With the continuous developments and innovations in technology, home automation solutions are rapidly evolving, thus providing better performance and efficiency coupled with conservation of energy and lower costs of labor. It involves various applications such as lighting control, safety and security, entertainment, HVAC controls, etc. The growing awareness regarding the energy conservation and digitization along with advancements in wireless communication technologies have led to the increased demand for home automation systems, thereby driving the overall home automation system market towards growth.
Drivers & Restraints
The major factors responsible for the significant growth of the global market for home automation systems are:
- Rapidly growing IoT applications
- Reduced costs of home automation systems
- Increasing popularity of remote monitoring of residential properties
- Expansion of product portfolios by leading manufacturers for home automation systems
In addition, favorable government regulations in many countries and advancements in wireless communication technologies are expected to further contribute towards the growth of this market. However, low implementation rate of home automation systems due to lack of knowledge regarding its benefits and the tendency of the market to be more convenience-driven than necessity-driven are the major obstacles for the growth of this market. Moreover, the risk of device malfunctioning remains a key challenge for the leading players in this market.
Market Scenario & Forecasts
The value of the global home automation system market which was estimated to be USD 32.11 Billion in 2015 is projected to reach USD 78.27 Billion by the end of 2022, growing at a CAGR of 12.46% between 2016 and 2022. Of all the regions in this market, North America took up the major share in 2015, followed by Europe and Asia-Pacific. Among countries, the U.S. is expected to be the dominant market during the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR from 2016 to 2022, owing to the upcoming residential projects and strengthening of building infrastructure coupled with the growing demand for home automation devices from the emerging countries such as Japan, South Korea, China, and Rest of APAC.
Based on product, the market for lighting control is projected to grow at the highest CAGR during the forecast period since it helps in reducing electricity consumption in homes. The smart meters segment held the largest market share in 2015 and is also expected to register significant growth ahead.
Ask for Sample Pages @ http://www.marketsandmarkets.com/requestsample.asp?id=469
Scope of the Research
The analysis and forecasts for the global market for home automation system has been done by splitting it into the following segments and sub-segments:
- Protocol & Technologies Used: Network Technologies, Protocols & Standards, Wireless Communication Technologies
- Product: Lighting Control, Security & Access Control, HVAC Control, Entertainment & Other Controls
- Software and Service: Behavioral, Proactive
- Region: North America, Europe, Asia-Pacific, RoW
The prominent players operating in the global market for home automation system are Honeywell International Inc. (U.S.), Legrand (France), Ingersoll-Rand plc. (Ireland), Johnson Controls Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), ABB Ltd. (Switzerland), Acuity Brands, Inc. (U.S.), United Technologies Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Nest Labs, Inc. (U.S.), and Crestron Electronics, Inc. (U.S.).
