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The global home automation market size was USD 45.8 Billion in 2017, is projected to reach USD 114 Billion by the end of 2025, exhibiting a CAGR of 12.1% during the forecast period.
Home Automation is also denoted as domotics. Home automation holds significant potential in the overall smart home industry in developing countries. The market is gaining growth due to rising adoption of the internet of things mostly in the developed countries. Users prefer advance standards of living where they have access to technologically connected devices, which includes televisions, refrigerators, smartphones, and many other electronic devices.
Further, increasing disposable income and growing preference for an elegant and luxurious lifestyle in developing countries are some of the drivers expected to drive the growth of the market. Some of the key players in the market are making conscious efforts for product development by building strategic association and collaborations and developing new technically advanced products. Furthermore, the rapid adoption of cloud-based solutions in smart home appliances are acting as key drivers for the growth of the market during the forecast period.
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"Lighting to Emerge as Most Attractive Application Type"
Lighting segment accounted for a major share in terms of market revenue for the home automation market in 2017. The lighting segment in the application is the most profitable segment on account of growing need to reduce the energy consumption by integrating lighting products with technology such as using cloud and IoT based renewable sources of energy. Improved penetration of companies such as GE lightning, Philips, Advanced Lighting Technology and others in the developing nations is expected to drive the lighting segment in the forecast period. Further, rising adoption of wireless technology across the globe is anticipated to stimulate the growth of lightning segment with a notable CAGR during 2018-2025.
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"Rising Adoption of Technologies Such as IoT and AI Enables Market Exhibit Highest CAGR in North America"
North America generated a home automation market revenue of USD 16.4 Billion in 2017 and is projected to emerge as the leading region in the global market during the forecast period. Growth observed in this region is likely to be driven by increasing mergers between key players & IT companies with an aim to develop and deploy solutions based on IoT and AI in the USA. Likewise, a high deploying rate of safety and security solutions in this region is projected to augment the growth of the market. However, the overall market of North America is expected to expand at a relatively higher CAGR during 2018-2025, which is attributable to the growing numbers of smart homes in countries such as the USA and Canada.
North America Home Automation Market, 2017
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"Honeywell International Inc. to Account for maximum Market Share in Terms of Revenue, 2017"
Honeywell International Inc. emerged as the leading player with the maximum home automation market share in 2017. Honeywell used a combination of advanced control strategies and model-based advanced controls for the development of the market. Further, the company is involved in acquiring and investing in many start-ups to penetrate its products portfolio in developing countries.
Additionally, the company is focusing on deploying advanced technologies in an automated home system. For instance, the company launched a new addition to its Lyric™ Security and Home Control platform that allows users to control their home security and automation systems from their smartphones. Fortune Business Insights states that Honeywell’s latest products will aid the growth of the global market in the coming years.
The report provides qualitative and quantitative insights on the home automation industry and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by product type, applications, networking technology, and geography. By product type, the global home automation market is categorized into the luxury home automation system, mainstream home automation system, managed home automation system, and DIY (Do It Yourself Home Automation System).
Based on applications, the global market is segmented into safety and security, lighting, entertainment (Audio and Video), heating, ventilation, air conditioning, and others. Based on networking technology, the global market is segmented into wired home automation system and wireless home automation system. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. The report also provides insights on SWOT analysis of key companies, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, an analysis in relation to alternative therapies to home automation, reimbursement scenario, and key industry trends.
· Luxury Home Automation System
· Mainstream Home Automation System
· Managed Home Automation System
· DIY (Do It Yourself Home Automation System)
· Safety and Security
· Entertainment (Audio and Video)
· Heating, Ventilation and Air conditioning
By Networking Technology
· Wired Home Automation System
· Wireless Home Automation System
· North America (USA and Canada)
· Europe (U.K., Germany, France, Scandinavia and Rest of Europe)
· Asia Pacific (China, Japan, India and Rest of Asia Pacific)
· Middle East & Africa (GCC, South Africa and Rest of the Middle East & Africa)
· Latin America (Brazil, Mexico and Rest of Latin America)
As per our study, the global home automation market held a revenue of US$ 46.80 Bn in 2017 and it is anticipated to grow at a CAGR of 13.0% during the forecast period (2018 -2025). Home automation is a combined network of hardware, communication software, and electronic devices that operate by integrating various smart devices such as lighting solutions, safety devices, and others, over the Internet
In the home automation market, lightning and safety & security are the leading application segments. The introduction of smart lighting, digital door lock system has transformed the home automation industry and its capability to access remote geographies is likely to gather more interest of market players.
The home automation market is estimated to reach US$ 124.18 Bn by 2025.
Rising demands of smart sensors, switches, relays, among other smart equipment, increasing adoption rate of advanced technology such as AI and NFC and development of smart cities projects around the globe are favoring advancement in home automation market.
Key vendors in the home automation market are Crestron Electronics Inc., AMX LLC (Harman), Control4 Corporation, Honeywell International Inc., Johnson Controls Inc., Siemens AG, Savant Systems LLC. And ABB Ltd