SecurityWorldMarket

13/06/2019

Growing environmental concerns drive home automation market

Northbrook, Il (USA)

The Home automation market is expected to grow from USD 39.93 billion in 2016 to USD 79.57 billion by 2022, at a CAGR of 11.3% during the forecast period. This is according to the latest reports from research company, Marketsandmarkets.

Home automation refers to the automation and security of home and household activities and enables power savings whilst also helps in enhancing the standards of living.

Within the report the home automation systems have been divided on the basis of protocol & technology into network technology, protocol & standards, and wireless technology. The home automation system market can be segmented on the basis of product into lighting control, security and access control, HVAC control, entertainment control products, and others.

Analysts say that it is the lighting control market that is expected to grow at the highest CAGR during the forecast period, because it reduces the electricity consumption in homes as the sensors adjust the intensity of artificial light according to the intensity of natural light. Moreover, growing environmental concerns have helped spread awareness regarding the importance of home automation and home energy management measures. As a result of this scenario, lighting controllers now play a vital role in reducing the electricity consumption within the household, along with offering comfort to the users.

Proactive solutions are specifically designed to enable consumers to understand energy patterns and take effective measures to reduce their consumption and this area is predicted to grow at the highest rate in terms of software and algorithm type. Some of the advanced algorithms can also ask the end user to send the feedback across regarding whether the recommendations sent by the proactive solutions were true and useful. This enables the user and service companies to test the functionality and reliability of the home automation systems.

North America held the largest share of the global home automation system market in 2016. Factors such as the increasing demand for reliable home energy management systems, enhanced home security levels, and the growing popularity of integration of smart devices such as tablets and smartphones in home automation solutions are driving the growth of the market in this region according to the research. Furthermore, this region is also home to some of the key players in the global home automation market, such as Acuity, ADT, Control4, Crestron, Cisco, Honeywell, United Technologies Corporation, and Johnson Controls.

On a global basis major players involved in the market and cited in the research include Legrand, Ingersoll-Rand, Schneider Electric, Honeywell, ABB, Control4, Crestron, Johnson Controls, and Siemens.


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