Global Market for Building Automation and Controls Estimated to Grow to $48 Billion by 2031
Market drivers include energy savings, increased focus on safety, and awareness of sustainability and decarbonization
A new report from Guidehouse Insights examines the global market for building automation and controls in the ten-year period between 2022 and 2031.
This market has been evolving over the last decade as building owners and facility managers aim to reduce energy consumption by improving their building automation technologies and energy efficiency. According to a new report from Guidehouse Insights, the global revenue attributed to building automation systems in commercial buildings is expected to increase from $32.5 billion in 2022 to $48.2 billion in 2031 at a compound annual growth rate (CAGR) of 4.5%.
“Many building automation technologies—HVAC, lighting, fire and life safety, security, and access controls—and building management systems are key components of an autonomous building,” says David Gonzalez, research analyst with Guidehouse Insights. “The latest advances in building automation have enabled the process in which all of a building’s sensors, electronics, and mechanical systems are connected and managed through a single system that allows real-time communication between the building subsystems for better energy consumption coordination.”
The recent focus on occupancy safety and space utilization in commercial buildings has accelerated a shift toward smart integrated systems where communication among lighting, HVAC, and other subsystems is needed. Building automation technology vendors have been quick to adapt to their customers’ demands by providing smart systems with open communication protocols that can be easily integrated into third-party software and allow for easier communication with other subsystems, according to the report.
A bottom-up and top-down approach was used for development of this report, Market Data: Building Automation and Controls. The basis of the bottom-up analysis started with Guidehouse Insights’ Global Building Stock Database 3Q22. This data was combined with average selling prices per square foot for building automation controls, which were assembled during interviews with industry experts and research from online sources. The analysis was combined to calculate expected adoption curves by building type and by region. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Market Data: Building Automation and Controls, is a summary and reflects the current expectations of Guidehouse Insights 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 Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.