BCC Research reveals in its new report on the U.S. market for home automation systems and devices that this industry is expected to reach close to $10.3 billion in 2019, and register a compound annual growth rate (CAGR) of 8.3% during the forecast period.
BCC Research reveals in its new report on the U.S. market for home automation systems and devices that this industry is expected to reach close to $10.3 billion in 2019, and register a compound annual growth rate (CAGR) of 8.3% during the forecast period. Home theatre and audio systems have been one of the major drivers of growth in the home automation market. The entertainment function has proved to be a major avenue for market participants to penetrate a majority of homes. A growing number of U.S. homes contain top-of-the-line home entertainment centers.
Home entertainment automation systems and devices include various technologies, including remote controls; multiroom audio and video stream distribution; and ancillary technologies, such as automated lighting and window-covering control. Home automation technology has been around for many years, but it has only recently begun to enter the mainstream. The reasons for home automation’s growing popularity include developments on the demand side as well as the supply side.
Rising incomes and standards of living have combined with increased concerns regarding energy and security to escalate the attractiveness of technologies that promise to enhance the owner’s quality of life, while also making the most efficient use of energy and providing a sense of security. The drop in construction of new homes after the 2008 to 2009 financial crisis dampened the demand for home automation systems. In the longer term, many would-be homebuyers are younger, technologically savvy people with an affinity for the latest electronic devices, thus creating a favorable market environment for home automation systems.
“The declining cost and complexity of new home automation products is helping to attract new buyers,” says BCC Research analyst Andrew McWilliams. “Until a few years ago, the cost of quality home automation components was prohibitive for all except the enthusiast market, but now prices are dropping.”
The U.S. Market for Home Automation and Security Technologies provides readers with an updated understanding of the business opportunities for providers of home automation technologies over the next five years, taking into account recent economic and technical developments.