Report Forecasts Growth for Building Automation Market

A construction boom and the increasing demand for smart buildings are fueling the growth of the global market for building automation systems, according to a new study from The Insight Partners.

The study projects the size of the building automation market will move from $76.75 billion last year to more than $167 billion by 2031, a compound annual growth rate of about 10.2%, according to a report on the Insight study from Global Newswire.

Building automation systems use sophisticated sensors, actuators, and networking technologies to provide centralized control and monitoring of building systems such as HVAC, lighting, HVAC, security, and energy management. These technologies are designed to maximize building efficiency, lower energy usage, simplify facility management procedures, and guarantee adherence to regulations and standards. Advancements associated with internet devices, software as a service (SaaS), the internet of things (IoT), machine learning, and other technologies are expected to bring new trends in the building automation system market in the coming years, the report said.

A building automation system (BAS) enables an operator to access, control, and monitor all connected building systems via a single interface. BAS technology allows an owner to use networked electronic devices to centralize the management of building operations. To maintain occupant comfort, the systems control temperature, ventilation, humidity, and lighting.