Home Automation Market to Escalate at Strong 26% CAGR by 2020, Sophisticated Technologies and Security Needs Drive Market
Albany, NY -- (SBWIRE) -- 08/18/2015 -- Home automation, in present times, consists of digital technology that automates processes to provide better performance and efficiency in homes across the world. Home automation includes all systems – integrated and solely run, and manual and electrically operated – to run systems such as dimming or turning on lights, managing entrance gates and cameras, or operation of smart appliances, and so on. Home automation systems are evolving continuously due to technology innovations in several developing nations all over the world.
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Internet Connectivity and Penetration Emerges as Major Market Driver
The home automation market is expected to expand at a robust CAGR of 26% from 2014 to 2020. The intensifying need for efficient solutions in domestic safety and security systems, lighting, entertainment (video and audio), energy management, and HVAC systems (heating, ventilation, and air-conditioning) are the prime factors that drive the home automation market. Increased internet penetration and connectivity are also among the contributing factors for bolstering the home automation market, globally.
Furthermore, the growth of smart cities and futuristic homes in the Middle East and Asia Pacific is impacting growth of the global home automation market positively. Other factors driving the market for home automation systems are emerging awareness of energy conservation and managing energy use through automation technologies. Smartphone apps are increasingly being used for home automation and this factor is among the major growth drivers for the home automation market.
Safety and Security Application Leads Demand from Home Automation Market
Escalated demand for automated safety and security systems has promoted the growth of this application-based segment of the home automation market. Rising need for prevention of theft has led to this segment having a leading market share valued at US$1.51 billion in 2014 and is expected to continue its expansion during the coming years. The entertainment (audio and video) segment held a 24.7% share of the overall home automation market in 2014.
In the networking technology segmentation of the home automation market, wireless systems accounted for over 50% of the overall market, due to the increased demand for Wi-Fi-enabled technology home automation systems worldwide. The ubiquity and convenience of Wi-Fi systems is responsible for this. The power-line home automation networking technology segment is anticipated to attain substantial growth as the second fastest growing segment, growing at a strong CAGR of 24.4% over the next few years.
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North America Market Dominant Due to Consumer Awareness
Among the geographical segments of the global home automation market, North America had the dominant position with a 40% share of the home automation market in 2014, and is expected to continue as the leader till 2020. Technological advances, consumer awareness and preference for new innovations are among the factors that are influencing the growth of the home automation market positively in Asia Pacific, Europe, and North America.
The key players in the home automation market are Crestron Electronics, Inc., 2GIG Technologies Control4 Corporation, Siemens AG, AMX LLC, ADT Corporation, Johnson Controls, Crestron Electronics, Inc., Honeywell International Inc., Schneider Electric SA.,Vantage Controls, and iControl Networks Inc.
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