Building Automation Market
The global Building Automation Market is expected to grow at a compound annual growth rate (CAGR) of 10.2%, reaching $227.1 billion by 2031, driven by the increasing demand for smart buildings.n
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How Will the Energy Efficiency Trend Drive the Building Automation Market to Be Worth $227.1 Billion by 2031?
Building Automation Market 2024-2031 According to a recent report from Meticulous Research , the global building automation market is projected to reach $227.1 billion by 2031, growing at a CAGR of 10.2% from 2024 to 2031. This robust growth is primarily fueled by several factors, including the increasing deployment of security and surveillance systems in both commercial and residential spaces. The integration of IoT technologies into building automation systems, heightened demand for energy-efficient buildings, and the rising number of connected devices further contribute to this market expansion. However, the high costs associated with implementation remain a significant barrier to growth. Request For Sample Report: https://www.meticulousresearch.com/request-sample- report/cp_id=5857? Emerging Opportunities The advent of smart cities and increasing government initiatives aimed at improving energy efficiency in buildings are expected to create substantial growth opportunities for stakeholders in the building automation market. Moreover, the rising deployment of wireless technology within building automation systems enhances these prospects. Nevertheless, challenges such as the lack of standardized communication protocols and a shortage of skilled professionals pose considerable hurdles. Market Segmentation The global building automation market is segmented by offering, technology, and sector. The offering segment includes various systems such as HVAC, security & access control, energy management, water management, lighting, fire protection, facility management, and related services. Among these, HVAC systems are expected to capture over 30% of the market share in 2024 due to heightened awareness of environmental impacts, urbanization, and technological advancements. For example, in July 2022, Fr. Sauter AG launched IoT- capable actuators to facilitate more efficient control in HVAC systems. Technological Advancements In the technology segment, wired technology is expected to dominate, accounting for over 65% of the market share in 2024. This preference is driven by the reliability and stability of wired solutions for essential systems like fire alarms and security controls. However, wireless technology is anticipated to grow at the highest CAGR, supported by its advantages in reducing installation time and costs. Sector Analysis The market is also categorized by sector, comprising residential, commercial, and industrial segments. The commercial sector is projected to hold over 40% of the market share in 2024, driven by government regulations promoting energy efficiency and advancements in technology. Companies like 75F, Inc. are launching innovative products aimed at improving building efficiency and indoor air quality. Page 1 of 2 Meticulous Research| sales@meticulousresearch.com
Building Automation Market 2024-2031 Geographic Insights Geographically, North America is predicted to account for over 35% of the global market share in 2024, spurred by advanced technology adoption and stringent energy efficiency regulations. Conversely, the Asia-Pacific region is set to achieve the highest CAGR, propelled by government initiatives and the rapid urbanization that brings new opportunities for building automation systems. Leading Market Players Key players in the building automation market include Siemens AG (Germany), Honeywell International Inc. (U.S.), ABB Ltd. (Switzerland), Schneider Electric SE (France), Johnson Controls International plc (Ireland), Cisco Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Robert Bosch GmbH (Germany), Legrand (France), Delta Electronics, Inc. (Taiwan), Hubbell Incorporated (U.S.), Trane Technologies plc (Ireland), Lutron Electronics Co., Inc. (U.S.), Mitsubishi Electric Corporation (Japan), and Crestron Electronics, Inc. (U.S.). Buy Now: https://www.meticulousresearch.com/Checkout/95173266? About Meticulous Research Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 2 of 2 Meticulous Research| sales@meticulousresearch.com
