Home Automation Market Promising Growth Opportunities & Forecast 2017-2025April 9, 2021
Global Home Automation Market: Snapshot
Smart home automation products have gained immense popularity among households in a number of developing and developed nations. These computer-based systems are equipped with variety of capabilities that help household owners perform a diverse range of automation tasks, with higher energy efficiency. With the help of internet, these can control vital home functions remotely from anywhere in the world. Some of the common functions performed by home automation devices are automated heating and air conditioning, the operation of water sprinkling, security systems and alarms, ventilation and lighting of buildings, and controlling window coverings, kitchen appliances, and entertainment devices.
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In most cases, home automation devices are powered by renewable sources of energy to conserve energy. Or, they can be operated manually. A typical home automation system consists of computers and peripherals, interconnecting cables and wireless links, reliable net connection, and emergency backup. The proliferation of connected devices at homes and the constant advances made in the IoT networks are prominent trends bolstering the adoption of home automation systems. In addition, recent advancements made in the communication technologies, including sensors, is positively contributing to the growth of the market.
The rising popularity of wireless home automation systems also bode well for the market. Advancements in wireless technologies such as infrared, Zigbee, and Wi-Fi are further expected to unlock exciting opportunities for market players in major regions. The advent of feature-rich products with long-term benefits is a key factor accentuating the growth of the market. The high installation cost may dissuade many homes to adopt smart home automation systems. Nevertheless, the launch of inexpensive technologies and the vast energy savings in the long terms are crucial factors likely to open attractive prospects in years to come.
Global Home Automation Market: Overview
Home automation system refers to a computer-based system that monitors and controls ventilation, fire systems, security systems, and lighting within a building. A home building automation system includes hardware and software, configured to work in tandem under the set protocols. With these systems, centralization of lighting, HVAC, security, and entertainment is enabled via integration of electrical devices.
Although most of the home automation devices are powered by electricity, they can be manually overridden whenever required, and owing to advancements in device communication standardization, devices with distinct aspects that are made by different companies can connect and function together. The basic principal of home automation system is to conserve the usage of energy as much as possible and utilize renewable resources whenever possible. With rapid urbanization across the world and increasing security issues, the demand in the global home automation market is expected to escalate at a healthy rate during the forecast period of 2017 to 2024.
Global Home Automation Market: Key Trends
The increasing need to increase the efficiency of various domestic application is the primary factor that is prompting the adoption of home automation systems across the developed and emerging economies. Several functionalities of home automation depends on internet connectivity, which has improved multifold in the recent past and thereby positively reflecting on the global home automation market. Proliferation of smartphones across the world is another factor that is augmenting the demand for home automation, as consumers can now track security on the real time and improve comfort levels. Conversely, high initial cost for the installation of these home automation systems is the most prominent hindrance for the market from reaching its full potential.
Application-wise, the global home automation market can be segmented into lighting, safety and security, entertainment, and heating, ventilation, and air conditioning (HVAC). Out of these, safety and security segment serves most of the demand, although HVAC segment is also expected to surge rapidly during the forecast period owning to growing awareness to conserve energy. By technology, the market can be bifurcated into wired, power-line, computing network, and wireless. Wireless segment, which can be further sub-segmented into Wi-Fi, Z-wave, Zigbee, and KNX, currently is the most profitable.
Global Home Automation Market: Market Potential
Continuous technological advancements in the field is leading to devices that are smarter as well as efficient as far as energy conservation is concerned. Though the bargaining power of the suppliers is decreasing as several smaller vendors are offering substitutes, the demand for advanced products with long-term benefits are expected consistently open new opportunities for the players.
Global Home Automation Market: Regional Outlook
Region-wise, the market can be divided into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa, and rest of the world. Currently, technologically advanced countries such as the U.S. and Canada, with high acceptance rate of luxury service, make North America the most lucrative region for the market for home automation. Europe market is expanding at a sluggish rate, while Asia Pacific is projected to show the most prominent growth rate during the forecast period.
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Global Home Automation Market: Competitive Analysis
Some of the leading companies in the global home automation market are 2GIG Technologies, Honeywell International Inc., Schneider Electric SA, Control4 Corporation, Crestron Electronics, Inc., iControl Networks Inc., Vantage Controls, ADT Corporation, AMX LLC, Siemens AG, and Johnson Controls. In this fragmented competitive landscape, the players in the market are focusing on strategic alliances and research and development of innovative products in order to expand their shares.
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