Meticulous Research®, a leading global market research firm, recently published an in-depth report titled, “Building Automation Market by Offering (HVAC Systems, Security & Access Control Systems, Lighting Systems, Energy Management Systems), Technology (Wired, Wireless), Sector (Residential, Commercial), and Geography – Global Forecast to 2031.” According to the report, the building automation market worldwide is projected to reach $227.1 billion by 2031, growing at a CAGR of 10.2% from 2024 to 2031. Key factors propelling this growth include increased installation of security and surveillance systems, advancements in IoT technologies, and rising demand for energy-efficient buildings. Additionally, the proliferation of connected devices further supports the market expansion, though high implementation costs pose challenges.
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Market Drivers and Opportunities
Several trends are contributing to the building automation market’s growth. The shift toward smart cities and government-led energy efficiency programs are creating substantial growth opportunities. Moreover, wireless technology deployment within building automation systems provides more flexibility and reduces installation costs. However, hurdles like the absence of standard communication protocols and a shortage of skilled personnel impact the market’s progress.