Building Automation and Control Systems (BACS) Market Size to Exceed US$168.93 Billion by 2028, According to The Brainy Insights
Rising demand for smart buildings with better connectivity and powerful management systems to drive the growth of Building Automation and Control Systems (BACS) market.
Newark, April 25, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global market for building automation and control systems (BACS) is expected to grow from USD 59.96 billion in 2020 to 168, USD 93 billion by 2028, at a CAGR of 12.72% during the forecast period 2021-2028.
Rising construction activities, increase in energy consumption and energy-related regulations, along with increasing focus on sustainability, have been the major contributors to the growth of the global building systems market. Building Automation and Control (BACS).
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In addition, an increase in the adoption of automated security systems in buildings, the advancement of wireless protocols and wireless sensor network technologies for BACS, and the growing penetration of IOT in security systems. automation are key factors driving the growth of the BACS market.
Building Automation and Control System (BACS) refers to a centralized system that controls and tracks the operation of building services. Building facilities that are managed and controlled by a robust BACS strive to more effectively manage the building environment and thereby reduce the building’s environmental impact and energy costs. These are centralized, interconnected networks of hardware and software that monitor and control the environment in industry. , commercial and institutional facilities.
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Building automation and control systems help reduce total building repair expenses by providing early detection of equipment malfunctions to building owners should they arise. This helps to minimize losses and inconveniences related to unexpected breakdowns. Such trends would further fuel the demand for building automation and control systems over the projected period. However, end users and building owners are hesitant to adopt BACS due to their mistaken belief that BACS has high installation costs. This belief may hamper the growth of the market over the forecast period.
Key players operating in the global Building Automation and Control Systems (BACS) market are Automated Logic, Beckhoff Automation, Bosch Sicherheits systeme GmbH, Delta Controls, CONTROL4, Distech Controls, Dwyer, Evon Technologies, Emerson Electric, Honeywell , Itron and Johnson Controls International. among others. The major players are now focusing on implementing strategies such as adoption of new technologies, product innovations, mergers and acquisitions, joint ventures, alliances and partnerships to enhance their market position in the global BACS industry.
• In October 2018, S2 Safety (USA), a leading manufacturer of centralized security and video management technologies, was acquired by United Technologies Corp. to merge it with Lenel to create LenelS2, a world leader in automated access control systems and services.
• In July 2018, Siemens AG’s Building Technology business division added new functionality for centralized HVAC control to the Synco IC cloud platform. New features include remote meter reading for energy billing, remote monitoring of key energy performance indicators (KPIs), and remote intervention to reduce energy consumption.
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The building management software (BMS) segment is expected to grow at the highest CAGR of around 14.2% during the forecast period
The Type segment is divided into lighting management, environmental control and building management software. The Building Management System (BMS) segment is a computerized control system implemented in buildings that manages and tracks building automatic and electrical equipment such as cooling, power systems, ventilation, fire systems and protection systems. Hence, it is expected to grow at the highest CAGR of around 14.2% during the forecast period.
The Wireless Communication Technology Segment is Expected to Grow at the Highest CAGR Over the Forecast Period
The Communication Technology segment includes wired and wireless communication technologies. The use of wireless communication technologies improves the performance of automation and control systems by making the system simple to use and monitor. Hence, the wireless communication technology segment is expected to grow at the highest CAGR. over the forecast period.
The commercial segment held the largest market share of around 26.15% and a market value of around US$15.68 billion in 2020
The application segment includes IT/ITE, residential, commercial, hospitality, industrial, retail and hospital. Increased installation of building automation and control systems in large shopping malls, office buildings, and mass transit locations, such as airports and train stations, is fueling growth in the commercial application segment for BACS . Hence, the commercial segment accounted for the largest market share of around 26.15% and a market value of around USD 15.68 billion in 2020. Major products used in industrial applications include HVAC systems, d lighting, security and access control.
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Regional Segment Analysis of Building Automation and Control Systems (BACS) Market
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• North America (United States, Canada, Mexico)
• South America (Brazil and rest of South America)
• Asia-Pacific (China, Japan, India, rest of APAC)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
Regions assessed for Building Automation and Control Systems (BACS) market include North America, Europe, South America, Asia-Pacific, Middle East & Africa . With many consumers opting for smart office systems owing to the rise of emerging companies from developing countries like China and India, the Asia-Pacific region is expected to grow at a considerable growth rate in the market building automation and control systems (BACS) market over the forecast period. Additionally, the increasing growth of the construction industry in developing countries such as China and India and government energy saving policies have led to the development of the BACS market in APAC.
About the report:
The global Building Automation and Control Systems (BACS) market is analyzed on the basis of value (USD Billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, analysis of distribution and marketing channels.
About The Brainy Insights:
The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer requirements, whether they are looking to expand or planning to launch a new product in the global market.