According to the new research report from Marketsandmarkets on the Building Automation Systems Market to 2022, the overall market was valued at USD 53.66 Billion in 2016 and is expected to reach USD 99.11 Billion by 2022, at a CAGR of 10.73% between 2017 and 2022. The growth of this market is driven by the increase in demand for energy-efficient systems, the growing need for the automation of security systems in buildings, and the advancement of IoT in Building Automation Systems, or BAS.
The report finds that the security and access control systems sector is expected to hold the largest size of the BAS market during the forecast period. The need for an increased level of security, activity monitoring, and access control has led to the rise in the demand for security and access control systems. The demand for home security solutions is also growing at a rapid pace because of various factors such as technological advancements, rise in crime rates, need for medical assistance to the senior citizens at home, and monitoring children at home.
Commercial applications held the largest size of the BAS market in 2016 and the trend is expected to continue during the forecast period. The increased rate of implementation of BAS in large shopping complexes, office buildings, and public transport areas such as airports and railway stations is encouraging the growth of the BAS market for commercial applications. HVAC, lighting, and security and access control systems are the major products used in the market for commercial applications. The APAC region is expected to be the fastest-growing market for BAS systems. The market in this region has been further segmented into India, China, Japan, and Rest of APAC. The expected growth is attributed to the high economic growth witnessed by the major countries in this region. The rapid growth of the construction industry in this region, in addition to the government initiatives, has contributed to the growth of the BAS market in APAC.
