The global revenue for commercial building automation systems (BAS) is anticipated to increase by 3.2% between 2020 and 2029.
Navigant Research predicts more than $44.2 billion in revenue will be generated by market players by 2029.
Daniel Talero, a research analyst with Navigant Research, said: “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.”
The emerging building IoT market is projected to grow at almost triple the commercial BAS rate. Although the automation systems 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.
“Market entrants are competing with traditional building automation systems offerings, while major vendors recognise the market evolution and are introducing new versions of core BAS offerings as well as complementary IB solutions.”
Traditional commercial BAS products are anticipated to reach $66 billion by 2029, growing steadily from 2020 to 2029.
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