ALBANY, New York, July 10, 2019 /PRNewswire/ -- Transparency Market Research have recently published a report on global home automation market that gives out meaningful insights about the overall market dynamics. As per the TMR report, the home automation market is likely to show a CAGR of 6.8% over the course of the given forecast period of 2018 to 2026. With such an encouraging growth rate, the market is expected to reach a valuation worth US$116.26 bn by 2026. This growth in valuation is considerably more than the initially reported valuation of US$64.67 bn back in 2017.
Some of the key players in the global home automation market include names such as Honeywell International Inc., ABB Ltd., United Technologies Corporation, Crestron Electronics Inc., and Johnson Controls Inc. among others. Due to the presence of a number of companies in this space, the market showcases a fragmented competitive landscape. The companies across the market are adopting aggressive marketing strategies such as mergers, takeovers, and partnerships to enhance their business portfolio. Additionally, the companies are investing heavily in the research and development activities to bring down the cost of home automation and add more value to their products that will give them a competitive edge over their rivals.
One such recent development in the home automation market is the announcement of a new series of smart wiring devices by Honeywell. They have introduced these smart wiring devices especially for the Indian market. These devices can be easily installed, used, and maintained. The aim of the company behind the launch of the new product line is to offer more convenience to the end users by swiftly managing their electrical devices at home or office and uplift the experience of smart living.
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Factors Responsible for Growth of Global Home Automation Market
- Growth of IoT Technology: The world has experienced a significant rise in the use of technology across all sectors of life, be it commercial or residential. One such significant growth is the increasing adoption of IoT technology. Users are increasingly using IoT applications to experience smart living and simple automations at their homes. This trend is primarily observed more in the established economies and has played a major role in the growth of the global home automation market.
- Energy Efficiency: One of the most important factors for increasing adoption of any electronic device or system is the ability to provide energy efficiency. With the technological advancements coupled with awareness about benefits of saving the energy, contemporary home automation systems have become highly energy efficient. This has helped to boost the market growth in the recent years.
- Changing Lifestyles: People across the globe are experiencing several changes in their lifestyle. Rise in disposable income, growing preference to high and technologically advanced living standards are driving people to adopt more and more smart devices. People are increasingly buying smart TVs, phones, lighting solutions, and refrigerators among others to uplift their standard of living. Such high adoption of smart devices is consequently driving the growth of the global home automation market.
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Factors that May Hamper the Market Growth
- Matured Market: Some of the home automation devices have achieved maturity in the markets of developed countries. This is expected to reduce the sale of such products and thus slow down the growth of the home automation market in these regions.
- Longer Payback time: Currently, the installation cost of home automation systems is on the higher side. It increases the payback time and is thus, restricting the adoption of the systems across the masses. This is expected to hamper the growth of the market in coming years.
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However, drop in the component prices is expected to ultimately reduce the payback time and boost the growth of the home automation market.
This review is based on the research report published by Transparency Market Research titled, "Home automation (Application Type - Safety and Security, Access Control, Lighting System, Entertainment System, Heating Ventilation and Air Conditioning (HVAC), and Other Controls; Technology Type - Wired and Wireless; Channel Type- Luxury, Mainstream, DIY, and Managed; Geography Type- North America, Europe, Asia Pacific, Central and South America, and Rest of the World(ROW); ) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026."
The global home automation market is segmented as follows:
- Safety and Security
- Video Surveillance
- Security Cameras
- Access Control
- Biometric Access Control
- Facial Recognition
- Iris Recognition
- Fingerprint Recognition
- Non Biometric Access Control
- Lighting System
- Drivers & Ballasts
- Others (Accessories)
- Entertainment System
- Home Theater System
- Audio Video Control Systems
- Heating Ventilation and Air Conditioning (HVAC)
- Sensors and Transducers
- Control Valve
- Energy Meter
- Other Controls
- Smart Locks
- Smoke Detector
- Smart Plugs
- Power Line Communication (PLC)
- Fiber Optics
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