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.
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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 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.
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.
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.
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.
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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
| 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 |
The building automation system industry in Korea is to be valued at USD 1,500.0 million by 2024.
The anticipated CAGR for the building automation system in Korea through 2034 is 9.0%.
Demand for building automation system in Korea is expected to reach USD 3,551.0 million by 2034.
HVAC segment is expected to dominate the demand for building automation system.
Commercial segment to remain a key contributor in the building automation system ecosystem in Korea.
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
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Building Automation System Industry Analysis in Korea
