Korea Building Automation System Market Growth & Forecast 2024 to 2034

Analytical Study of Building Automation System Landscape in Korea from 2024 to 2034

The building automation system industry in Korea is poised to experience a CAGR of 9.0% from to 2024 to 2034. The industry in Korea is standing at the threshold of significant prospects, starting with a valuation of USD 1,500.0 million in 2024.

Attributes	Details
Industry Size in 2024	USD 1,500.0 million
Expected Industry Size in 2034	USD 3,551.0 million
Forecasted CAGR from 2024 to 2034	9.0%

Collaboration between building automation providers and property technology companies can lead to innovative solutions that address specific needs in the real estate industry in Korea. The adoption of building automation system in Korea is likely to reach USD 3,551.0 million by 2034.

Key Insights-Highlights to Understand Emerging and Fast Growing Opportunities

• The trend towards integrating various building systems, such as lighting, security, and HVAC, into a unified automation platform, can drive the adoption of comprehensive building automation solutions.
• There is an increasing focus on data security and privacy, as building systems become more interconnected. Companies that can provide robust cybersecurity solutions within their building automation systems may find opportunities in this industry.
• The trend towards remote monitoring and control of building systems, facilitated by advancements in connectivity and mobile technologies, is expected to propel the adoption of BAS that offer convenient and efficient remote management.
• The integration of AI algorithms into building automation systems for predictive maintenance, energy optimization, and intelligent decision making is a growing trend globally. The tech savvy industry in Korea is likely to be receptive to such advanced solutions.

Key Trends Influencing Demand for Building Automation System in Korea

• Korea has been actively investing in smart city projects. The initiatives often involve the deployment of advanced building automation systems to enhance energy efficiency, security, and overall infrastructure management.
• Growing awareness of energy conservation and environmental sustainability may drive the demand for building automation systems that can help optimize energy usage in commercial and residential buildings. Compliance with energy efficiency regulations can further boost the adoption of BAS.
• Innovations in sensor technologies, Internet of Things, and data analytics can lead to more sophisticated and integrated building automation solutions. Korea, being a technologically advanced country, is likely to adopt such advancements quickly.
• Government support in the form of incentives, subsidies, or regulations promoting the adoption of smart building technologies can significantly impact the growth of the BAS ecosystem.

Category-wise insights

HVAC Segment to Fuel the Growth in Korea

The HVAC industry is subject to environmental regulations, and Korea has been active in implementing strict standards to reduce carbon emissions and promote eco friendly practices. BAS solutions in HVAC contribute to meeting these regulatory requirements.

Building Automation System in Korea based on System	HVAC
Share in % in 2024	30.2%

In terms of system, the HVAC segment is expected to account for a share of 30.2% in 2024. HVAC systems are essential for maintaining comfortable indoor environments in commercial buildings, including offices, shopping malls, and hotels. The growth of the commercial real estate sector and the need for precise climate control drive the adoption of advanced HVAC solutions.

HVAC systems directly impact the comfort and productivity of building occupants. BAS solutions in the HVAC segment enable precise control over temperature, humidity, and air quality, contributing to a more comfortable and conducive indoor environment.

Commercial Segment Splashes Reach High as Compared to Other Applications

Commercial buildings often require integrated solutions that cover multiple aspects of building management. BAS provides a platform for the integration of various systems, such as lighting, security, and HVAC, streamlining operations for building owners and managers.

Building Automation System in Korea based on Application	Commercial
Share in % in 2024	63.1%

Based on application, the commercial segment is expected to account for a share of 63.1% in 2024. The growth of the commercial BAS industry is closely tied to the overall construction industry. The expanding economy and urban development initiatives in Korea lead to an increase in commercial construction projects, providing opportunities for the implementation of building automation systems.

The concept of smart buildings in Korea, is gaining momentum in the commercial sector. BAS is a fundamental component of smart buildings, offering advanced automation, real time monitoring, and data driven insights that enhance overall building efficiency.

Province-wise Insights

Public Awareness to Boost the Industry in the South Gyeongsang

Increased construction and renovation activities in the region can provide opportunities for the integration of modern building automation systems. New constructions may incorporate BAS from the planning stage, while renovations are expected to involve retrofitting older buildings.

Increasing public awareness about the benefits of building automation can drive demand. Education campaigns and demonstrations can help showcase how BAS can enhance efficiency, reduce costs, and improve overall building performance.

Government Initiatives in North Jeolla to Enhance the Building Automation System Landscape

Supportive government policies and incentives for energy efficiency, sustainability, and the adoption of smart building technologies are anticipated to drive the growth of the BAS landscape in North Jeolla. Financial incentives or regulatory measures can encourage businesses to invest in building automation.

Building automation systems that contribute to the resilience of buildings against natural disasters, such as earthquakes or typhoons, may be in demand. Considering the geographical considerations of the region, this is a significant factor.

Tourism and Hospitality Industry in Jeju to Accelerate the Ecosystem

Jeju experiences growth in the tourism and hospitality sector, and there is an increased demand for smart building solutions in the province, including BAS, to enhance guest experiences, improve operational efficiency, and manage energy consumption in hotels and resorts.

Collaborations between building automation providers, local businesses, and government entities can foster the development and implementation of tailored solutions that address specific needs in the region.

Competitive Landscape

The landscape of the building automation system in Korea is shaped by both global leaders and local players.

The industry dynamics are influenced by technological advancements, regulatory frameworks, and the evolving needs of businesses and building owners. The competitive landscape is expected to witness further developments and innovations, as the demand for smart buildings and energy efficient solutions continues to rise.

Recent Developments Observed in Building Automation System Industry in Korea

• In 2022, SK Telecom announced a collaboration with local energy companies and a research institute to pioneer the development of a cutting edge power plant monitoring system dedicated to renewable energy. The aim of the collaboration is to advance key technologies essential for a virtual power plant.
• The technologies encompass precise power demand forecasting for both renewable energy plants and electric vehicles, state of the art control mechanisms for energy storage systems, and the establishment of an electricity trading framework based on an energy management system.
• In 2023, Samsung Electronics unveiled a strategic collaboration with the global technology powerhouse ABB to extend the integration of Samsung SmartThings into an even broader spectrum of homes and buildings.
• The partnership signifies a significant boost to Home Internet of Things solution of Samsung, within the residential and commercial construction sector. The collaboration aims to deliver an enhanced, cost effective, and energy efficient solution for the comprehensive monitoring and control of homes and buildings.

Some of the Key Players with Building Automation System in Korea

• Siemens AG
• Honeywell International Inc.
• Schneider Electric SE
• Johnson Controls International plc
• LG Electronics Inc.
• Samsung Electronics Co. Ltd.
• Lutron Electronics Co. Inc.
• Delta Electronics Inc.
• Carrier Global Corporation

Scope of the Report

Attribute	Details
Estimated Industry Size in 2024	USD 1,500.0 million
Projected Industry Size in 2034	USD 3,551.0 million
Anticipated CAGR from 2024 to 2034	9.0%
Historical Analysis of Demand for Building Automation System in Korea	2019 to 2023
Demand Forecast for Building Automation System in Korea	2024 to 2034
Report Coverage	Industry Size, Industry Trends, Analysis of key factors influencing Building Automation System adoption in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Providers in Korea
Key Provinces Analyzed while Studying Opportunities in Building Automation System in Korea	South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled	Siemens AG; Honeywell International Inc.; Schneider Electric SE; Johnson Controls International plc.; LG Electronics Inc.; Samsung Electronics Co., Ltd.; Lutron Electronics Co. Inc.; Delta Electronics Inc.; Carrier Global Corporation

Table of Content

• 1. Executive Summary
• 2. Market Overview
• 3. Market Background
• 4. Industry Analysis and Outlook 2019 to 2023 and Forecast, 2024 to 2034
• 5. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By System
  • 5.1. Security & Surveillance
  • 5.2. HVAC
  • 5.3. Lighting Solutions
  • 5.4. BEMS (Building Energy Management)
• 6. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Application
  • 6.1. Commercial
  • 6.2. Residential
  • 6.3. Government
• 7. Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Region
  • 7.1. South Gyeongsang
  • 7.2. North Jeolla
  • 7.3. South Jeolla
  • 7.4. Jeju
  • 7.5. Rest of Korea
• 8. South Gyeongsang Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
• 9. North Jeolla Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
• 10. South Jeolla Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
• 11. Jeju Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
• 12. Rest of Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
• 13. Market Structure Analysis
• 14. Competition Analysis
  • 14.1. Hanon Systems
  • 14.2. Honeywell International
  • 14.3. Beijer Electronics
  • 14.4. ABB
  • 14.5. Siemens AG
  • 14.6. Johnson Controls
  • 14.7. Schneider Electric
  • 14.8. General Electric
  • 14.9. Legrand
  • 14.10. Lutron Electronics Co
• 15. Assumptions & Acronyms Used
• 16. Research Methodology