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Future of Home Automation Market - Keeps your Home Safe & Life Made Easier and Comfortable

Future of Home Automation Market - Keeps your Home Safe & Life Made Easier and Comfortable

The global home automation market was estimated as USD 36.12 billion in 2015 and is expected to grow significantly with a CAGR of over 11% over the forecast period owing to the rising adoption across residential applications. Factors such as significant IoT market growth, cost reduction in home automation systems, and convenience of remote operation are projected to drive the home automation system market.

Home automation or domotics is structuring automation which involves the control of lighting, heating, ventilation, air conditioning, security systems, audio/video systems, and kitchen appliances such as washer, ovens or refrigerators. The system offers operations of household appliances more convenient and energy efficient. It delivers automatic controlling of all electronic & electrical devices in homes or distant through wireless communication.

Increasing adoption of devices or systems in applications such as lighting, HVAC & energy management, security, entertainment, and smart kitchen is projected to grow the market share. Also, increasing preferences of consumers for connectivity, convenience, safety, and security are further anticipated to propel the industry growth over the forecast period. The increasing technological advancement for internet accessibility and rising penetration of IoT applications in the direction of digital controls for better machine to machine communication has further encouraged the smart home application, thereby driving the market growth.

Home automation offers advanced digital technology & high end solutions for automated products. The technology delivers better efficiency & performance in household activities to centralized control the system. For instance, Tata Power DDL (Delhi Distribution Ltd). and Honeywell, in India, pronounced their Automated Demand Response (ADR) project for commercial & industrial facilities. With Honeywell collaboration, Tata Power DDL has planned to connect with more than 160 buildings in distribution network including power management during peak consumption phase.

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In 2015, Swann security launched SwannOne app which allows users to control their lights, AC’s, security cameras, and locks. The app is compatible with cloud storage solutions and audio analytics. Furthermore, Mouser Electronics has collaborated with TE Connectivity, AirCorp, TE Connectivity, and Factory Automation System for a new Home and Factory Automation Series which would focus on innovative automation technologies.

Few other drivers positively impacting the home automation market growth includes increasing demand of mobile apps, rapid mobile connectivity, and global presence companies expanding the product portfolios. Furthermore, rising consumer awareness for energy efficient products, urbanization, and changing lifestyle with enhanced convenience, safety and security are also encouraging the market growth. However, high installation cost may acts as a barrier for industry growth over the forecast period.

Global home automation market has been segmented on the basis of component, technology, and application. On the basis of component, the market is segmented as hardware, software & services. Based on technology, the segment has been bifurcated as wired and wireless.

Hardware segment is anticipated to dominate the component market

Rapid advancement in home automation system with technology application to add value to the provision of urban services requires authorization for sustainable development of new technologies. This may include the integration of software, hardware, and service that would improve the operational & competitive environment for home automation system. The service segment is projected to witness a substantial growth owing to growing adoption of home automation technology.
Based on application, the market has been sub-divided into lighting, security, smart kitchen, entertainment, HVAC, and energy management. The entertainment segment is expected to dominate the market over the forecast period. The smart kitchen segment is estimated to witness substantial growth owing to the high demand for smart appliances.

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North America holds largest share in overall market

North America region is projected to contribute significantly over the forecast period owing to entrenched manufacturers along with large consumer base. The North America, Asia Pacific, and Europe regions are estimated to remain the crucial revenue generating regions over the forecast period.

The Asia Pacific region is undergoing a healthy growth owing to macroeconomic stimulus. Innovative technologies such as voice controlled smart home devices, and increasing geriatric population base are the major factors driving the regional home automation market. Europe market is anticipated to witness a promising growth owing to cumulative investments in infrastructure for rising standard of living. Additionally, growing demand for HVAC & energy management has spurring the regional growth.

Prominent players of the market are Electronic Control Corporation, ABB Ltd., Crestron Electronics Inc., Ingersoll-Rand PLC, Siemens AG, Honeywell International Inc., Legrand SA, Johnson Controls, Lutron Electronics Co. Inc., Leviton Manufacturing Company, Inc., and. Schneider Electric. Key players are adopting strategic initiatives which include R&D activities, new product developments, and continuous upgradation of product lines for profitability through better customer relationships.

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