The latest report by Meticulous Research® highlights that the global building automation market is anticipated to reach $227.1 billion by 2031, expanding at a CAGR of 10.2% from 2024 to 2031. This growth trajectory is driven by the increasing adoption of security and surveillance systems in both commercial and residential buildings, as well as the integration of IoT technologies. Additionally, the growing emphasis on energy-efficient buildings and the proliferation of connected devices play a significant role in this market’s expansion. However, implementation costs present a considerable challenge to growth.
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Opportunities for Growth
The rise of smart cities and government initiatives promoting energy efficiency are creating valuable growth opportunities within the building automation market. Moreover, the increasing implementation of wireless technology in building systems adds to this momentum. On the flip side, the absence of standardized communication protocols and a limited pool of skilled labor remain notable barriers.
Segment Analysis
The building automation market is categorized by offerings, technology, and sector. The offerings include systems like HVAC, security & access control, energy management, and others. Among these, HVAC systems are expected to dominate, projected to hold over 30% of the market share in 2024 due to rising environmental concerns and regulatory frameworks. A significant development was the launch of IoT-capable actuators by Fr. Sauter AG in July 2022, aimed at enhancing HVAC efficiency.
