The global home automation market size is estimated to grow at CAGR above 7% over the forecast time frame 2019-2026 and reach the market value around USD 65 billion by 2026.
Safety and security systems are home automation that gains traction in terms of sales and volume. During the forecast period, security and safety applications are expected to see significant growth. Growth in the innovative, energy efficient automated systems, growth in the IoT market, increasing domestically monitoring significance from remote areas, increasing consumer awareness of the availability of intelligent home apps such as automated safety and lighting systems and rigorous government regulations, are all factors that impact the global home automation sector.
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Large Emission Differentials between New Vehicle Types Increases the Demand
A number of favorable factors are taking advantage of the global home automation market. The Internet use of things in the developed countries in particular has increased. Nowadays people prefer high and advanced living standards in smart home equipment such as TV, refrigerators, smartphones and many other electronics. In addition, the demand for home automation has escalated with increasing disposable incomes and increased preferences in developing countries for luxury lifestyle. In addition, quick adoption of smartphones and devices are the main drivers in the domestic automation market. Home automation systems are also supported by cost-cutting measures which have increased the market demand in developing and developed countries. Moreover, the growing demand for automated and technologically advanced vehicles and the vast increase in vehicle imports and exports require periodic testing and vehicle inspection. This helps to increase the market for automotive testing, inspection and certification. Due to the development of the construction industry and the increase in energy efficiency demand in intelligent homes & buildings, the introduction of home automation systems is increasing. Remote management solutions dominate the domestic automation industry, as mobile apps and other advanced solutions in developing regions are costly and lack of standardization will hinder the growth of the domestic automation market. Globally, the increase in electricity prices has increased house owners’ operating budgets. The housing and hospitality industries are important end-users of the domestic automation market. Increasing commodity prices, including carbon, significantly increase electricity generation costs and, in turn, increase energy costs for end-users. Home automation helps end users to regulate their use, thus reducing their electricity costs. Home automation controls provide economical electricity utilization and further reduce electricity use in lighting, security and HVAC systems.
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Regional Outlook
On the regional basis, global home automation market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Domestic automation, due to the incorporation of these products and services in lifestyles and the high adopt rate of modern technology, has gained momentum in developed countries in the last decade. Home automation in these countries, particularly in the US and Western Europe, is in further technological progress in the form of smart home automation in response to the same. This is a significant factor in the growth of North America’s and Europe’s domestic automation market. In addition, in developing economies worldwide like China, India and Brazil the home automation markets are increasingly acceptable because the mid-income group’s disposable incomes are growing significantly and luxurious lifestyles become more preferable. During the forecast period, the automation market in Asia Pacific is expected to see prominent growth. In this area, the automation market is expected to grow at a compound annual growth rate of more than 7% over the prediction period, as a result of increasing adoption in India. In addition, the projected growth of the home automation market will be fuelled over the prognose period in other Asian countries, such as Indonesia, Taiwan and South Korea.
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Key Players and Strategies
Prominent players operating in the global home automation market are Honeywell International Inc., Crestron Electronics, Inc., United Technologies Corporation, ABB Ltd., Schneider Electric SE, Amazon Inc.,Savant Systems LLC, Johnson Controls, Inc., Siemens AG, Ingersoll-Rand plc, Legrand SA, ADT LLC, Lutron Electronics Co., Google Inc., AMX LLC, Control4 Corporation, 2GIG Technologies, Inc, and SmartThings Inc. The market for home automation is moderately fragmented and extremely competitive. The future market will be driven in the near future by ongoing research and development in home automation.
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