Home Automation System Market Projected to reach 79.57 Billion USD by 2022
Added: (Mon Feb 04 2019)
Pressbox (Press Release) -
According to the new market research report "Home Automation System Market by Protocol and Technology (Network and Wireless), Product (Lighting, Security and Access Control, HVAC and Entertainment Control), Software and Algorithm (Behavioral and Proactive), and Geography - Global Forecast to 2022", the home automation system market was valued at USD 39.93 Billion in 2016 and is expected to reach USD 79.57 Billion by 2022, at a CAGR of 11.3% during the forecast period.
The home automation system market is driven by factors such as the significantly growing IoT market, cost reduction measures enabled by home automation systems, presence of a large number of manufacturers expanding their product portfolios, and the increasing importance of home monitoring from remote locations.
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“Entertainment control expected to be the largest market during the forecast period”
The entertainment control market is anticipated to hold the largest share among different products in the home automation system market. The growth of the audio, volume, & multimedia room controls is driven by the convenience offered by these controls for managing and controlling the entertainment systems in a house. Lighting control is expected to be the second-largest market for home automation systems during the forecast period. Lighting accounts for one of the largest electrical loads in homes. Hence, lighting controllers play a vital role in reducing the electricity consumption within the household, along with offering comfort to the users.
“Market for proactive segment to grow at the highest rate between 2017 and 2022”
The market for the proactive software and algorithm segment is expected to grow at a high rate in the forecast period due to their ability to perform a comparative analysis of the energy usage patterns based on the time of day, historical data, and weather conditions.
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“North America expected to dominate the home automation system market between 2017 and 2022”
North America is home to some of the prominent companies in the global home automation system market including Honeywell International Inc. (U.S.), Acuity Brands, Inc. (U.S.), Johnson Controls Inc. (U.S.), United Technologies Corporation (U.S.), Acuity Brands (U.S.), and Crestron Electronics, Inc. (U.S.). This is the major reason for its dominance in the home automation system market. The demand for domestic energy management systems and the growing trend of green homes have contributed significantly toward the growth of this market. The number of smart homes in North America, especially the U.S., is much higher than that in any other region in the world. This market is expected to grow at a steady pace during the forecast period. Major players involved in the home automation system market include Legrand, Ingersoll-Rand PLC, Schneider Electric SE, and Honeywell International, Inc., ABB Ltd., Control4 Corporation, Crestron Electronics, Inc., Johnson Controls, Inc., and Siemens AG.