DUBLIN–(BUSINESS WIRE)–The “Home Automation Market – Global Opportunity Analysis and Industry Forecast 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The Home Automation Market size was valued at USD 84.33 billion in 2021 and is predicted to reach USD 210.15 billion by 2030 with a CAGR of 10.7% from 2022-2030.
Home automation also known as smart home, is an automation system, which provides access to control appliances such as alarm systems, electrical outlets, lights, fans, and others, using a smartphone. In this system, the primary focus is on home security, safety, and surveillance, including smart locks’ systems for windows and doors, fire alarms, surveillance cameras, and other sensors.
Market Dynamics and Trends
The demand for home automation is increasing due to factors such as rise in building construction and increase in urbanization in European countries such as Slovakia, Ukraine, and Austria fuel the growth of the global home automation market. For instance, urbanization in Ukraine grew by 0.3% from 2018 to 2020.
Moreover, surge in need for energy-efficient solutions and rise in demand for safety & security for homes are some of the major factors expected to drive the demand for home automation. In addition, rise in disposable income and increase in government initiatives for development of smart cities are anticipated to significantly contribute toward the growth of the home automation market during the forecast period.
However, need for high capital investment and lack of awareness among developing countries are the factors restraining the growth of market during the forecast period. On the contrary, increasing adoption of automated services is anticipated to provide lucrative opportunities for the growth of the home automation market.
Market Segmentations and Scope of the Study:
The global home automation market is segmented on the basis of connection type, application, management, and system type. By connection type, the market is divided into wired and wireless. By application, the market is segregated into security & safety, lighting, entertainment, Heating Ventilation & Air Conditioning (HVAC), and others. The lighting segment is segmented into dimmers, relays, switches, and others. Security & safety is divided into access control and video surveillance.
The HVAC segment divided into sensors, control valves, thermostats, and others. Entertainment is divided into volume & multimedia controls, home theatre systems, and others. Based on management, the market is bifurcated into cloud based and on-premise. Based on system type, the market is segmented into mainstream home automation, luxury home automation, DIY (Do It Yourself) home automation, and managed home automation. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.
North America region holds the lion share of home automation market and is expected to continue dominating the market during the forecast period. This is attributed to factors such as people of this region are moving towards the concept of smart homes, with approximately 30 million US households projected to include smart home technology in the future.
However, Asia Pacific is expected to show a steady rise in the construction market due to the surge in real estate, home construction, and high economic growth witnessed by countries in this region. The home automation systems are being deployed in such a way that they will help in achieving high energy savings, which will finally result in decreased electricity bills. Also, developed countries such as India, Japan, and China have aggressively started developing smart cities, which in turn is expected to raise the penetration of home automation systems in this region.
Key Market Segments:
Home Automation Market – By Connection Type
Home Automation Market -By Application
- Other Lights
- Safety & Security
- Video Surveillance
- Access Control
- Home Theater Systems
- Volume & Multimedia Controls
- Other Systems
- Heating Ventilation & Air Conditioning
- Control Valves
- Other Applications
Home Automation Market- By Management
Home Automation Market – By System Type
- Luxury Home Automation
- Mainstream Home Automation
- Managed Home Automation
- DIY Home Automation
Home Automation Market – By Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- South Africa
- Remaining Countries
- Honeywell International Inc
- ABB Ltd
- Johnson Controls International
- Crestron Electronics, Inc
- United Technologies Corporation
- Schneider Electric S.E.
- Siemens AG
- Lutron Electronics Co. Inc
- Legrand SA
For more information about this report visit https://www.researchandmarkets.com/r/yzg9gq