Building automation market to top $155 billion by 2028
The building automation system market is expected to reach USD 155.9 billion by 2028 from 88.4 billion in 2023, at a CAGR of 12.0% during the 2023- 2028 period. New research report from Marketsandmarkets, finds that this market is in the development phase at present, with the presence of multiple players offering building automation system technologies.
Energy efficiency is key
The rising costs of energy and the introduction of stringent energy efficiency regulations have underscored the importance of monitoring energy consumption within buildings. Building energy management software plays a pivotal role in enabling building operators and homeowners to continually oversee and assess the energy usage in structures. These systems not only alert building operators and owners about deviations in energy consumption but also furnish actionable insights for achieving energy savings.
Emphasis on becoming eco-friendly
The building sector stands out as a significant global energy consumer, consistently accounting for over one-third of the world’s total energy consumption. Additionally, it constitutes a substantial contributor to carbon dioxide (CO2) emissions. As noted by the International Energy Agency (IEA), in regions highly reliant on traditional biomass, energy consumption in buildings can represent an astonishing 80% of the entire regional energy use.
Significant opportunities for energy and cost savings
Building automation systems play a pivotal role in optimising energy utilisation, with a particular focus on HVAC and lighting control systems, known for their energy-intensive operations. According to IEA statistics, air heating, cooling, and water heating jointly constitute approximately 60% of global energy consumption within buildings, presenting a significant opportunity for energy reduction. Building automation systems offer the added benefit of automating HVAC and lighting systems, resulting in potential energy savings ranging from 5% to 30% of a building’s overall energy consumption.
Global players
The report profiles major players in the building automation system market such as Honeywell, Siemens, Johnson Controls, Schneider, Carrier, Bosch, Legrand, Hubbell, ABB, Crestron, Lutron, Cisco, Rockwell, Delta, Mitsubishi, Huawei, Beijer and Hitachi.
