Hyderabad, Aug. 08, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “Europe Building Automation Systems Market Report (2023-2028),” the market is estimated at USD 3.67 billion in 2023. It is expected to register a CAGR of 3.75% during the forecast period.
A building automation system (BAS), also known as a building control system or a building management system, controls several electric, electronic, and mechanical systems throughout a building. The building industry is crucial in meeting the energy and environmental objectives of the European Union. Better and more energy-efficient structures are anticipated to raise living standards for residents, reduce energy poverty, and benefit the economy and society by creating green jobs and other advantages such as better indoor air quality and health.
Report Summary:
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Report Attribute |
Details |
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Market Size (2023) |
USD 3.67 billion |
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Market Size (2028) |
USD 4.41 billion |
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CAGR (2023-2028) |
3.75% |
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Study Period |
2018-2028 |
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Forecast Units |
Value (billion) |
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Report Scope |
Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
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Key Market Drivers |
The demand for Internet of Things (IoT) products growing across Europe. |
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The increasing value of the commercial real estate market. |
Who are the Top Companies in the Europe Building Automation Systems Market?
The market is highly competitive. The key players holding the European building automation systems market are:
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Key Highlights from the Europe Building Automation Systems Market Report:
Commercial Sector to be the Largest End User
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The commercial segment of the market involves offices, hospitals, retail space, infrastructure, etc. Advancements in various technologies and the rapid increase in traction of IoT, the integration of AI, machine learning (ML), and smart sensors and technologies in various end-uses and appliances are key factors expected to continue to support revenue growth in the market studied.
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According to the Buildings Performance Institute Europe (BPIE), building automation is cost-effective for fundamentally all commercial buildings, regardless of energy prices, usage, and climatic factors, provided it is correctly installed, commissioned, and operated.
Germany to Account for Major Market Growth
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According to the German Federal Statistical Office, 129,000 residential construction permits and 29,000 non-residential building permits were issued in 2021 in Germany. Such massive construction permits enable local and international building automation firms to build new products according to the requirements of customers and capture market share.
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Likewise, the market in Germany has witnessed significant growth due to a rise in infrastructure development along with growing demand for green buildings in the country. Greenhouse gas emissions have already been cut by 40% recently and are estimated to be cut by at least 80% by 2050.
What are the Latest Developments in the Europe Building Automation Systems Market?
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In March 2023, Siemens Smart Infrastructure introduced Connect Box, an open and easy-to-use IoT solution for small- to medium-sized buildings. It is a user-friendly approach for monitoring building performance, with the potential to optimize energy efficiency by up to 30%.
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In March 2023, Schneider Electric launched EcoStruxureBuilding Operation in the Indian market to enhance occupant comfort and increase building value.
Mordor Intelligence has Segmented the Europe Building Automation Systems Market Based on Component, End-user, and Country:
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By Component
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Hardware
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Software-as-a-Service
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By End-user
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Residential
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Commercial
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Industrial
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By Country
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In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Europe Building Automation Systems Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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