International. A new report from Navigant Research examines the global Commercial Building Automation (BAS) solutions market, providing global market revenue forecasts, broken down by segment, region, and building type, till 2029.
Bas's commercial market is undergoing a major structural change. Although BAS is experiencing increased adoption across the global property park, particularly in modernization and new construction, large-scale trends are expected to significantly affect the market's 10-year growth outlook. According to a new report, global revenues from commercial BAS products are forecast to reach more than US$44.2 billion by 2029, growing at a compound annual growth rate (CAGR) of 3.2% between 2020 and 2029.
"The development of the smart building (IB) market through Internet of Things (IoT) implementations in buildings has introduced customers to new tools for data acquisition and analysis," says Daniel Talero, research analyst at Navigant Research. "Market participants are competing with BAS's traditional offerings, while leading BAS vendors recognize market evolution and are introducing new versions of BAS's core offerings as well as complementary IB solutions."
According to the report, the result is an increasingly dynamic competitive landscape that is likely to see considerable transformation in the future. Global revenue for BAS's traditional commercial 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 to nearly triple BAS's business rate.
