Study Shows HVACR Market Growth
Home Automation, Control Market to Grow at CAGR of 11.36 percent from 2014-2020
DALLAS — According to a new market research report published by MarketsandMarkets, the home automation and control market is expected to grow at a CAGR of 11.36 percent between 2014 and 2020.
Home automation plays a vital role in automating the home, housework, and household activities. It mainly includes automation for centralized control of lighting, HVAC, 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 a profound growth, mainly during the last five years. The growing awareness about 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 forward.
North America is expected to retain its position as the largest market. The revival of construction activities, especially with regard to new residential buildings and renovations, 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 demand for energy-efficient and green product solutions — are expected to drive market growth. Energy management and HVAC automation systems are also 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 and security systems, especially in Asia-Pacific, Europe, and North America.
The report presents detailed segmentation of the building automation and controls market by product, application, and geography, which covers all the major controls and technologies used in building automation.
The prime objectives of the research study were to analyze the market trends for each of the product types, estimate the growth rates of all the various controls, and compare them with other controls.
Apart from the market segmentation, the report also covers the various protocols and standards used — both wired and wireless.
Publication date: 1/12/2015