Home Automation Market and Its Future Outlook During the Period of 2015–2022

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Portland, OR — (SBWIRE) — 09/28/2017 — Global Home Automation Market was valued at $39,607 million in 2016, and is projected to reach at $81,645 million by 2023, growing at a CAGR of 11.2% from 2017 to 2023. Home automation is utilization of intelligent terminals, which is automation system to control home appliances and equipment. Increase in awareness for efficient energy usage, rise in electricity prices, and technological advancements are expected to drive the home automation market growth. Moreover, increase in safety & security concerns fueled the adoption of home automation system, thus boosting the market growth.

However, lack of awareness about home automation products and high initial investments in home automation are expected to hamper the home automation market growth. Increase in adoption of automated services is expected to provide lucrative opportunities for the global home automation market.

The report segments the global home automation market on the basis of application, type, technology, and region. Applications covered in the study includes lighting, safety & security, heating, ventilation, and air conditioning (HVAC), entertainment, and others. On the basis of technology, the home automation market is bifurcated into wired and wireless technology. By type, the home automation market, is classified into luxury, do it yourself (DIY), mainstream, and managed services. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Safety & security systems accounted for a dominant share of the market in 2016, and are expected to grow at a CAGR of 11.8% during the forecast period. The wireless technology was the dominant segment for home automation market accounting for about 53% in 2016.

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The key players profiled in the home automation market are ABB Ltd., AMX LLC. (Harman), Control4 Corporation, Crestron Electronics, Inc., Honeywell International Inc., Johnson Controls Inc., Savant Systems LLC., Siemens AG, Vantage Controls (Legrand), and Zigbee alliance.

Increase in awareness for efficient energy usage, rise in electricity prices, and technological advancements are expected to drive the market growth. Moreover, rise in safety & security concerns has fueled the adoption of home automation systems, thus boosting the market growth. However, lack of awareness about home automation products and high initial investments in home automation are expected to hamper the market growth. Increase in adoption of automated services is expected to provide lucrative opportunities for the global home automation market.

In 2016, the safety & and security segment accounted for the maximum revenue share in the overall home automation industry, as these systems allow users to monitor their homes from remote locations. Moreover, the entertainment segment in the home automation market is expected to grow at a CAGR of 11.5% during the forecast period.

The luxury segment accounted for the maximum share in the global home automation market in 2016. The mainstream segment is expected to grow at a highest CAGR of 13.4% during the forecast period.

The wireless technology segment accounted for the maximum revenue share in the overall home automation industry as the installation of wireless automation networks facilitates significant reductions in energy management.

North America accounted for the major share of the global home automation market in 2016, growing with a CAGR of 9.9% during the forecast period, owing to increase in number of tech savvy consumers and improved lifestyle of populace. Asia-Pacific is estimated to grow at the highest rate due to rise in energy prices and growth in awareness towards smart home appliances.

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