NEW YORK, April 3, 2019 /PRNewswire/ -- BAS market is expected to grow at CAGR of 10.12% from 2019 to 2024
The BAS market is expected to grow from USD 75.0 billion in 2019 to USD 121.5 billion by 2024—growing at a CAGR of 10.12%. The growth of this market is mainly driven by the rise in the adoption of automated security systems in buildings, a high focus on designing and establishing energy-efficient and eco-friendly buildings and several benefits of BAS, rapid penetration of IoT in building automation systems, and rapid infrastructure growth in developing nations. Favorable government initiatives and incentives, and advancements of building technologies and automation with data analytics provide lucrative opportunities for players in the BAS market. However, technical difficulties and a dearth of skilled experts restraint the BAS market growth.
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Security and access control systems to hold largest size of BAS market during the forecast period
Security and access control systems accounted for the largest share of the BAS market in 2018.Security and access control systems have become an integral part of the safety and security of buildings and their occupants.
These systems have revolutionized the building security and removed human intervention.These are installed in buildings to increase the security level, monitor activities, and keep a record of people entering and exiting the building.
Several businesses make use of these systems for the protection of assets, staff, and information; monitoring of activities; and controlling the access to the building. Worldwide governments are also investing heavily to develop reliable and robust security systems for safeguarding their citizens from terrorist attacks.
Commercial application is expected to hold significantly large share of BAS market by 2024
The commercial application accounted for the largest share of the BAS market in 2018, and a similar trend is likely to continue in the near future.The growing deployment of BAS in large shopping complexes, office buildings, and public transport areas, such as airports and railway stations, drives the growth of the BAS market for commercial applications.
HVAC, lighting, and security and access control systems are the major products used in commercial applications. Of these, security and access control systems have become an integral part of commercial buildings because of the rising security concerns in this sector.
Market in APAC is likely to grow at highest CAGR during forecast period
The BAS market in APAC is expected to grow at the highest CAGR during the forecast period.APAC is expected to provide ample opportunities to BAS market players during the forecast period due to the influx of global players, along with the emergence of native players in this region.
The expected rise is attributed to the high economic growth and surge in the construction and industrial activities witnessed by major countries in this region.The region houses a large proportion of the population in the world, and consumers are actively deploying BAS in residential and commercial areas owing to the improvements in economic conditions in this region.
The prime objective of consumers is to achieve energy savings with the implementation of BAS, which directly translates to monetary savings.Countries such as China and India have aggressively started developing smart cities.
BAS is acting as a key enabler in achieving these objectives by the respective countries.
Breakdown of the profiles of primary participants:
• By Company Type: Tier 1 - 30%, Tier 2 - 40%, and Tier 3 - 30%
• By Designation: C-Level Executives - 30%, Directors - 35%, and Others - 35%
• By Region: North America - 40%, Europe - 20%, APAC - 30%, and RoW - 10%
Major players profiled in this report are as follows:
• Honeywell International (US)
• Siemens AG (Germany)
• Johnson Controls International (Ireland)
• Schneider Electric (France)
• United Technologies Corp. (US)
• Robert Bosch (Germany)
• Legrand (France)
• Hubbell (US)
• ABB (Switzerland)
• Ingersoll-Rand (Ireland)
Research Coverage
In this report, the BAS market has been segmented on the basis of communication technology, offering, application, and region.Based on communication technology, the market has been segmented into wired technology and wireless technology.
The BAS market based on offering has been segmented into facility management systems, security & access control systems, fire protection systems, building energy management software, BAS services, and others.The market for application has been segmented into residential, commercial, and industrial.
The study also forecasts the size of the market in 4 main regions—North America, Europe, APAC, and RoW.
Reasons to Buy the Report
The report would help market leaders/new entrants in this market in the following ways:
1. This report segments the BAS market comprehensively and provides the closest approximation of the overall market size and subsegments that include communication technology, offering, application, and region.
2. The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the BAS market.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business. The Competitive Landscape section includes the competitor ecosystem, as well as growth strategies such as product launches, acquisitions, and expansions carried out by major market players.
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