Information Technology
Building Automation System Market To Generate $207.5 Billion Revenue by 2030, finds P&S Intelligence
A significant driver for the building automation system market is the increasing usage of energy-efficient lighting solutions. This is because governments in China , India , the U.S., and many other nations are putting a strong focus on encouraging energy efficiency by utilizing low-power-consuming lights, especially LEDs. Energy efficiency aids in the reduction of thermal pollution and greenhouse gas emissions, providing yet another compelling reason to make the transition.
Commercial users hold a share of roughly 40% in the market. According to a government body, of the total energy consumed by commercial buildings, around 30% is lost, and the situation can be improved by using BAS, which can control a building's HVAC, lighting, and other energy demands, to improve energy efficiency and augment worker productivity.
Facility management systems, which enhance the overall control and efficiency of building systems, can help cut energy costs. As a result of these reasons, facility management systems are expected to grow at a building automation system market CAGR of more than 13%. HVAC, lighting, water heaters, freezers, refrigerators, and dryers tother account for around 64% of the energy consumption in buildings, and security & access control, electronics, and other systems combined account for the remainder 36%.
Wireless systems are easier to install and operate and allow for better flexibility and control than wired systems; thus, the demand for wireless systems is predicted to grow at a CAGR of roughly 14% throughout the projection period. Furthermore, big corporations are working on the creation of controllers, wireless sensors, and gadgets, which will allow these systems to be controlled remotely.
North America leads the global building automation system market with a share of over 30%. This is due to the technical developments, strict energy efficiency laws, and the rapidly rising demand for building automation technologies. Furthermore, the growing facility management expenses in public buildings is boosting the requirement for these solutions.
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Prajneesh Kumar
P&S Intelligence
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