The global building automation system market size is projected to grow from $US73.5 billion in 2021 to $US112.1 billion by 2026; according to research firm marketsandmarkets.com.
This is a Compound Annual Growth Rate (CAGR) of 8.8 per cent during the forecast period.
The research firm said the growth of the building automation system market is being fuelled by a range of factors including advancements in wireless communication technologies which have lessened the complexity and the cost of installing these systems.
“The combination of IoT and building automation has also enabled the exchange of information among several electronic devices and the cloud without the requirement of direct human intervention that makes buildings smart,” the report said.
“Security and access control systems have become an integral part of the safety and security systems of buildings and their occupants. They have revolutionized building security and eliminated human intervention.
“Several businesses make use of these systems for protecting their assets, staff, and information; monitoring activities in buildings; and controlling access to buildings.”
The surging deployment of building automation systems in large shopping complexes, office buildings, and public transport hubs, such as airports and railway stations, is also driving the growth of the building automation system market for commercial applications.
HVAC controls, lighting controls, and security and access controls are the key systems used in commercial applications.