Global Industry Analysts, Inc. (GIA) announces the release of a comprehensive global report on Home Automation markets. Global market for Home Automation is projected to exceed US$13 billion by 2020, driven by the growing trend towards energy efficient, safe, luxurious and convenient homes.
Home automation is defined as the process of automating the entire home environment by means of a combined in-built monitoring system. Capable of controlling electronic, electrical and security appliances from a single interface, home automation solutions are increasingly growing in prominence among homeowners across the world. Connectivity, over the years, has emerged as a high-end novelty across a wide range of home devices including security cameras, utility meters, and thermostats, among others. In the coming years, connectivity is poised to balloon into a more pervasive trend to the extent of being an embedded standard in virtually every household device and equipment. Smart homes of the future will feature over 20-30 connected sensors and devices linked via a home area network to the Internet as well as the service provider’s back-end systems.
Increasing preference for safety and security, growing awareness about energy efficiency, rising penchant for remote monitoring of houses and buildings, resurgence in the construction industry, remodeling of residential buildings, rapid urbanization trends and growing trend towards a more luxurious and convenient lifestyle, are factors driving demand for home automation solutions. Wider availability of mainstream systems based on packaged components and standardized technologies is driving the adoption of both professionally installed and do it yourself (DIY) home automation systems. Growth in the market is also driven by declining complexity and costs of home automation products. Growing popularity of managed home automation services offered by broadband and telecom service providers is also benefitting market expansion.
Rapid proliferation of gadgets and smartphones coupled with technological advancements are also promoting the adoption of home automation products that are capable of operating at the push-of-a button. Advanced home automation systems are available with enhanced and never-before features that make them apt for a wide range of applications including temperature control and lighting control, among others. Additionally, advent of high speed Internet broadband, Wi-Fi and Bluetooth has widened the use of these systems. Wireless networking platforms and DIY home automation solutions are gaining widespread acceptance at the expense of fixed-wire and power-line home automation systems. Increasing demand for enhanced and round-the-clock connectivity is also paving the way for Pay TV and ISP Gateway technologies, which are expected to further propel demand for home automation products in the medium to long term.
As stated by the new market research report on Home Automation, the United States represents the largest market worldwide, followed by Europe. Asia-Pacific ranks as the fastest growing market with a CAGR of 29.5% over the analysis period. Growing employment opportunities, steady economic development, easy availability of housing finance, strong residential construction activity, increasing urbanization, rising standards of living, and increase in consumer spending for lifestyle products, represent key factors driving growth in the region.
Key players covered in the report include ABB Ltd., Abilia AB, AMX LLC, Control4, Crestron Electronics Inc., Embedded Automation Inc., Emerson Climate Technologies Inc., Ener-G Controls Ltd., Haier Group, Home Seer Technologies LLC, Honeywell International Inc., Leviton Manufacturing Co., Lightolier Controls, Lowe’s Companies Inc., Lutron Electronics Inc., Monster Cable Products Inc., Revolv, Inc., Savant Systems LLC, Schneider Electric Ltd., Clipsal Australia Pty Ltd., Siemens AG, SmartThings, Smarthome Inc., Teletask, Vantage Controls Inc., Vera Control Ltd., VITY Technology, and Vivint Inc., among others.
The research report titled “Home Automation: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World.