Home Automation Market: Drivers, Restraint & Future Growth
According to a new market report on the home automation market, published by Transparency Market Research, the global home automation market is expected to reach US$ 116.26 Bn by 2026, expanding at a CAGR of 6.8% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at a CAGR of above 7% through 2026. Safety and security application of home automation are anticipated to significantly drive the global home automation market across Asia Pacific and Central and South America.
The global home automation market is broadly segmented by application, technology, and channel. Based on application, the market is segmented into safety and security system, lighting system, entertainment system, heating ventilation and air conditioning, and other controls. Safety and security system applications are further bifurcated into video surveillance, and access control. Video surveillance is divided into hardware, software, and services, wherein Hardware is further bifurcated into security cameras, monitors and others.
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Access Control applications are bifurcated into biometric access control, and non-biometric access control. Biometric Access Control is classified into facial recognition, iris recognition, fingerprint recognition, and others. Furthermore, lighting system applications is bifurcated into drivers & ballasts, relay, sensors, dimmers, switches, and others. The Entertainment System is further segmented into home theater systems, audio video control systems, and others. The Heating Ventilation and Air Conditioning application is divided into actuators, sensors and transducers, control valve, thermostats, energy meter, and others. Furthermore, the other controls applications is bifurcated into smart locks, smoke detectors, and smart plugs. By technology, the market has been classified into wired and wireless. The wired technology is further divided into power line communication (PLC), Ethernet, and fiber optics, and wireless technology is further classified into ZigBee, Wi-Fi, Bluetooth, and Others. Based on channel, the home automation market is further classified into luxury, mainstream, DIY (Do It Yourself), and managed.
According to the research study, the safety and security application of the market is analyzed to grow at a prominent growth rate during the forecast period. The heating, ventilation, and air condition application held the maximum market share and is anticipated to witness a CAGR of above 6% through 2026 and remain dominant over the forecast period. Lighting system application is considered to be one of the most lucrative market segments owing to increasing focus on reducing energy consumption through integration of lighting products with cloud and renewable energy sources. The home automation market is undergoing a technological shift so as to cope with energy wastage and greenhouse emissions caused by improper handling and utilization of resources in the residential marketplace. Furthermore, with introduction of Internet-of-Things, majority of consumers are focusing on equipping their homes with smart technologies, to be tech-savvy or tech-enabled, particularly in the developed countries.
Based on technology, the wireless segment of the market dominated the home automation market in 2017 and is anticipated to continue its dominance throughout the forecast period. The primary reasons analyzed to support the wireless technologies is rising demand from consumers for products and services enabled with mobility, connectivity, and seamless operability within and outside homes. Moreover, with the introduction of Smart Home technology, wireless products and services are anticipated to be the preferred ones throughout the forecast period.
Based on channel, the luxury segment dominated the market in 2017 and is anticipated to expand at a decent rate during the forecast period due to prominent installed base in developed economies and increasing penetration in developing economies. Moreover, the mainstream channel of home automation products and services delivery is anticipated to be the rapidly growing market during the forecast period. Furthermore, the DIY segment is anticipated to fuel market growth, particularly in the developed economies through 2026.
Europe held the largest market revenue and volume share of the home automation market in 2017, owing to increasing focus on sustainability, and improvement of homes by equipping them with advanced technologies. However, the market in Asia Pacific is anticipated to grow at a remarkable CAGR of 7.3% during the forecast period. Rising need for home safety and increasing penetration in the luxury segment are anticipated to be the driving wheels of the home automation market across Asia Pacific. Analyzing the Asia Pacific home automation market at the country level, in 2017, China held major revenue as well as volume share of the Asia Pacific home automation market followed by Japan and India. However, in terms of growth rate, India is anticipated to expand at a healthy and significant CAGR over the forecast period.
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Global Home Automation Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global home automation market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Parameters such as home automation investment & spending and developments by major players of the market are tracked. Some of the key players in the home automation market are Honeywell International Inc., ABB Ltd., Johnson Controls, Inc., Crestron Electronics, Inc., United Technologies Corporation, Control4 Corporation, Schneider Electric SE, Siemens AG, Lutron Electronics Co., Inc, Ingersoll-Rand plc, Legrand SA, Savant Systems LLC, ADT LLC, Google Inc., Amazon Inc., AMX LLC, 2GIG Technologies, and SmartThings Inc.
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