Home Automation Market size and Key Trends in terms of volume and value 2015-2025
Home automation provides high end solutions and uses advanced digital technology to automate our products and systems. Home automation provides better efficiency and better performance in automating the home or our household activities to centralized control the system. Consumers want to customized, they want professionally installed systems, which is at their convenience and easy to use. They want to save time, prefer energy efficient or saving products. In India, Honeywell and Tata Power Delhi Distribution announced their Automated Demand Response (ADR) project for industrial and commercial facilities. With the help of Honeywell technology, Tata Power Delhi distribution will link more than 160 buildings in its distribution network. It would include power management during periods of peak consumption.
Recently, SwannOne is launched by Swann security that allows users to control their security cameras, lights, AC’s, locks through SwannOne app. It is a multi-faceted home automation system. This app is also compatible with cloud storage solutions and audio analytics. Mouser Electronics is collaborating with AirCorp, TE Connectivity, and Factory Automation System to announce a new Home and Factory Automation Series. This series is a part of Empowering Innovation Together program, which would focus on that would focus on innovative automation technologies that was only seen in science fiction TV shows or movies.
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Home Automation Market: Drivers & Restraints
Increase demand of smart phone based app for home automation, increase consumer awareness about energy consuming products, technological advancement, convenience factor, rapid mobile connectivity, urbanization, and change in lifestyle are the most important driving factors, which are driving the growth of the home automation market. Since home automation provides safety, security and high advance technology advance, the demand for home automation market has increased.
Home automation products are not considered a necessity or a must buy. Their high initial installation cost is also very high, which is acting as a barrier for home automation market.
Home Automation Market: Segmentation
Home automation market is broadly classified on the basis of the following segments –
- Luxury home Automation System
- Mainstream Home Automation System
- Managed Home Automation System
- DIY(Do It Yourself Home Automation System)
- Safety and Security
- Entertainment (Audio and Video)
- Heating, Ventilation and Air conditioning
By Networking Technology:
- Wired Home Automation System
- Wireless Home Automation System
- Computing Network Home Automation System
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Home Automation Market: Overview
The home automation market has grown substantially at a healthy CAGR due to advancement in technology. With rising disposable income and increasing demand for high end products which are energy consuming, home automation market is expected to grow globally. North America will emerge as the fastest growing region in home automation market in the forecast period.
Home Automation Market: Region-wise Outlook
The home automation market is expected to register a double-digit CAGR for the forecast period. Depending on geographic regions, home automation market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. North America dominates the global home automation due to advancement in technology, consumer awareness and fast internet connectivity. North America is followed by Europe and Asia Pacific in the home automation market globally.
Home Automation Market: Key Players
Some of the key market players in home automation market are AMX, ADT Pulse, Control4 Corporation, Crestron, Vera, HomeSeer, SmartThings, Frontpoint, Savant, Siemens AG, Johnson Controls, Honeywell.
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