Home Automation Market Share Will Reach by USD 21.0 Billion in 2020
According to the report, global home automation market was valued at around USD 5.0 billion in 2014 and is expected to reach USD 21.0 billion in 2020, growing at a CAGR of around 25% between 2015 and 2020.
Deerfield Beach, FL -- (SBWire) -- 01/10/2018 --Zion Market Research has published a new report titled "Home Automation (Luxury, Mainstream, DIY (Do It Yourself) and Managed) Market by Networking Technology (Wired, Power-line, Computing Network and Wireless) for Lighting, Safety and security, HVAC, Entertainment and Other (Robotics and Heath care) Applications - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020". According to the report, global home automation market was valued at around USD 5.0 billion in 2014 and is expected to reach USD 21.0 billion in 2020, growing at a CAGR of around 25% between 2015 and 2020.
Home automation is the residential extension of building automation. Home automation is all about automation of the home and household activity. Key aspects involved in home automation include centralized control of lighting, HVAC (heating, ventilation and air conditioning), appliances, security locks of gates and doors and other systems, to provide improved convenience, comfort, energy efficiency and security. Home automation for the elderly and disabled can provide increased quality of life for persons who might otherwise depend upon someone else for their day to day activity.
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Home automation is growing in popularity among house owners owing to decreasing cost and simplicity in the functioning of home automation systems. Tablet and smartphone connectivity with home automation systems have made it very convenient for end-users to manage their household activities. This has fueled the growth of global home automation market. Moreover, home automation systems help reducing energy consumption and provided improved safety for home. Home automation systems can effectively prevent the criminal activities such as robbery, theft, etc. Additionally, enhanced internet connectivity in developed economies such as U.S. Japan, UK, Germany, France, etc. is driving demand for home automation systems. However, lack of awareness in end-users among emerging and underdeveloped nation and the high cost of home automation is expected to hamper the growth of home automation industry.
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Luxury (custom) home automation systems, mainstream home automation systems, DIY (Do It Yourself) home automation systems, managed home automation services are the key types of the home automation market. A vast variety of devices is used in access and security controls include motion sensors, intrusion detection system, bit screen, video surveillance and keypads, alarms. Smart home system's products are segmented into access and security control, recreation management, energy management, entertainment, as well as HVAC control.
Wired home automation systems, power-line home automation systems, computing network home automation systems, wireless home automation systems are the networking technologies used in home automation. Wireless system management segment dominated the home automation market in 2014. It accounted for more than 40% of the overall market in 2014. With increasing use of products enabled with wi-fi technology, demand for wireless system management is expected to go up.
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On the basis of applications home automation market can be segmented as lighting, safety, and security, HVAC (Heating, Ventilation, and Air-Conditioning), entertainment (Home audio and video), other applications like robotics, healthcare etc. Safety and security was the largest application market for home automation in 2014, which accounted for around 20% share of the total market in 2014. Increasing demand for safety and security home automation systems can be attributed to the growing need for remote home monitoring solutions. Entertainment is second largest application market for home automation systems industry.
Home automation market was dominated by North America with around 40% shares of the total market in 2014. North America is followed by Europe and the Asia Pacific. Europe is expected to witness robust growth in home automation systems market owing to strong demand from Germany, UK, and France. Global home automation market is highly competitive, with the presence of well-established global market participants. Crestron Electronics, Inc., Control4 Corporation, AMX LLC, ADT Corporation, 2GIG Technologies, Siemens AG, Johnson Controls, Honeywell International Inc., iControl Networks Inc., Vantage Controls, Schneider Electric SA are some of the key vendors in the market.
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