Latest News- Building Automation And Control Systems Market: Commercial buildings is expected to lead the End-user segment during 2024-2028
The Building Automation And Control Systems Market is being driven by Demand for energy efficiency
The Building Automation And Control Systems Market is expected to grow at a CAGR of 8.71% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 31119.3 million. In the realm of residential automation, Amazon's Alexa and Google's Assistant have revolutionized the market with their personnel assistant devices, enabling seamless integration of smart home appliances. Accessible via the Internet and voice-activated, these devices function as controllers for lighting systems and thermostats, while also serving as personal assistants. Users can set schedules, establish alarms, and take notes, among other features. Although still in their infancy, these devices and their applications are gaining significant traction in the context of the burgeoning smart home trend, which is poised to become increasingly popular in the near future.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Commercial buildings, Residential buildings, Government buildings, Other buildings) Type (Integration, Services) Geography (Europe, North America, APAC, Middle East and Africa, South America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Building Automation And Control Systems Market Research Report
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The Building Automation and Control Systems (BACS) market is experiencing significant growth in various industry verticals, including Hospitality and Residential sectors. The market's core competencies include Security Access Control, Lighting Control, and HVAC Control. Material types used in BACS include hardware, software, and electronic devices. In the Hospitality industry, BACS are essential for managing energy consumption, ensuring building sustainability, and enhancing guest experience through automated air conditioning, lighting, and safety systems. In the Residential sector, BACS help reduce operating costs and improve energy efficiency in homes. De-carbonization and the shift towards energy-efficient buildings are key drivers for the BACS market's technology growth. The integration of 5G technology in BACS is expected to revolutionize the industry by enabling real-time monitoring and control of building systems. Safety systems are a crucial component of BACS, ensuring the security of real estate assets and occupants. Lighting control systems help reduce energy consumption and enhance the ambiance of buildings. HVAC control systems optimize temperature and humidity levels for comfort and energy efficiency. Core competencies of BACS providers include expertise in hardware manufacturing, software development, and system integration. The market's future growth is expected to be driven by the increasing demand for integrated systems that provide comprehensive building management solutions.
The Building Automation and Control Systems (BACS) market is a significant segment of the broader global electrical components and equipment market. This market encompasses businesses specializing in the production of automation solutions, electrical distribution and protection equipment, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, and HVAC systems, among others. The market size is determined by the consolidated revenue of manufacturers in this sector, including those producing water heaters and accessories, motors, motor control, encoder and amplifier, and small generators, among others. Furthermore, rental and leasing of electrical components and equipment to industrial, commercial, and residential consumers are also taken into account when calculating the market size.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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