IMARC Group’s latest report, titled “Global Home Automation System Market Report and Forecast (2018-2023)”, finds that the global home automation system market reached a value of US$ 48.1 Billion in 2017, growing at a CAGR of nearly 8% during 2010-2017. Throughout the history, humans have been continuously struggling to make their lives easier and comfortable. Technological advancements have finally provided homeowners with a fully automated solution which enables them to control, monitor and automate various appliances and systems around the house with the touch of a button. Home automation systems offer numerous benefits such as energy efficiency, high security, increase in the comfort level of the end-user and a centralized management facility.
Highlights of the Global Home Automation System Market:
- Increasing focus on green building projects and aspirational lifestyles remain the primary growth driving factors.
- On the basis of application, Security & Access Control Systems account for the majority of the market share.
- North America holds the majority of the global share, representing the largest market.
Two of the major factors for the growing popularity of home automation systems is the fact that they help in the reduction of CO2 emissions. In addition, governments across the globe have also imposed several stringent regulations to counter environmental issues, thereby, encouraging house owners, building owners and facility managers to install automation and control systems. Moreover, aspirational lifestyles and a drive to achieve a high standard of living are further influencing the consumers to invest in sophisticated technologies. Some of the other driving factors include growing disposable incomes, urbanization and industrialization rates, internet penetration and an increasing focus on green building projects. According to the report, the market is further expected to reach a value of more than US$ 78.5 Billion by 2023.
The market has been segmented on the basis of application. Security & Access Control Systems currently represent the dominating segment accounting for nearly a half of the total global market. Based on type, Managed Home Automation Systems account for around two-third of the overall market. Region-wise, North America is the largest contributor to the global home automation system market, accounting for more than a half of the total global share. The other major markets include Europe and Asia. Some of the key players operating in the market are Siemens AG, Honeywell International, Inc., Johnson Controls Inc., Schneider Electric SE and Legrand.
The report has examined the global home automation system market on the basis of:
- Security & access control systems
- Entertainment & other control systems
- HVAC control systems
- Lighting Control systems
- Managed services
- Do It Yourself
- North America
- Rest of world
- Siemens AG
- Honeywell International, Inc.
- Johnson Controls Inc.
- Schneider Electric SE
- Ingersoll-Rand PLC
- ABB Ltd.
- Samsung Electronics Co., Ltd.
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