Demand for energy efficiency to boost the market growth
The global building automation and control systems market size is estimated to grow by USD 31.11 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.71% during the forecast period. Demand for energy efficiency is driving market growth, with a trend towards increase in use of personnel assistant in residential buildings. However, high installation cost poses a challenge. Key market players include ABB Ltd., Bajaj Electricals Ltd., BuildingLogiX, Emerson Electric Co., Evon Technologies Pvt. Ltd., FORESCOUT, Honeywell International Inc., IoEnergy Inc., Itron Inc., Johnson Controls International Plc., KMC Controls Inc., Legrand, Lutron Electronics Co. Inc., Mode Green Integrated Building Technology, OptergyA, PointGrab Inc., Robert Bosch GmbH, Rockwell Automation Inc., Schneider Electric SE, and Siemens AG.
Key Market Trends Fueling Growth
The Building Automation and Control Systems (BACS) market in the residential sector is experiencing significant growth due to the increasing trend of transforming homes into smart residences. Amazon’s Alexa and Google Home are leading the way with their personnel assistant devices, enabling users to connect and control various smart home appliances via the internet and voice commands. These devices function as controllers for lighting systems and thermostats, while also offering additional features such as setting alarms and taking notes. The market is projected to expand at a Compound Annual Growth Rate (CAGR) of 11.61% during the forecast period, driven by the popularity of smart homes.
The Building Automation and Control Systems market is thriving, driven by the increasing use of sensors, detectors, relays, and smart electronics in office buildings, shopping centres, public transportation hubs, airports, and train stations. Core competencies include HVAC Control, Lighting Control, and Security Access Control. Material types and industry verticals, such as Residential, Hospitality, and Energy consumption, are key factors. Technology growth is fuelled by integrated systems, real estate assets, semiconductor chips, and construction sector. Remote monitoring, energy efficiency, interconnected systems, and international energy agency are shaping the future of this industry. Smart appliances, urbanisation, energy management systems, and monitoring are also trends to watch. The market is expected to grow significantly due to the need for cost savings and energy efficiency.
Market Challenges
- The Building Automation and Control Systems Market growth may be impeded due to the high cost of installation and the variability of solutions. End-users often hesitate to invest in these systems due to the lengthy recovery period. This economic constraint could impact vendors’ revenue during the forecast period. Despite these challenges, the market continues to offer significant benefits, such as energy efficiency and improved operational control, making it an attractive investment for businesses seeking to optimize their facilities.
- Building Automation and Control Systems Market: Overcoming Challenges for Smarter, Safer, and Sustainable Buildings The Building Automation and Control Systems (BACS) market is growing rapidly due to the increasing demand for energy-efficient, comfortable, and secure buildings. However, the market faces several challenges that need to be addressed for continued growth. Cyberattacks and malware attacks pose significant risks to BACS, threatening data security and system reliability.
