COMMERCIAL BUILDING AUTOMATION MARKET FORECAST
Building Automation Market Expected to Hit $99B by 2022
The Building Automation System (BAS) market was valued at $53.66 Billion in 2016 and is expected to reach $99.11 Billion by 2022. That is a CAGR of over 10.5% between 2017 and 2022. The growth of this market is driven by the increase in demand for energy-efficient systems, growing need for the automation of security systems in buildings, and advancement of IoT in BAS.
The increased rate of implementation of BAS in large shopping complexes, office buildings, and public transport areas such as airports and railway stations is encouraging the growth of the BAS market for commercial application.
The security and access control systems are expected to hold the largest size of the BAS market during the forecast period. Security and access control systems have become an integral part of the safety and security of the buildings and their occupants. This has revolutionized the building security and has eliminated the human interventions. These are installed in buildings to increase the security level, monitor the activities, and keep a record of people entering and exiting the buildings. These systems are used in several businesses to protect the assets, staff, and information, monitor the activities, as well as control the access to the building.
The North American building automation market held the largest share of the BAS market in 2016. The rising need for energy management along with the increasing demand for green businesses has resulted in the growth of the market in North America. Commercial applications hold the largest share of the North American BAS market.
