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The global building automation system (BAS) market is expected to grow from $59.43 billion in 2017 to reach $166.99 billion by 2026 with a CAGR of 12.1%.
Rising demand for energy-efficient systems, improvement of IoT in building automation system, growth of building automation-centric wireless protocols and wireless sensor network technology are some of the key factors fuelling the market growth. However, high installation price and lack of skilled labour are hindering the growth of the market.
Based on Offering, security and access control systems segment is estimated to have a substantial growth due to the need for increased level of security, activity monitoring, and access control has led to the rise in the demand. The demand for home security solutions is also rising at a rapid speed because of different factors such as technological advancements, increase in crime rates and monitoring the children at home. By Application, commercial application segment holds the significant growth due to the improved rate of implementation of BAS in large shopping complexes, office buildings, and public transport areas.
By Geography, Asia Pacific is expected to be the fastest-growing market. The growth is attributed to the huge economic growth witnessed by the major countries in this region. The rapid increase of the construction industry in this region, in addition to the government initiatives are expected to drive the market growth.