NEWS PROVIDED BYTechnavio
May 13, 2024, 21:47 ET
NEW YORK, May 13, 2024 /PRNewswire/ — The global building automation systems market in north america size is estimated to grow by USD 18.52 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 11.8% during the forecast period.
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| Forecast period | 2024-2028 |
| Base Year | 2023 |
| Historic Data | 2018 – 2022 |
| Segment Covered | Application (Commercial, Industrial, Residential) and Technology (Wired, Wireless) |
| Region Covered | North America |
| Key companies profiled | ABB Ltd., Carrier Global Corp, Emerson Electric Co., Honeywell International Inc., Hubbell Inc., Johnson Controls, Legrand, Mitsubishi Electric Corp., OMRON Corp., Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Texas Instruments Inc., Trane Technologies plc, and Rockwell Automation Inc. |
Key Market Trends Fueling Growth
- Predictive analytics and AI algorithms leverage historical construction data to anticipate equipment failures and enhance energy utilization.
- By identifying irregularities and projecting maintenance requirements, Building Automation Systems (BAS) can diminish downtime and prolong asset lifespan.
- AI-infused BAS dynamically regulate HVAC and lighting systems to curtail energy wastage while ensuring occupants’ comfort, leading to cost reduction and environmental conservation.
- Moreover, AI tailors building environments according to occupant preferences and behavior, optimizing both comfort and productivity levels.
- AI-powered BAS autonomously detect malfunctions and propose corrective measures to enhance system reliability.
- Continuously learning from feedback, AI algorithms adjust control tactics to enhance operational efficiency and responsiveness.
- Predictive analytics and AI empower BAS to partake in demand response initiatives, bolstering grid stability and facilitating renewable energy integration.
- The amalgamation of predictive analytics and AI into BAS revolutionizes construction practices, fostering smarter, more efficient, and sustainable constructions across North America, thereby propelling market growth in the forecasted timeframe.
Market Challenges
BAS confront formidable cybersecurity challenges originating from unauthorized access and targeted malware assaults, which have the potential to compromise both system functionality and data integrity. Threat actors leverage vulnerabilities inherent in network infrastructures and software applications, thereby exposing building operations to significant risks. Commonly exploited vectors include phishing attacks via email communications and the propagation of malicious software. Furthermore, the deployment of Denial-of-Service (DoS) and Distributed Denial-of-Service (DDoS) attacks represents a clear and present danger, capable of severely disrupting BAS operations and thereby posing tangible risks to occupant safety.
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Segment Overview
This building automation systems market in North America report extensively covers market segmentation by
- Application
- 1.1 Commercial
- 1.2 Industrial
- 1.3 Residential
- Technology
- 2.1 Wired
- 2.2 Wireless
- Geography
- 3.1 North America
1.1 Commercial
- The commercial sector is poised to dominate market expansion throughout the projected period.
- The surge in smart building adoption across North America, fueled by the demand for integrated building management systems, drives BAS adoption.
- Opportunities for BAS deployment flourish amidst urbanization and commercial construction endeavors, buoyed by governmental incentives and financial support schemes.
- In 2018, the commercial segment commanded a valuation of USD 8.22 billion.
- BAS integration with diverse building systems bolsters operational efficiency and sustainability, appealing to construction proprietors.
- Real-time monitoring and predictive maintenance further enhance asset performance.
- Initiatives like Canada’s smart buildings initiative incentivize BAS adoption, propelling growth in the commercial segment of the market.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
- Commercial
- Industrial
- Residential
- Technology
- Wired
- Wireless
- Geography
- North America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio