ALBANY, N.Y. — The global home automation market was valued at $4.41 billion in 2014, and is forecast to grow at a compound annual growth rate (CAGR) of 26.3 percent from 2014 to 2020, reaching $21.6 billion by 2020, according to a report by Transparency Market Research.
Home automation refers to all such systems, whether used as a single application or as integrated solutions. It’s used for such functions as controlling the HVAC system, dimming lights, locking and unlocking doors, managing security cameras, operating smart appliances in a house, etc. With technological advancements, home automation solutions are evolving continuously. Modern home automation solutions utilize high-end digital technology to provide better performance and efficiency.
A key driver for the global home automation market is the desire for higher-performing solutions in the areas of safety and security, energy, lighting, entertainment, and HVAC. This market is also being supported by growing Internet penetration. The safety and security segment has been earning the highest revenue so far in the global home automation market. In the coming few years, the energy-conscious population, who are seeking better energy management solutions, are expected to opt for automated applications. Additionally, increasing usage of smartphones, tablets, and other handheld devices is also adding to the convenience of implementing home automation.
The market research report states that North America leads the global home automation market and is likely to remain in this position through 2020. Adoption of new technologies and consumer awareness will be the two most important factors driving the home automation market in North America. This segment will be followed by Asia Pacific and Europe as they will together account for 40 percent of the total home automation market.
Some of the key players studied in the global home automation report are Honeywell International, 2GIG Technologies, iControl Networks, Crestron Electronics, ADT Corp., AMX LLC, Control4 Corp., Siemens, Johnson Controls, Vantage Controls, and Schneider Electric.
More information on the report is available here.
Publication date: 11/2/2015