At 10.6% CAGR, Europe Building Automation System Market is Projected to be Worth US$ 47,101.39 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe building automation system market was valued at US$ 20,984.92 million in 2023 and is expected to reach US$ 47,101.39 million by 2031, registering a CAGR of 10.6% from 2023 to 2031. Growing need for sustainable building automation solutions and consumer IoT, IP-based devices, SaaS, and other technological developments are among the critical factors attributed to drive the Europe building automation system market growth.

Sustainable buildings aim to minimize energy consumption and carbon emissions. BAS can monitor, control, and optimize HVAC, lighting, and other systems based on occupancy and environmental conditions. With an increasing shift toward renewable energy sources, such as solar and wind, BAS can intelligently manage the integration and utilization of these sources within building operations, ensuring optimal energy use and substantial cost savings. BAS provides real-time data on energy usage and environmental metrics, facilitating informed decision-making for energy conservation strategies and compliance with sustainability standards and regulations. Sustainable buildings prioritize occupant comfort and health. BAS can maintain indoor air quality, regulate temperature, and optimize natural lighting, contributing to enhanced occupant satisfaction and productivity. Also, sustainable BAS solutions result in cost savings due to reduced energy expenses, lower maintenance needs, and prolonged equipment life, making them financially attractive for building owners and operators. The use of sustainable solutions aligns with global sustainability goals, improving energy efficiency, enhancing occupant comfort, and offering significant economic benefits for building owners and operators. Thus, the growing need for sustainable building automation solutions across industries is expected to create significant opportunities for the building automation market growth during the forecast period.

On the contrary, lack of skilled professionals hampers the growth of Europe building automation system market.

Based on component, the Europe building automation system market is bifurcated into hardware and software & services. The hardware segment held 66.6% market share in 2023, amassing US$ 13,976.01 million. It is projected to garner US$ 30,390.16 million by 2031 to register 10.2% 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 Europe building automation system market is segmented into commercial, industrial, and residential. The commercial segment held 45.5% share of Europe hearing aids market in 2023, amassing US$ 9,542.74 million. It is projected to garner US$ 22,831.72 million by 2031 to expand at 11.5% CAGR from 2023 to 2031.

Based on country, the Europe building automation system market is categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 26.4% share of Europe building automation system market in 2023. It was assessed at US$ 5,535.82 million in 2023 and is likely to hit US$ 13,969.48 million by 2031, registering a CAGR of 12.3% during 2023–2031.

Key players operating in the Europe 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 February 2021, Schneider Electric announced the launch of its Wholesale Building Management Distributor Program. This new formalized partner program highlights Schneider Electric's commitment to providing the resources, incentives, and support distributors need to sell more products, grow their business, and increase revenue.
• In March 2023, Siemens Smart Infrastructure has launched Connect Box, an open and easy-to-use IoT solution designed to manage small to medium-sized buildings. The latest addition to the Siemens Xcelerator portfolio, Connect Box, is a user-friendly approach for monitoring building performance, with the potential to optimize energy efficiency by up to 30 percent and to substantially improve indoor air quality in small to medium-sized buildings such as schools retail shops, apartments or small offices. Siemens Xcelerator is an open digital business platform that enables customers to accelerate their digital transformation easier, faster and at scale.

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