Home Automation Market Insights
The global home automation system market is anticipated to surpass a valuation of USD 85 billion, attaining a CAGR of 11% during the forecast period (2019-2023), Market Research Future (MRFR) unveils in a detailed report. Home automation has gained huge popularity in the past few years as it offers convenience, comfort, security to the residents, and improved quality of life.
Market Potential and Pitfalls
The home automation system market is highly benefitted from several favorable factors. The soaring use of IoT, especially in the developed nations is likely to encourage the market growth globally. People these days prefer advance and high living standards, where they can access to smart home devices like refrigerators, televisions, and smartphones. The surging preference for luxurious lifestyle and rising disposable income are considered to influence the market growth across the globe. The rapid adoption of gadgets and smartphones are likely to propel the market growth in the foreseeable future.
On the contrary, some restraints can restrict the market growth. Some home automation products in developed countries have reached its maturity stage, due to which their demand might decrease. Moreover, the lack of compatible infrastructure in developing regions might restrict the use of home automation.
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The key players operating in the global home automation system market includes Acuity Brands, Inc. (U.S.), Honeywell International Inc. (U.S.), United Technologies Corporation (U.S.), Johnson Controls Inc. (U.S.), Legrand (France), Crestron Electronics, Inc. (U.S.), ABB Ltd. (Switzerland), Schneider Electric Se (France), Siemens Ag (Germany), and Samsung Electronics Co., Ltd. (South Korea).
Global Home Automation System Market: Segmental Analysis
The global home automation system market has been segmented on the basis of product, protocol & technology, and software & algorithm.
By product, the Home Automation System Market is segmented into climate control, lighting control, HVAC control, security and access control, energy management control, entertainment control, and others. Of these, the lighting control segment is likely to gain prominence as it helps to reduce the consumption of electricity at home. The sensors adjust the intensity of artificial lighting as per the intensity of natural light. Soaring concerns regarding the environment have further assisted in spreading awareness regarding the importance of home energy and home automation management measures. Thus, lighting controllers can play a major role in minimizing the consumption of electricity within the household.
By protocol & technology, the home automation system market is segmented into wireless and network.
By software and algorithm, the home automation system market is segmented into proactive and behavioral. Of these, the proactive segment is likely to gain prominence as they are specifically designed to help customers understand energy patterns and take required measures in order to reduce consumption.
Geographically, the home automation system market spans across Europe, North America, Asia Pacific, and the Rest of the World (RoW).
Considering the global scenario, North America is estimated to dominate the global market, mainly due to the existence of major industry players like Honeywell International Inc. (U.S.), United Technologies Corporation (U.S.), Johnson Controls Inc. (U.S.), Acuity Brands, Inc. (U.S.), Estron Electronics, Inc. (U.S.), and others. The mounting demand for domestic energy management system is propelling the market growth in North America.
The surging number of new residential projects is predicted to encourage the growth of home automation systems in the Asia Pacific region. The rapid growth in the residential projects, coupled with the need to strengthen the building infrastructure is likely to trigger the demand from the home automation system market. The market is predicted to propel, especially in India due to the soaring investments in infrastructure to enhance the standard of living.
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