April 25, 2022 11:25 ET | Source: The Brainy Insights The Brainy Insights
Newark, April 25, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global building automation & control systems (BACS) market is expected to grow from USD 59.96 billion in 2020 to USD 168.93 billion by 2028, at a CAGR of 12.72% during the forecast period 2021-2028.
Increasing construction activities, growing energy use and energy-related regulation, along with growing focus on sustainability, were the primary contributors for the growth of the global building automation and control systems (BACS) market.
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Moreover, an increase in the adoption of automated security systems in buildings, the advancement of wireless protocols and wireless sensor network technologies for BACS, and the increasing penetration of IOT into building automation systems are key factors driving the growth of the BACS market.
Building automation and control system (BACS) refers to a centralized system that controls and tracks the operation of building services. Building facilities that are managed and controlled by a robust BACS strive to more effectively manage the building environment and thereby reduce the building's environmental impact and energy costs.These are centralized, interlinked, networks of hardware and software, which monitor and control the environment in industrial, commercial, and institutional facilities.
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Building automation and control systems help reduce the total expense of building repairs by offering early detection of operational problems in the equipment to building owners, if any. It helps to minimise loss and inconvenience related to unexpected breakdowns.Such trends would further fuel the demand for building automation and control systems over the projected period.However, end-users and building owners are hesitating to adopt BACS because of their misguided belief that BACS has high installation costs. This belief may hamper the market growth over the forecast period.
Key players operating in the global building automation & control systems (BACS) market are Automated Logic, Beckhoff Automation, Bosch Sicherheits systeme GmbH, Delta Controls, CONTROL4, Distech Controls, Dwyer, Evon Technologies, Emerson Electric, Honeywell, Itron and Johnson Controls International among others. The key players are now concentrating on implementing strategies like adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global BACS industry.
• In October 2018, S2 Safety (US), a leading manufacturer of centralized security and video management technologies, was acquired by United Technologies Corp. to merge it with Lenel to create LenelS2, a global leader in automated access control systems and services. • In July 2018, Siemens AG's company division Building Technology added new functionalities for centralized HVAC control to the Synco IC cloud platform. New features include remote meter reading for energy billing, remote tracking of energy key performance indicators (KPIs) and remote intervention to reduce energy consumption.
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The building management software (BMS) segmentis expected to grow at the highest CAGR of around 14.2% over the forecast period
The type segment is divided intolighting management, environmental control and building management software. The Building Management System (BMS) segment is a computer-based control system implemented in buildings that manages and tracks the building's automatic and electrical equipment such as freshening, power systems, ventilation, fire systems, and protection systems. Therefore, it is expected to grow at the highest CAGR of around 14.2% over the forecast period.
The wireless communication technology segment is anticipated to grow at the highest CAGR over the forecast period
The communication technology segment includes wired and wireless communication technology.The usage of wireless communication technologies improves the performance of automation and control systems by rendering the system simple to operate and monitor.Therefore, the wireless communication technology segment is anticipated to grow at the highest CAGR over the forecast period.
The commercial segment held for the largest market share of around 26.15% and a market value of about US 15.68 billion in 2020
The application segment includes IT/ITEs, residential, commercial, hospitality, industrial, retail and hospital. The increased installation of building automation and control systems in large retail malls, office buildings, and public transit locations, such as airports and railway stations, fuels the growth of the commercial applications segment for BACS.Therefore, the commercial segment accounted for the largest market share of around 26.15% and a market value of around USD 15.68 billion in 2020. The major products used in industrial applications include HVAC, lighting, and security and access control systems.
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Regional Segment Analysis of the Building Automation & Control Systems (BACS) Market
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe) • North America (U.S. , Canada, Mexico) • South America (Brazil and Rest of South America) • Asia-Pacific (China, Japan India, Rest of APAC) • Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions evaluated for the building automation & control systems (BACS)market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. With many consumers opting for smart office systems owing to the rise of emerging companies of developing countries like China and India, the Asia Pacific region is anticipated to grow at a considerable growth rate in the global building automation & control systems (BACS) market over the forecast period. Moreover, the increasing growth of the construction industry in developing countries such as China and India and the Government's energy-saving policies have led to the development of the BACS market in the APAC.
The global building automation & control systems (BACS) market is analysed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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