Integration of operational technology with information technology will continue to influence the dynamics of this market
SANTA CLARA, Calif., Aug. 10, 2020 /PRNewswire/ -- Frost & Sullivan's recent analysis, Global Building Automation Systems (BAS) Market, Forecast to 2026, reveals that energy-efficiency requisites, energy conservation and favorable government initiatives, rising energy prices, and strict building codes are prominent factors driving the global BAS market. The market is estimated to reach $5.91 billion by 2026 from $4.69 billion in 2019, growing at a compound annual growth rate (CAGR) of 3.4%. However, the market will be restrained by the COVID-19 pandemic in the short term, as some construction projects commissioned by companies and/or governments face delays or cancellations.
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"Buildings, infrastructure, and energy will remain the core investment areas for smart city development, which is further expected to drive the demand for advanced and efficient BAS systems," said Neha Tatikota, Energy and Environment Research Analyst at Frost & Sullivan. "Additionally, partnerships and collaborations are becoming increasingly important, as suppliers of all sizes seek to offer a comprehensive, end-to-end market segment solution."
Tatikota added, "Integration of operational technology (OT) control network with information technology (IT) will continue to change the dynamics of the BAS market because this will reduce operating and infrastructure costs and improve the financial optimization of buildings. Further, the adoption of deep learning and machine learning (ML) algorithms for developing voice-over technology and advanced features will be crucial innovation areas for next-generation BAS solutions."
Leveraging the potential of the mixing and matching of BAS products to make them more versatile, compact, and innovative will present tremendous growth opportunities for market participants in:
Global Building Automation Systems (BAS) Market, Forecast to 2026 is the latest addition to Frost & Sullivan's Energy and Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Building Automation Systems (BAS) Market, Forecast to 2026
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SOURCE Frost & Sullivan