The global Building Automation & Control Systems (BACS) market is expected to reach USD 151.86 Billion by 2028, according to a new report by Reports and Data. A rise in demand for smart buildings with better connectivity and efficient management systems to reduce utility costs and enhance the security and access system of the buildings such as residential building, shopping malls, etc. have created an escalating demand for Building Automation & Control Systems (BACS) across the globe.
Initiatives taken by Governments to build smart building is further pushing the growth of Building Automation & Control Systems (BACS) market. On July, 2107, Public Services and Procurement Canada (PSPC) in an announcement said that they would be deploying the Smart Buildings initiative in around 100 buildings across Canada through a phased tactic over the subsequent three years.
The announcement is the result of the success of pilot project that comprised 13 buildings in the National Capital Region of Ottawa-Gatineau. The Smart Buildings technology that was deployed resulted in energy savings of up to 17 per cent, which interprets into $1 million per year.
Requirement of high cost in the implementation of Building Automation & Control Systems (BACS) may create hindrances in the growth of the market.
The market in Asia Pacific region is projected to grow at the highest CAGR of 7.9% in the forecast period. Proliferation of IoT technology in the region along with a rise in the level of disposable income coupled with the various government initiatives and funding to build smart cities and smart buildings are the main reasons driving the growth of the market in this region.
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Key participants include Siemens AG, Johnson Controls International PLC, Honeywell International Inc., Schneider Electric SE, Robert Bosch GmBH, Legrand SA, United Technologies Corporation, ABB Ltd., Hubble Inc. and LutronElectronics Co. Inc.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented global Building Automation & Control Systems (BACS) Market on the basis of product, communication technology, application and region:
Product Outlook (Revenue, USD Billion; 2020-2028)
Communication Technology Outlook (Revenue, USD Billion; 2020-2028)
Application Outlook (Revenue, USD Billion; 2020-2028)
The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report further explores the key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and further validated by analysts, industry experts, and market professionals. The report also sheds light on the recent mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches, among others.
Regional analysis covers assessment of import/export, production and consumption ratio, supply and demand, cost, price, estimated revenue and gross margins, and presence of key players in the region. The report also offers insights about revenue growth, market size, market share, technological advancements, and presence of key players in each region.
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Regional Bifurcation of the Building Automation & Control Systems (BACS) Market Includes:
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