International. The BAS (Building Automation Systems) market is expected to grow from US$75 billion in 2019 to US$121.5 billion by 2024 with a CAGR of 10.12%, according to the new market research report "Building Automation Systems Market using Communication Technology, Offering (Facilities Management Systems, access control and security systems, fire protection systems and building energy management software), application, region - Global forecast to 2024", published by MarketsandMarkets.
The growth of this market is mainly due to several factors, such as a high focus on the design and establishment of green buildings and various benefits of BAS, the development of wireless protocols and wireless sensor network technology for BAS, and a rapid infrastructure growth in developing nations.
Access control and security systems will have the largest share of the BAS market by 2024
Access control and security systems accounted for the largest share of the BAS market in 2018, and a similar trend is likely to continue in the near future. The demand for home security solutions is growing at a rapid pace due to various factors, such as technological advances, rising crime rates, increased need for medical assistance for seniors at home, and supervision of children at home.
Security and access control systems have become an integral part of the safety and security of buildings and their occupants. These systems have revolutionized building safety and eliminated human intervention. These are installed in buildings to increase the level of security, monitor activities, and keep track of people entering and leaving the building. Governments around the world are also investing heavily to develop reliable and robust security systems to protect their citizens from terrorist attacks.
Bas market for industrial applications will grow at highest CAGR from 2019 to 2024
The industrial application includes manufacturing facilities, distribution facilities, warehouses and other buildings of automotive infrastructure, chemicals, metals, engineering, mining, pharmaceuticals, oil and gas, and other industries. The segment is expected to adopt smart building solutions to achieve energy and cost savings, increased productivity, better access and identity management, and optimized surveillance. BAS has ample scope for development in emerging economies such as India, China and Brazil, with various manufacturing sectors growing at a high rate.
Despite having the largest manufacturing base, these nations lack buildings equipped with energy-efficient infrastructure. This creates a huge market opportunity for all companies offering building automation systems to increase their viability in these large-scale nations.
