Global Home Automation Market Outlook and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
The global home automation market is expected to grow at a significant CAGR of 18.0% during the forecast period. The factors driving the growth of the global home automation market are efficient energy management, safety and security concerns, increasing need of comfort, evolution of Internet of Things (IoT), and other SSL technologies. Moreover, widespread use of smartphones and remote monitoring electronic gadgets are further augmenting the global home automation market growth. Apart from better security, comfort and convenience to the resident, home automation market also attributes to the significant energy saving. The primary aim of smart homes is to make living secure, entertaining, sustainable, comfortable, and convenient. Moreover, adoption of smart devices in a number of applications such as lightning, entertainment, smart kitchen, and others augment the market growth. Factors which may restrain the growth of the global home automation market are high installation cost and less awareness among people.
The global home automation market (HAM) is a system of electronic controlled and networked devices that work together to make home customized, secure, comfortable, and efficient. The HAM allows a variety of application in different verticals such as lightening control, HVAC regulation, lawn irrigation system, smart appliances, and security systems. Lights of a specific room can be scheduled by selecting the level of light. Depending upon occupancy, automated heating, ventilation and air conditioning (HVAC) are adjusted in a way to maintain the heat of the room. With local weather data, water regulation system is employed through real-time communication. There will be a reduction in energy consumption, and cost by automating appliances and making them accessible from smart devices. Home security system via smartphones uplifts the importance of the global home automation market.
The global home automation market is segmented on the basis of component, product type, network technology, application, and geography. On the basis of component, the global HAM market is segmented into hardware, software, and service. Product type segment includes managed home automation services, luxury home automation systems, mainstream home automation system, and DIY (Do it yourself) systems. Based on network technology, the home automation market is bifurcated into different home automation systems (HAS) such as wired HAS, power line HAS, wireless HAS, and computing network HAS. Application of home automation market includes smart kitchen, HVAC & energy management, safety and security, lightening, entertainment, and others.
Geographically, the global home automation market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is expected to be the fastest growing region in the home automation market. Whereas, the largest market share of the global home automation market is occupied by North America.
The major key players profiled in the global home automation market are Ingersoll-Rand PLC, Schneider Electric SE, Johnson Controls Inc., Ingersoll-Rand PLC, Schneider Electric SE, Honeywell International, Inc., Acuity Brands, Legrand, ABB Ltd., Control4 Corporation, Crestrons Electronics Inc., Zigbee alliance, and Siemens AG among others.