The Home automation is employment of intelligent terminals, which is automation system to mechanism the home appliances and equipment. The effective growth in the awareness for proficient energy convention, rise in electricity prices, and technological advancements are predicted to propel the home automation system market growth. Moreover, intensification in safety & security concerns propelled the adoption of home automation system, thus booming the market growth.
According to the report analysis, ‘Europe Home Automation Systems Market by System Component, Software Algorithm, Product, Service Type, Technology, and Country 2014-2025: Growth Opportunity and Business Strategy’ states that Europe home automation systems market reached USD 11.24 billion throughout 2018, representing the third largest regional market in the globe owing to a great adoption rate of home automation systems across the region. Additionally, this industry is predicted to witness an augment in share due to the growing implementation of systems or devices in a number of applications such as security, lighting, entertainment, HVAC & energy management, and smart kitchen. This technology has progressed with growing preference among customers for convenience, connectivity, protection, and security which are projected to fuel growth in the requirement for the smart home automation systems.
In addition, the market in Europe is projected to be promising for growth through the forecast duration owing to growing investments in infrastructure to enhance the standard of living. Augmented demand for HVAC & energy management has proficiently driven regional growth.
The effective increase in the interests in the customer electronics industry, augment in consumer disposable income, the overview of smart grids, and backing of power line communication are some of the aspects expected to propel the home automation market growth auspiciously. However, unethical technological breaches, shortage of awareness among customers, and nonexistence of skilled workforce could pose a challenge to market growth. Foremost vendors registering the home automation market comprise ABB Ltd., Amx LLC (Harman), and Control4 Corporation, Crestron Electronics, Inc., Honeywell International Inc., Ingersoll-Rand PLC, Johnson Controls, Inc., Legrand, Leviton Manufacturing Company, Inc., Lutron, Savant Systems LLC., Schneider Electric SE, Siemens AG, Zigbee Alliance and several others. The foremost players are indulged in undertaking strategic ingenuities such as new product developments, unremitting upgrades of present product lines to bargain avenues for augmented profitability through better consumer relationships. In addition, the insurance corporate offering attractive discounts to house owners having inbuilt admittance control and security systems is projected to help customers to save on house insurance premiums and cover the cost of implementing the home security systems for residential applications. The improvement and implementation of IoT technology in home automation systems is projected to function as a growth opportunity for the market.
Although, the region houses a great proportion of the populace in the world, where an increasing number of homeowners are having sufficient disposable incomes owing to the improvements in economic situations in this region. The Home automation systems are being deployed to obtain the energy savings, which directly results in deducted electricity bills. Therefore, in the near years, it is anticipated that the market of home automation system will increase around Europe more proficiently over the upcoming years.
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Ankur Gupta, Head Marketing & Communications