PUNE, India, March 9, 2017 /PRNewswire/ --
According to the new market research report "Building Automation System Market - by Communication Technology (Wired, and Wireless), Offering (Facilities Management Systems, Security & Access Control Systems, and Fire Protection Systems), Application, and Region - Global Forecast To 2022", published by MarketsandMarkets, the overall BAS market was valued at USD 53.66 Billion in 2016 and is expected to reach USD 99.11 Billion by 2022, at a CAGR of 10.73% between 2017 and 2022.
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Browse 78 market data Tables and 67 Figures spread through 199 Pages and in-depth TOC on " Building Automation System Market"
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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.
"Security and access control systems expected to hold the largest size of the market during the forecast period"
The security and access control systems is expected to hold the largest size of the BAS market during the forecast period. The need for increased level of security, activity monitoring, and access control has led to the rise in the demand for security and access control systems. The demand for home security solutions is also growing at a rapid pace because of various factors such as technological advancements, rise in crime rates, need for medical assistance to the senior citizens at home, and monitoring the children at home.
"Commercial application expected to hold the largest size of the BAS market between 2017 and 2022"
The commercial application held the largest size of the BAS market in 2016 and the trend is expected to continue during the forecast period. 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. HVAC, lighting, and security and access control systems are the major products used in the market for commercial application.
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"BAS market in APAC expected to grow at the highest rate during the forecast period"
APAC is expected to be the fastest-growing market for BAS systems. The market in this region has been further segmented into India, China, Japan, and Rest of APAC. The expected growth is attributed to the high economic growth witnessed by the major countries in this region. The rapid growth of the construction industry in this region, in addition to the government initiatives, has contributed to the growth of the BAS market in APAC.
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The major companies in the BAS ecosystem include Honeywell International Inc. (U.S.), Siemens AG (Germany), Johnson Controls International PLC (Ireland), Schneider Electric SE (France), United Technologies Corp. (U.S.), Robert Bosch GmbH (Germany), Legrand SA (France), Hubbell Inc. (U.S.), ABB Ltd. (Switzerland), Ingersoll-Rand Plc (Ireland), Lutron Electronics Co., Inc. (U.S.), Crestron Electronics, Inc. (U.S.), and BuildingIQ (U.S.), among others.
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