 30.9% of the market share in 2023 in terms of the system category.
- Building automation systems most regularly go on to find applications in the commercial spectrum. In 2023, the commercial application is anticipated to account for almost 66% of the market share.
- With excellent market potential, India is all set to have a CAGR of 9.7% through 2033.
- China and Japan happen to be other Asian countries that are showing promising signs, with a CAGR expected to be 9.4% and 7.8%, respectively.
- Italy as well as France are other European nations anticipated to show significant growth for the 2023–2033 period, with growth at a CAGR of 8.1% and 7.7%, respectively.
