According to Global Building Automation Systems (BAS) Market, Forecast to 2026, a recent survey by Frost & Sullivan's recent analysis, it has been revealed that energy-efficiency requisites, energy conservation and favorable government initiatives, rising energy prices, and strict building codes are prominent factors which are driving the global BAS market. The BAS market is estimated to reach $5.91 billion by 2026 from $4.69 billion in 2019 and this will be growing at a compound annual growth rate (CAGR) of 3.4%. However, it is expected that the market will be restrained by the COVID-19 pandemic in the short term, as some construction projects that are being commissioned by companies and/or governments expect delays or cancellations.
"Buildings, infrastructure, and energy will remain the core investment areas for smart city development, which is further expected to drive the demand for advanced and efficient BAS systems," said Neha Tatikota, Energy and Environment Research Analyst at Frost & Sullivan. "Additionally, partnerships and collaborations are becoming increasingly important, as suppliers of all sizes seek to offer a comprehensive, end-to-end market segment solution."
Tatikota added, "Integration of operational technology (OT) control network with information technology (IT) will continue to change the dynamics of the BAS market because this will reduce operating and infrastructure costs and improve the financial optimization of buildings. Further, the adoption of deep learning and machine learning (ML) algorithms for developing voice-over technology and advanced features will be crucial innovation areas for next-generation BAS solutions."
Leveraging the potential of the mixing and matching of BAS products to make them more versatile, compact, and innovative will present tremendous growth opportunities for market participants in: