Home automation involves provision of advanced digital technology and high end solutions for automated products. The technology manages to deliver better efficiency and performance in every household activity via the strong centralized control of the system. The home automation system market environment mainly comprises of- interface manufacturers, system integrators, and distributors.
The evolution of smart home automation recently has offered numerous advantages, like system scalability and easy extension, aesthetical benefits, integration of mobile devices, maximizing home security, remote control of home functions, increased energy efficiency, improved appliance functionality, and home management insights.
The industry research report titled, “Home Automation Market Analysis By Component (Hardware, Software, Service), By Application (Lighting, Security and Access Control, HVAC and Entertainment Control), By Technology, By Region And Segment Forecast Till 2025” provides an extensive insight and analysis of the Home Automation Market over the next seven years and acts as a significant point of reference for operators or suppliers.
The home automation market is mainly split by (a) technology basis; wherein showcasing of revenue, market share and growth rate of each type is provided largely divided into Wired and Wireless and (b) by component basis; wherein the revenue, market share and growth rate of each type, are primarily segregated into Hardware, Software and Services and (c) by applications basis; wherein focuses on the status and perception for major applications, market share and growth rate for each application are present including Lighting, HVAC, Entertainment Control and Security & Access Control.
This global market involves the markets in regions namely: North America, Europe, Asia Pacific, the Middle East, Africa and Latin America, with revenue, market share and growth rate wherein the leading market players include ABB Ltd., Electronic Control Corporation, Crestron Electronics Inc., Honeywell International Inc., Ingersoll-Rand PLC., Johnson Controls, Legrand SA., Schneider Electric SE., Siemens AG., Leviton Manufacturing Company Inc., and Lutron Electronics Co. Inc.
The global home automation system market had registered a valuation of around USD 39.93 Billion in 2016 which has been foreseen to further grow at a decent CAGR of 11.3% in the coming years. The augmenting adoption across residential applications is expected to be the major demand driver for the industry. Also, factors involving significant IoT market growth, cost reduction in home automation systems, and convenience of remote operations will help in bolstering expansion of the home automation system market.
The hardware segment is projected to account for a majority share and supersede the component market by 2025. Even, the service segment is expected to witness a significant growth due to developing adoption of the smart technology. Fast growing advances in home automation systems as well as using of technologies (to add value to the provision of urban services) have been witnessed as requiring authorization for sustainable development of new methods which may involve integration of hardware, software, and service ultimately leading to amelioration of the overall competitiveness of the industry.
Even, upsurge in the adoption of such devices or systems in applications like lighting, HVAC & energy management, security, entertainment, and smart kitchen is undoubtedly projected to help the industry develop. This augmentation mainly owes to the ever increasing preferences of consumers for connectivity, convenience, safety, and security. Moreover, there has been presence of a large number of manufacturers in the industry which are extending their product portfolios, and the evolving importance of home monitoring from remote locations is also forecasted to drive the market globally.
Geographically, North America is anticipated to be the major regional segment in the years to proceed, owing to well-established manufacturers and a large consumer base. The region has accounted for the largest revenue share and is further expected to grow at a CAGR of more than 8% from 2018 to 2025. The North American, European, and Asia Pacific regions are projected to maintain their positions and be the key revenue generating segments of this industry. The Asia Pacific region is currently experiencing a healthy growth in disposable income due to macroeconomic stimulus, which is further expected to drive market growth in future. Also, the market in Europe is anticipated to be promising enough for the global growth because of the increasing investments in infrastructure to improve the standards of living.
The main reason that will boost the industry such that it relishes success in future is- the burgeoning consumer awareness for energy efficient products, urbanization, and relatively changing lifestyles with enhanced convenience, safety and security which will altogether have an affirmative impact on the industry. Furthermore, the amplifying demand for features like the convenience of remote operation and exceptional experience offered by smart home automation is highly likely to propel the global market growth in the coming years. Innovative technologies, such as voice controlled smart home devices and growing geriatric population base will be the key factors that lead to great revenue generation by the global industry cumulatively as the years roll by.
Also, with the passage of time; growing penetration of Internet of Things which helps in the move to direct digital controls for better machine to machine communication is expected to spur the market growth by encouraging more and more users to adopt for smart home automation technology.
Key topics covered in the report:
Global Home Automation Market Research Report
Global Smart Home Automation Industry Future Outlook
Home Automation System Global Market Trends
Global Home Automation Market Innovation Trends
Home Automation Global Market revenue
Asia Pacific Home Automation Market
Europe Home Automation Market
North America Home Automation Market
China Home Automation Market Future Outlook
Japan Home Automation Market Future Outlook
US Home Automation Market Future Outlook
Global Home Automation Smart Technologies Market Insights
Global Home Automation Services Future Projections
Global Building Automation and Control Systems Industry Demand
Smart Offices in Global Home Automation Industry
Global Home Automation Major Market Service Providers
Home Automation Global Industry Upcoming Advancements
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Ankur Gupta, Head Marketing & Communications