Building Automation Systems (BAS) Market will surpass US$ 44.6 Bn in 2021 Driven by Investment in Smart Cities and Energy-Efficient Buildings: Future…

DUBAI, UAE, Oct. 7, 2021 /PRNewswire/ -- The global building automation systems (BAS) market demand outlook will remain positive, with sales expected to surge at a robust 7.8% CAGR during the forecast period (2021-2031), projects Future Market Insights (FMI) in its latest study.

The market will register stellar growth as demand for energy efficient infrastructure continues to surge. Emergence of smart cities and industrial internet of things (IIoT) technology, especially in East Asia will continue to augment market growth.

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Historically, demand for building automation systems grew at a steady pace of 5.7% CAGR between 2016 and 2020. However, with surge in demand for energy-efficient building and need for robust interconnected infrastructure for leisure and convenience, adoption of building automation systems increased over the last few years.

Rapid integration of artificial intelligence, machine learning, and cloud computing in building automation systems to provide secure and smart surveillance services will augment the market growth through 2031.

As consumers are increasingly seeking to upgrade their lifestyle, need for smart connected buildings, energy-efficient lighting systems, and secured interconnectivity of machines is increasing. This is providing tailwinds to the adoption of BAS.

Favourable initiatives launched by various governments to promote the agenda of smart cities, especially in countries such as China, India, and Japan, are creating conducive environment for the BAS market growth.

Alongside this, growth in commercial sector, coupled with need for upgrading security systems and temperature control within schools, hospitals, and industrial offices will fuel the demand through 2031.

"Due to the increasing demand for energy-efficient and smart infrastructure, dependence on building automation system services has increased exponentially, in commercial and residential sectors, alike. In order to capitalize on these opportunities, market players are increasing the adoption of IIoT technology, artificial intelligence, and machine learning. This is expected to create incremental growth opportunities for the market,"says the FMI analyst.

Key Takeaways from FMI's Building Automation Systems Market Survey

Full Report [emailprotected]https://www.futuremarketinsights.com/reports/building-automation-systems-market

Key Drivers

Key Restraints:

Competitive Landscape

Presence of established players in the building automation systems market has led to market consolidation, finds FMI in its latest report. Siemens AG, Honeywell International, ABB, Schneider Electric, and Johnson Controls PLC are identified as top 5 players by Future Market Insights.

To gain competitive edge in the market, key players are emphasizing on product development and extensive research & development activities. Besides this, they are investing in strategic alliances with other key manufacturers through mergers and acquisitions.

For instance,

Some of the key players operating in the building automation systems industrymarket profiled by FMI are:

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More Valuable Insights on Building Automation Systems Market

FMI, in its new report, offers an unbiased analysis of the global building automation systems market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in building automation systems industrymarket with detailed segmentation:

By Product:

By System Type:

By Application Type:

By Region:

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Key Questions Covered in the Report

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About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latestmarket research reportsand industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized andsyndicated market research reportsdeliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Building Automation Systems (BAS) Market will surpass US$ 44.6 Bn in 2021 Driven by Investment in Smart Cities and Energy-Efficient Buildings: Future...