Building Automation Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Hardware, Software, and Services), By System Type (Building Management Systems (BMS), Home Automation Systems, Fire Safety Systems, and Security & Access Control Systems), By Technology (Wired Systems, Wireless Systems, and Cloud-Based Systems), By End User (Residential, Commercial, and Industrial), and Region Forecast 2019-2030

Building Automation Market size was valued at US$ 89,234.1 million in 2023 and is poised to grow at a CAGR of 11.2% from 2024 to 2030. Building automation leverages advancements in technologies like the Internet of Things (IoT), cloud computing, and artificial intelligence (AI). This allows for data-driven management of buildings, enabling features like predictive maintenance and real-time optimization. Also, the increasing popularity of smart homes further propels the market as home automation systems become more integrated with building-wide automation solutions. In addition, many governments are promoting smart city initiatives and offering incentives for the adoption of building automation technologies. These initiatives aim to create sustainable and energy-efficient urban environment, propelling the market for connected and intelligent building solutions. Moreover, growing awareness about the benefits of connected buildings, such as remote monitoring and management, is driving demand for building automation systems.

Businesses appreciate the ability to monitor building operations remotely, optimize energy use, and identify potential issues before they escalate. In regions with growing economies and rising disposable income levels, there's an increased demand for modern and integrated living spaces. This translates to a larger market for residential building automation systems, offering comfort, convenience, and security features. Furthermore, building automation systems can significantly reduce a building's environmental footprint by optimizing energy consumption and minimizing resource waste. This aligns with the growing focus on sustainability and environmental responsibility, leading to increased adoption of building automation technologies. However, installing building automation systems can be expensive, encompassing hardware, software, installation, and ongoing maintenance costs. This can be a significant hurdle for building owners, particularly for smaller buildings or those with limited budgets.

Building Automation Market Key Developments

• In May 2022, Mitsubishi Electric Trane HVAC US, launched Building Connect+, an extended version of the cloud-based controls and monitoring platform. Building Connect+ is a pre-engineered cloud-based secure control and monitoring platform for controlling and managing CITY MULTI systems and BACnet-enabled third-party devices.
• In March 2022, Hitachi Elevator Co. Ltd, a joint venture company of Hitachi Ltd and Siam Motors Group, launched a full-scale Smart Building Solution business for the first time in Thailand and Southeast Asia. This aims to offer value to buildings with physical security system and digital service for the new normal by using teh Lumada IoT platform.