Key Companies Operating in the global Home Automation Market are Honeywell International Inc., Crestron Electronics Inc., AMX LLC (Harman), Control4 Corporation, Johnson Controls Inc., Siemens AG, Savant Systems LLC., and ABB Ltd.
PUNE, India, May 14, 2019 /PRNewswire/ -- The global Home Automation Market will gain from rapid adoption of smart home technology. Recently Fortune Business Insights, published a report, titled "Home Automation Market Size, Share and Global Trend by Product Type (Luxury Home Automation System, Mainstream Home Automation System, Managed Home Automation System, DIY Do It Yourself Home Automation System), Application (Safety and Security, Lighting, Entertainment (Audio and Video), Heating, Ventilation and Air conditioning), Networking Technology (Wired Home Automation System, Wireless Home Automation System) and Geography Forecast till 2025." As per the report, in 2017 the global Home Automation Market was worth US$ 45.8 Bn. The global market is anticipated to expand at a CAGR of 12.1% and reach US$ 114 Bn by the end of 2025. In terms of application, the lighting segment held the highest market share in 2017. The segment accounted for 25% of the global home automation market. The segment is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is attributable to the increasing need for reducing the energy consumption. This is likely to propel the demand in the global home automation market.
"Integration of lighting products with IoT based renewable sources of energy and cloud-based technology is expected to reduce the energy consumption. This in response would also generate demand for home automation product and services," said a lead analyst at Fortune Business insights.
Increasing Adoption of Wireless Technology to Fuel Demand in Global Market
Increasing internet penetration and rising willingness for luxurious lifestyle are major factors anticipated to drive the global Home Automation Market during the forecast period 2018-2025. Moreover, increasing purchasing power and adoption of wireless technology is expected to increase the demand in the global home automation market.
Integration of the Internet of Things in home automation products, besides the Artificial Intelligence is also projected to boost the global home automation market.
However, high cost associated with home automation products and services and high data prices are a few factors that may restrain the global Home Automation Market during the forecast period.
North America to Retain Dominance Through Forecast Period
North America emerged dominant in the global Home Automation Market in 2017. The market in North America was valued at US5 16.4 Bn in 2017. It is expected to remain the leading region through the forecast period. The growth witnessed is attributable to the increasing number of mergers and partnerships taking place in the region. Additionally, high adoption of Internet of Thing in nations such as the U.S. and Canada is likely to increase the growth rate in the global home automation market. North America is also expected to expand at a relatively high CAGR in response to the increasing number of smart homes in nations such as Canada and U.S.
Honeywell Emerges Dominant in Global Market with its Advanced Control Strategies
Honeywell International Inc., emerged dominant in the global Home Automation Market in 2017. The growth witnessed is due to advanced control strategies adopted by the organization. Honeywell is also known for investing and acquiring start-ups to offers its products in various nations.
"Rapid adoption of online payment services among retailers, financial service providers, e-commerce platforms, and others is expected to increase the demand for Internet services. This is anticipated to positively impact the demand for mobile virtual network services," said a lead analyst at Fortune Business Insights.
Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.