Spurred by Growing Awareness About Efficient Energy Use
As per the latest report by IMARC Group, titled “Home Automation System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global home automation system market size was US$ 51.9 Billion in 2018, growing at a CAGR of 7.8% during 2011-2018. Home automation systems refer to computer-dependent control systems which are installed in homes to automate, control and monitor several appliances and electrical equipment. The systems utilize a combination of hardware and software that enables control over devices around the house with the touch of a button. They include automated ventilation, heating, cooling, entertainment, lighting, power, fire, alarm and security systems. They employ sensors, actuators and control devices to detect triggers and further send data to the central controller. Installing these systems in residential premises offers various benefits such as improved security and energy savings.
Increase in safety and security concerns and growing awareness about efficient energy use are the two primary factors driving the market growth. This, coupled with stringent regulations by governments across the globe emphasizing on efficient energy consumption, has led to the widespread installation of automation systems in commercial and residential sectors. Furthermore, an expanding base of wireless technologies, automation applications based on smartphones, and increasing penetration internet connectivity are also contributing to the market growth. Apart from this, green buildings are rapidly gaining popularity as they are environmentally responsible and resource-efficient. Since they utilize home automation technologies for managing energy use, the sales of these systems are proliferating worldwide. On account of these factors, the market value is anticipated to reach US$ 84.4 Billion by 2024, expanding at a CAGR of 8.5% during 2019-2024.
– On the basis of the application, the market has been divided into lighting control, security and access control, HVAC control, entertainment and other controls. Amongst these, security and access control systems currently represent the most popular application segment.
– Based on the type, managed home automation system accounts for the majority of the total market share. Other major segments include luxury (custom), mainstream and Do-It-Yourself (DIY) systems.
– On the geographical front, the market has been segregated into North America, Europe, Asia and Rest of the World. Currently, Asia holds the dominant market share.
– The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. Some of these include Siemens AG, Honeywell International, Inc., Johnson Controls Inc., Schneider Electric SE, Legrand, Ingersoll-Rand PLC, ABB Ltd., Acuity Brands, Inc. and Samsung Electronics Co., Ltd.