South Korea Building Automation System Market Size, Share, and COVID-19 Impact Analysis, By Offering (Facility Management System, Security & Access Controls Fire Protection Systems, BEM Software, BAS Services), By Application (Commercial, Residential, Industrial), and South Korea Building Automation System Market Insights Forecasts to 2033

Industry: Automotive & Transportation

RELEASE DATE Jan 2024
REPORT ID SI3392
PAGES 200
REPORT FORMAT PathSoft

South Korea Building Automation System Market Insights Forecasts to 2033

  • The Market Size is Growing at a CAGR of 9.4% from 2023 to 2033.
  • The South Korea Building Automation System Market Size is Expected to Hold a Significant Share by 2033.

 

South Korea Building Automation System Market

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The South Korea Building Automation System Market Size is Expected to Hold a significant share by 2033, at a CAGR of 9.4% during the forecast period 2023 to 2033.

 

Market Overview

Building automation systems (BAS), also known as building management systems (BMS), are sophisticated control mechanisms designed to manage and monitor various building functions within a commercial or industrial facility. It is made up of a network of sensors, controllers, and software that cooperate to maximize the functionality of a building's essential systems. It comes in a variety of forms, each with unique characteristics, such as cloud-based systems, simple control systems, and complex control systems. Furthermore, in the constantly evolving environment of building automation systems, integration with renewable energy sources will present a compelling opportunity for providers. Building automation system manufacturers have the opportunity to position themselves as key players in the shift to cleaner energy practices as the emphasis on sustainability and renewable energy solutions becomes more widespread in South Korea. In addition, building automation systems used to operate independently on a separate network, which was neither cost-effective nor efficient for building operations. On the other hand, conventional building automation systems are increasingly being coupled with building automation solutions. Other advantages of integrating security systems include enhanced administration, lower costs, better communication between building management modules, and faster incident response times. It seems likely that this tendency will persist in the forecast period in South Korea.

 

Report Coverage

This research report categorizes the market for South Korea building automation system market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea building automation system market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the South Korea building automation system market.

 

South Korea Building Automation System Market Report Coverage

Report CoverageDetails
Base Year:2023
Forecast Period:2023 - 2033
Forecast Period 2023 - 2033 CAGR:9.4%
Historical Data for:2019 - 2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Offering, By Application and COVID-19 Impact Analysis.
Companies Covered: Yokogawa Electric Corporation, Hyundai Robotics, LS Industrial Systems, Samsung Electronics, Rockwell Automation Inc., Honeywell International Inc., ABB Limited, Schneider Electric SE, and Others
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

The demand for energy efficiency is a major factor driving the growth of the South Korea building automation and control systems market. A large amount of office building operating costs are attributed to utility bills. Businesses will be able to make significant savings through reduced energy use. With increased infrastructure development, more office and commercial buildings are scheduled to be constructed. These buildings needed BACS installed in addition to surveillance, HVAC, lighting, fire and safety control, and other systems to strengthen security and improve infrastructure. Furthermore, to enhance resident comfort, residential complexes are adopting comparable systems in response to the trend. By giving these end users control over the lighting and temperature settings in each home within the residential complex, the solutions increase operational effectiveness and reduce power costs. Throughout the projected period, these factors will propel market expansion in South Korea.

 

Restraining Factors

Building automation system installation, monitoring, and maintenance requires the use of experienced professionals, which can be difficult to find. In addition, users have questions about long-term system returns, which is expected to hamper the market demand for BAS. In addition, problems like handling many devices and apps with different functionalities have led to misconceptions regarding the supervision of various operations.

 

Market Segment

  • In 2023, the security & access controls fire protection systems segment accounted for the largest revenue share over the forecast period.

Based on the offering, the South Korea building automation system market is segmented into facility management system, security & access controls fire protection systems, BEM software, and BAS services. Among these, the security & access controls fire protection systems segment has the largest revenue share over the forecast period. These solutions enhance the security and safety of buildings. The need for more security, activity monitoring, and access control has led to an increase in demand for security and access controls.

 

  • In 2023, the commercial segment accounted for the largest revenue share over the forecast period.

On the basis of application, the South Korea building automation system market is segmented into commercial, residential, and industrial. Among these, the commercial segment has the largest revenue share over the forecast period. A commercial building automation system is a network of switches and sensors that communicate with the primary internal system of a building, which includes, among others, lighting, ventilation, heating and cooling, and fire prevention measures. Using existing building automation systems that act as a central control for the systems, commercial building automation systems operate all related systems from a single system. During the building automation system market forecast period, the subsegment is expected to experience growth due to the mentioned uses of building in the automation sector.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea building automation system market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Yokogawa Electric Corporation
  • Hyundai Robotics
  • LS Industrial Systems
  • Samsung Electronics
  • Rockwell Automation Inc.
  • Honeywell International Inc.
  • ABB Limited
  • Schneider Electric SE
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea building automation system market based on the below-mentioned segments:

 

South Korea Building Automation System Market, By Offering

  • Facility Management System
  • Security & Access Controls Fire Protection Systems
  • BEM Software
  • BAS Services

 

South Korea Building Automation System Market, By Application

  • Commercial
  • Residential
  • Industrial

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