The home automation market is expected to grow at the highest rate during the forecast period, owing to increase in energy costs, rise in awareness for efficient energy usage among consumers, and technological advancements. Furthermore, continuous economic development in countries, such as India, China, and Australia, is expected to provide numerous growth opportunities to the market
Portland, OR -- (SBWIRE) -- 09/08/2017 -- Allied Market Research recently published a report on the global home automation market. The report provides an in-depth analysis of the current market trends and also predicts the development of the market in the forecast period 2017–2023. The market is expected to garner $81,645 million by 2023. The market, valued at $39,607 million in 2016, will exhibit a compound annual growth rate of 11.2% during 2017-2023. The information presented in the report is a result of the primary and secondary research carried out by expert analysts. The data acquired using analyst tools and models are included to give a deeper understanding of the market. Important statistics, figures, and tables in the report add credibility to the information provided.
Increasing demands for smart and intelligent systems and the rapid growth of the construction industry have led to the widespread implementation of home automation systems. The adoption of home automation systems help the users in reducing their electricity expenditure by regulating and moderating their electricity usage. The top impacting factors, key winning strategies, and the top investment pockets give the stakeholders a chance to increase their revenue by investing in the most lucrative options available. The influence of the buyers, suppliers, new entrants, substitute products, and the rivalry among the competitors of the market is analyzed using Porter's Five Forces Model.
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The high demand for energy is leading to an increase in the cost and depletion of energy sources. The global home automation market provides energy-efficient and automized solutions, thus solving a major global concern. The increasing emissions of CO2, which have adverse effects on the environment as a whole, has prompted the governments worldwide to take strict actions against the usage of energy sources. Stern rules and regulations imposed on the energy usage and levels of emission have led to the growth of the global smart home automation market. The technological advancements in home automation systems such as intelligent lighting controls, high-end security systems for residential and commercial spaces, and smart HVAC systems have fueled the growth of the home automation market. In spite of the factors leading to the rapid growth, the global home automation market faces a few hurdles such as the high initial investment required and also the lack of awareness in a wide fraction of the consumer base.
The report classifies the global market on the basis of the application, technology, type, and the presence of the products in regions spanning across North America, Europe, Asia-Pacific, and LAMEA. The systems find varied applications in the sectors of lighting, safety and security, HVAC, entertainment, and others. The safety and security segment dominated the market in 2016 and is expected to grow at a compound annual growth rate of 11.8% during the forecast period. Home automation systems are available as wired or unwired systems. The wireless technology accounted for the major share of the market by amassing about 53% in 2016. The types of home automation systems include luxury, DIY, managed, and mainstream home automation.
The market is dominated by the big brands including Crestron Electronics Inc., AMX LLC (Harman), Control4 Corporation, Honeywell International Inc., Johnson Controls Inc., Siemens AG, Zigbee Alliance, Vantage Controls (Legrand), Savant Systems LLC., and ABB.
Key Points to be considered
- The report presents a detailed analysis of the approximate revenues generated by home automation systems in different business verticals as well as major geographical regions.
- Information regarding the key drivers, restraints, opportunities and their impact analysis gives a deeper understanding of the global home automation market.
- The report profiled the key players and the winning strategies adopted by them, which enables new entrants and potential investor to take informed decisions.
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