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(IT-NEWSWIRE.COM, April 14, 2018 ) According to Research Cosmos’ forecast, the overall building automation system (BAS) market was valued at USD 53.66 Billion in 2016 and is expected to reach USD 99.11 Billion by 2022, at a CAGR of 10.73% between 2017 and 2022. The growth of this market is driven by the increase in demand for energy-efficient systems, growing need for the automation of security systems in buildings, and advancement of IoT in BAS.
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This report covers the BAS market segmented on the basis of communication technology, application, offering, and region. The wired communication technology held a larger size of the BAS market in 2016. In terms of application, commercial application held the largest size of the BAS market in 2016. The increased rate of implementation of BAS in large shopping complexes, office buildings, and public transport areas such as airports and railway stations is encouraging the growth of the BAS market for commercial application.
The security and access control systems are expected to hold the largest size of the BAS market during the forecast period. Security and access control systems have become an integral part of the safety and security of the buildings and their occupants. This has revolutionized the building security and has eliminated the human interventions. These are installed in buildings to increase the security level, monitor the activities, and keep a record of people entering and exiting the buildings. These systems are used in several businesses to protect the assets, staff, and information, monitor the activities, as well as control the access to the building.
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The overall BAS market in APAC is expected to grow at the highest rate between 2017 and 2022. The rapid growth of the construction industry in this region, along with the government initiatives, has contributed to the growth of the BAS market in APAC. The North America held the largest share of the BAS market in 2016. The rising need for energy management along with the increasing demand for green homes has resulted in the growth of the market in North America. The commercial and residential applications hold the largest share of the North American BAS market, and the demand of BAS for these applications as well as the growing demand from the industrial application is likely to fuel the BAS market in North America.
The major restraints faced by the companies in the market include the high cost of implementation, technical difficulties, and lack of skilled experts. The major vendors in the BAS market include Honeywell International Inc. (U.S.), Siemens AG (Germany), Johnson Controls International PLC (Ireland), Schneider Electric SE (France), United Technologies Corp. (U.S.), Robert Bosch GmbH (Germany), Legrand SA (France), Hubbell Inc. (U.S.), ABB Ltd. (Switzerland), Ingersoll-Rand Plc (Ireland), Lutron Electronics Co., Inc. (U.S.), Crestron Electronics, Inc. (U.S.), and BuildingIQ (U.S.). These players have adopted various strategies such as new product launches and developments, mergers, partnerships, collaborations, and expansions to cater to the needs of their customers.
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About Us:
Research Cosmos is an aggregator of syndicated and bespoke market research, business intelligence and consulting services on gamut of sectors across the globe. We’re associated with world renowned publishers who when combined, serve hundreds of fortune listed companies and publish wide range of insightful reports which cover nook and corner of every industry vertical.
Contact:
Dani Rodriguez
Research Cosmos
Direct Line: +1 888 709 8757
Mail: dani@researchcosmos.com
www.researchcosmos.com
Research Cosmos
Dani Rodriguez
+1 888 709 8757
dani@researchcosmos.com
Source: EmailWire.Com 
Source: EmailWire.com
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