The development of the intelligent buildings market has created an increasingly competitive landscape for traditional building automation vendors
BOULDER, Colo.–(BUSINESS WIRE)–#BuildingAutomation–A new report from Navigant Research examines the global market for commercial building automation solutions (BASs), providing global market forecasts for revenue, broken out by segment, region, and building type, through 2029.
The commercial BAS market is undergoing large structural change. Although BASs are seeing increased adoption throughout the global building stock, particularly in retrofit and new construction, large-scale trends are expected to significantly affect the market’s 10-year growth outlook. Click to tweet: According to a new @NavigantRSRCH report, global revenue for commercial BAS products is anticipated to reach more than $44.2 billion by 2029, growing at a compound annual growth rate (CAGR) of 3.2% between 2020 and 2029.
“The development of the intelligent buildings (IBs) market through Internet of Things (IoT) deployments in buildings has introduced customers to new tools for data acquisition and analysis,” says Daniel Talero, research analyst with Navigant Research. “Market entrants are competing with traditional BAS offerings, while major BAS vendors recognize the market evolution and are introducing new versions of core BAS offerings as well as complementary IB solutions.”
According to the report, the result is an increasingly dynamic competitive landscape that will likely see considerable transformation in the future. Global revenue for traditional commercial BAS products is anticipated to reach $66 billion by 2029, growing steadily from 2020 to 2029. However, a significant amount of this growth is expected to be cannibalized by the emerging building IoT market, which is projected to grow at almost triple the commercial BAS rate.
The report, Building Automation Systems for Commercial Buildings, analyzes the revenue overlap mentioned and the global market for commercial BASs in five key technology segments: HVAC, lighting, fire and life safety, security and access controls, and BMSs. The study provides an analysis of the market issues, including drivers and barriers, associated with commercial BASs and IB adoption. Global market forecasts for revenue, broken out by segment, region, and building type, extend through 2029. An executive summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Guidehouse, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
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* The information contained in this press release concerning the report, Building Automation Systems for Commercial Buildings, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.