“Home Automation System market likely to exhibit significant growth potential between 2017 and 2022”
The home automation system market is expected to be valued at USD 79.57 billion by 2022, growing at a CAGR of 11.3% between 2017 and 2022. The key driving factors for the growth of the home automation system market are the growth in IoT, cost reduction measures, large number of manufacturers widening their product portfolios, and increasing importance of remote home monitoring. However, since many products are reaching maturity level and home automation system market is more of a convenience-driven market than necessity-driven, the growth of this industry might be limited to some extent.
“Market for lighting control expected to grow at the highest rate during the forecast period”
The market for lighting control is expected to grow at a high rate because it reduces the electricity consumption in homes as sensors adjust the intensity of artificial light according to the intensity of natural light. Lighting control provides flexibility with respect to the lighting operation, which improves the ambiance, interior decoration, and productivity.
“Proactive segment expected to hold the largest share of the home automation system market for software & algorithm during the forecast period”
The proactive segment is expected to hold the largest size of the home automation system market during the forecast period. Proactive solutions are specifically designed to enable consumers to understand energy patterns and take effective measures to reduce their consumption. Proactive solutions are more beneficial as they can also send recommendation signals to end users for taking necessary energy reduction actions and can then control the electronic devices based on the users’ actions.
“APAC expected to be the fastest-growing market during the forecast period”
The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the presence of a significant number of new residential projects and strengthening of the building infrastructure. The presence of a huge end-user base in advanced economies such as Japan and South Korea and the growing demand for energy management systems are further expected to drive the home automation system market in this region.
Breakdown of the profiles of primary participants for the report:
- By Company Type: Tier 1 = 45%, Tier 2 = 35%, and Tier 3 = 20%
- By Designation: C-Level Executives = 50%, Managers = 30%, and Others = 20%
- By Region: North America = 60%, Europe = 20%, APAC = 15%, and RoW = 5%
The key players in the home automation system market include Honeywell International, Inc., Legrand, Ingersoll-Rand PLC, Schneider Electric SE, and ABB Ltd., Control4 Corporation, Crestron Electronics, Inc., Johnson Controls, Inc., and Siemens AG.
The research report on the global home automation system market covers segments such as network and technology, product, software & algorithm, and region. The market is studied on the basis of network technology, protocol and standards, and wireless technology. On the basis of product, the market is subsegmented into lighting control, security & access control, HVAC control, and entertainment control & others. Based on software & algorithm, the market has been segmented into behavioral and proactive software algorithms. The report covers four major regions: North America, Europe, Asia Pacific, and Rest of the World (RoW).
Key Benefits of Buying the Report:
- The report includes the illustrative segmentation, analysis, and forecast for the market based on network and technology, product, software & algorithm, and region.
- The Porter’s five forces framework has been utilized, along with the value chain analysis, to provide an in-depth insight into the home automation system market.
- The major drivers, restraints, opportunities, and challenges for the home automation system market have been detailed in this report.
- The detailed competitive landscape includes key players, in-depth analysis, and market share of the key players.