DALLAS — The home automation and control market is forecast to grow at a compound annual growth rate (CAGR) of 11.36 percent between 2014 and 2020, and reach $12.81 billion by 2020, according to a new market research report published by MarketsandMarkets.
Home automation is used for centralized control of HVAC, lighting, appliances, and other systems, to provide improved convenience, comfort, energy efficiency, and security. The global home automation and control market was worth $5.77 billion in 2013 and is expected to reach $12.81 billion by 2020. Even though the concept of home automation has been in existence for a long time, the market has witnessed significant growth, mainly during the last five years. The growing awareness of wireless technologies and the various developments related to the integration of wired and wireless technologies is expected to propel the home automation and control market in future.
North America is expected to retain its position as the largest market. The revival of construction activities, especially with regard to new residential building and renovation, is expected to support the growth of the home automation market in this region. The increasing preference of consumers for convenience, connectivity, safety, and security, and the demand for energy efficient and green product solutions are expected to drive the growth of this market. Energy management and HVAC automation systems too are expected to see a similar growth phase during the forecast period. High investments in building infrastructure and the need to lower power consumption to save energy are further expected to drive the demand for home automation systems, especially in Asia-Pacific, Europe, and North America.
The major control products covered in the report include HVAC control, lighting control, and security and access control. All the major communication protocols such as KNX, DALI, and NEMA, and wired and wireless technologies such as BACnet, LonWorks, ZigBee, EnOcean, Bluetooth, Z-Wave, and Wi-Fi, are also discussed in the report.
The report profiles the major companies involved in the field of home automation and control such as Siemens, Schneider Electric, Honeywell International, United Technologies Corp., Johnson Controls, ABB, and Crestron Electronics, among others.
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Publication date: 1/5/2015