Report : North America 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 9.7% CAGR, North America Building Automation System Market is Projected to be Worth US$ 56,607.91 Million by 2031, says Business Market Insights
According to Business Market Insights’ research, the North America building automation system market was valued at US$ 26,941.14 million in 2023 and is expected to reach US$ 56,607.91 million by 2031, registering a CAGR of 9.7% from 2023 to 2031. Consumer IoT, IP-based devices, SaaS and other technological developments and rising initiatives in smart city projects are among the critical factors attributed to drive the North America building automation system market growth.
IoT, machine intelligence, and new networking capabilities play important roles in advancing building automation systems. Advanced fault detection and diagnostics, energy analytics, and grid integration are crucial aspects as building owners and facility managers prioritize increased energy efficiency and cost savings. The demand for consumer IoT-based devices, such as smart alarms, home appliances, security systems, and thermostats, is increasing worldwide. These devices will also help building owners and occupants gain extensive data on temperature, humidity, and indoor air quality, as well as greater control over indoor settings, particularly in HVAC systems in commercial buildings. In addition, the integration of IP-based devices to the building network in modern building automation systems (BAS) can provide increased scalability without the need to connect more fiber or Cat6 cables or reprogram individual devices to free up IP address ranges. Further, integrating IP-based devices in BAS can help eliminate operational challenges such as expensive reprogramming, incompatibility of devices and automation systems, and the time-intensive process of laying cables. The growing adoption of cloud-hosted BAS is raising the demand for software-as-a-service (SaaS) solutions. This shift to SaaS-based solutions reduces operating expenses because building owners no longer need to maintain expensive software or manage application-specific programmers. With SaaS-based solutions, the owner can easily forecast their monthly operating budget without having to commit to a long-term service agreement. Simple integration of new building equipment, feature deployment, and cloud-hosted automatic upgrades are achieved through the cloud-hosted, SaaS-based BAS platform. SaaS-based BAS solutions also provide contractors with remote access and control, so they do not have to visit the site. Thus, the growing adoption of advanced technologies such as consumer IoT, IP-based devices, and SaaS is expected to facilitate the expansion of the building automation system market during the forecast period.
On the contrary, lack of skilled professionals hampers the growth of North America building automation system market.
Based on component, the North America building automation system market is bifurcated into hardware and software & services. The hardware segment held 67.6% market share in 2023, amassing US$ 18,207.03 million. It is projected to garner US$ 37,042.85 million by 2031 to register 9.3% CAGR during 2023–2031. Furthermore, the hardware segment is subsegmented into security & surveillance system, facility management systems, fire protection systems, and others.
In terms of end user, the North America building automation system market is segmented into commercial, industrial, and residential. The commercial segment held 43.7% share of North America hearing aids market in 2023, amassing US$ 11,764.69 million. It is projected to garner US$ 26,351.47 million by 2031 to expand at 10.6% CAGR from 2023 to 2031.
Based on country, the North America building automation system market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.8% share of North America building automation system market in 2023. It was assessed at US$ 21,509.81 million in 2023 and is likely to hit US$ 46,291.91 million by 2031, registering a CAGR of 10.1% during 2023–2031.
Key players operating in the North America 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 May 2022, ABB and Samsung Electronics collaborated in a global partnership to provide jointly developed technologies for energy savings, energy management, and the smart Internet of Things (IoT) connection of both residential and commercial buildings.
- In October 2023, Bosch announced plans to realign its Building Technologies division, with a focus on its regional integrator business featuring solutions and services for building security, energy efficiency, and building automation.
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