Report : Asia Pacific Building Automation System Market Forecast to 2031 - Regional Analysis - by Component [Hardware (Security & Surveillance System, Facility Management Systems, Fire Protection Systems, and Others) and Software & Services] and End User (Commercial, Industrial, and Residential)
At 11.7% CAGR, Asia Pacific Building Automation System Market is Projected to be Worth US$ 42,432.81 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific building automation system market was valued at US$ 17,546.28 million in 2023 and is expected to reach US$ 42,432.81 million by 2031, registering a CAGR of 11.7% from 2023 to 2031. Integration of wireless sensor network technology and wireless protocols with building automation systems and rising initiatives in smart city projects are among the critical factors attributed to drive the Asia Pacific building automation system market growth.
Traditional building automation systems relied heavily on wired infrastructure, which limits flexibility in sensor placement and system expansion. To overcome this limitation, sensors equipped with wireless sensor network (WSN) technology can be deployed wirelessly, allowing for easy reconfiguration and scalability. Wireless sensor networks eliminate the need for large cabling, reducing installation costs and labor. WSN technology enables control of building systems and real-time monitoring, optimizing energy usage based on occupancy and environmental conditions. According to the International Energy Agency reports, in 2022, the building sector represents approximately a third of total energy system emissions, including buildings operations (26%) and embodied emissions (7%) associated with the production of materials used for their construction. Many wireless protocols and standards, including Z-Wave, 6LoWPAN, ZigBee, and EnOcean, are being implemented that are focused on using wireless technologies and offer innovation within the building automation system ecosystem. Further, the Z-Wave protocol is a simple, wireless, interoperable, RF-based communication-based technology designed particularly for monitoring and controlling and status reading applications in light commercial and residential environments. The protocol allows companies to offer a wide range of home automation options to customers. Therefore, the integration of wireless sensor network technology and wireless protocols with building automation systems drives the building automation market.
On the contrary, lack of skilled professionals hampers the growth of Asia Pacific building automation system market.
Based on component, the Asia Pacific building automation system market is bifurcated into hardware and software & services. The hardware segment held 69.5% market share in 2023, amassing US$ 12,198.95 million. It is projected to garner US$ 28,581.24 million by 2031 to register 11.2% CAGR during 2023–2031. Furthermore, the hardware segment is sub segmented into security & surveillance system, facility management systems, fire protection systems, and others.
In terms of end user, the Asia Pacific building automation system market is segmented into commercial, industrial, and residential. The commercial segment held 42.6% share of Asia Pacific hearing aids market in 2023, amassing US$ 7,472.03 million. It is projected to garner US$ 19,258.66 million by 2031 to expand at 12.6% CAGR from 2023 to 2031.
Based on country, the Asia Pacific building automation system market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 32.5% share of Asia Pacific building automation system market in 2023. It was assessed at US$ 5,699.03 million in 2023 and is likely to hit US$ 15,525.52 million by 2031, registering a CAGR of 13.3% during 2023–2031.
Key players operating in the Asia Pacific building automation system market are ABB Ltd; Mitsubishi Electric Corp; Bosch Sicherheitssysteme GmbH; Honeywell international Inc; Schneider Electric SE; Siemens AG; Johnson Controls International Plc; Carrier Global Corp; Lutron Electronics Co., Inc; and Trane Technologies Plc, among others.
- In December 2023, Mitsubishi Electric India unveiled its latest manufacturing facility for advanced Factory Automation Systems in the Talegaon Industrial area of Maharashtra, India.
- In January 2024, Honeywell and Analog Devices, Inc. announced at CES 2024 that they have entered into a Memorandum of Understanding to explore the digitization of commercial buildings by upgrading to digital connectivity technologies without replacing existing wiring, which will help reduce cost, waste, and downtime. The strategic alliance would bring this new technology to building management systems for the first time.
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