Press Release / Home Automation Market
Home Automation Market to Register Impressive CAGR of 12.3% during 2021-2028; Increasing Adoption of Smart Home Applications to Nurture Growth
January 19, 2022 | Information & TechnologyThe global home automation market size was USD 64.58 billion in 2020. The market is projected to grow from USD 72.30 billion in 2021 to USD 163.24 billion in 2028 at a CAGR of 12.3% in the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Home Automation Market Size, Share and COVID-19 Impact Analysis, By Component (Product and Services), By Network Technology (Wired, Wireless and Power Line-Based), and Regional Forecast, 2021-2028.”
COVID-19 Impacts:
Lockdown Constraints to Shove Automation System Demand Amid COVID-19
Provisional conclusion of manufacturing units and later inadequate incidence of staff obstructed the production quantity across businesses. During the primary months of 2020, the home automation equipment and products observed a considerable deterioration in their production pooled with an unsteady supply chain. This has undesirably impacted the growth and annual growth experienced a drop during the year 2020.
Lutron Involves Repeater and Motion Sensor to Caséta Smart Lighting System
Lutron has presented two novel devices to its Caséta Smart Lighting Control System, which is a motion sensor and a repeater. The motion sensor can be utilized in whichever area where hands-free assistance with the light is required, such as a laundry room, bathroom, or garage. It's self-supporting and works with Caséta lights and also with Serena Shades. It contains a 180-degree field of sight and is completely wireless, owing to which it can be attached anyplace. It also has an augmented lifespan of up to 10 years.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/home-automation-market-100074
Drivers and Restraints:
Rising Groundbreaking Property Security System to Boost Market Growth
The automation industry is highly being accepted for property management considering its flexible and great accuracy administration. Among these, the security system is a progressively emerging sector. The vital home automation companies are capitalizing substantially to create radical and cutting-edge smart security systems serving to home security. For example,
- In August 2020, ADT Inc. declared a long-standing merger with Google LLC in order to provide smart home security solutions throughout the U.S. Google has capitalized USD 450 million in ADT Inc.; set to stimulate smart home security solution.
This is expected to bolster the home automation market growth during the forecast period.
Competitive Landscape:
Associations among Companies to Support Their Brand Values in Market
All the fundamental players in the market are persistently rooting for functional strategies to promote their products and instate their positions in the market. One such innovative approach is to unveil novel products by collaborating with other organizations to extend their reach to end-users.
Industry Developments:
- June 2021: Signify Holding, which is a lighting supplier introduced a Philips Hue app to refine user experience in automated homes and smart lighting function performance. The app also offers the preview of the Philips Hue lightings and scenes.
List of Key Players Mentioned in this Market Report:
- ABB Ltd. (Zürich, Switzerland)
- Johnson Controls International plc (Cork, Ireland)
- Crestron Electronics (New Jersey, U.S.)
- Siemens AG (Munich, Germany)
- Control4 Corporation (Utah, U.S.)
- Schneider Electronics (Rueil-Malmaison, France)
- Koninklijke Philips N.V (Amsterdam, Netherlands)
- Legrand SA (Limoges, France)
- Honeywell International Inc. (North Carolina, U.S.)
- Savant Systems LLC (Massachusetts, U.S.)
Further Findings:
- Based on network technology, the market is categorized into wired, wireless, and power line-based. Wireless network technology to gain maximum revenue share along with rapid growth during the forecast period.
- North America held majority of the home automation market share and is projected to emerge as a dominant region during the forecast period. The region's inclination towards advanced technologies such as artificial intelligence and the internet of things along with higher disposable income drive the demand for smart technologies.
Table of Segmentation:
ATTRIBUTE | DETAILS |
Study Period | 2017-2028 |
Base Year | 2020 |
Estimated Year | 2021 |
Forecast Period | 2021-2028 |
Historical Period | 2017-2019 |
Unit | Value (USD billion) |
Segmentation | Component, Network Technology, and Geography |
By Component |
|
By Network Technology |
|
By Region |
|
- 2020
- 2017-2019
- 130
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