The report provides analysis of global home automation market for the period 2016-2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. According to Acumen Research and Consulting, the global home automation market is expected to grow at noteworthy CAGR around 7% throughout the forecast period and reach around US$ 65 billion by 2026. Home automation delivers high-end solutions and automates our products and systems with advanced digital technologies. Home automation provides better efficiency and improved performance to automate the system's domestic and household activities. Consumers want to customize, professional systems that are easy to use and installed.
Building automation industry developments, which saw the introduction of advanced technology and equipment, also called smart home and intelligent building, have changed the way products and services are delivered. These technologies have been the center of continuous research and development in order to compatibilize the product with Smart & Sustainable Home and Building projects with a focus on improving consumer experience. The global adoption of domestic controls increased technological advances and improved connectivity solutions. The installation of automated control systems has been simplified with the advent of different wireless technologies such as ZigBee and Bluetooth. The adaptability of different components with each other has been increased by different standards for home automated controls such as EnOcean and Z-waves. Further improvements of the automation systems in various end user segments are expected to fuel their adoption.
The most important motivators driving growth in the home automation market are increasing demand for smart phone-based home automation applications, increasing consumer awareness about energy consumption products, technologic advances, convenience factor, fast mobile connectivity, urbanization and lifestyle changes. As home automation provides security, safety and advanced technology, demand has increased for home automation. The smart domestic automation market over the forecast is expected to be driven mainly by the increasing demand for digital features, such as remote operation convenience, with advanced technological devices, and the increasing impact of the web, mainly in the developing world. Moreover, the growing demand for smart home automation global markets in the coming years will also increase the available income plus increased preference for priceless lives in developing economies. In addition, the cost reduction measurements that also develop demand for market in both developed and developed economies facilitate smart home automation systems. Home automation involves the implementation of certain electronics and electrical systems in a degree of automation and computerized control. These devices include garage doors, safety systems, control of temperature, video / audio equipment, electronic doors and lighting. The system can be operated by devices such as laptop or Mobile Telephone that are enables WiFi or Bluetooth, whereas a desktop computer is a server. Hardware costs, as are the hardware required for most users, and installation costs are considerably low. The home automation solution satisfies different applications ' interoperability requirements and is at the same time easy to use and install. The biggest driver is expected to be the increase in the aging population. The market's growth can be challenged by high initial installation or installation costs and lack of standard guidelines. However, this challenge could be overcome by the corresponding decline, price and increase in home automation. Growing consumer electronics interests, increasing consumer availability income, introducing smart grids and helping to communicate power line are some of the factors which can drive growth in the market positively. But unethical technological violations, a lack of consumer awareness and skills could pose a challenge for the growth of the market.
Home automation Market- Regional Insights
Asia Pacific is an important part of the worldwide plastic conductive compound market, with a significant market share. The growing adoption of home automation in electrical applications is one of China's main consumers of home automation. The country is also one of the leading manufacturers of plastic leading compounds. The marketing of leading plastic compounds in Asia Pacific should be driven by the presence of big electrical and electronic component manufacturers and various small domestic manufacturers of plastic compound in that region. The transition to East Asia from the western hemisphere of production capabilities of electrical components and electronic devices is expected to boost demand for leading plastic compounds. Moreover, in several end-use industries in this region, plastic compounders expand their production facilities to meet the growing demand for conducting plastics compounds. The rapid industrialization and expansion of production sites with electric and electronic components are planned to propel demand for conductive plastics in India, South Korea, Thailand and Vietnam. The impact of ongoing research and development activities in North America and Europe between universities and plastic converters is high. Consequently, in North America and Europe, the market for conducting plastic compounds is likely to expand rapidly during the predicted period.
Global Home automation Market, by Application
Global Home automation Market, by Technology
Global Home automation Market, by Channel
Global Home automation Market, by Geography
The market research study on “Home Automation Market (By Application: Safety and Security [Video Surveillance, Software, Services], Access Control [Biometric Access Control, Non Biometric Access Control], Lighting System [Drivers & Ballasts, Relay, Sensors, Dimmers, Switches, Others (Accessories)], Entertainment System [Home Theater System, Audio Video Control Systems, Others], Heating Ventilation and Air Conditioning (HVAC) [Actuators, Sensors and Transducers, Control Valve, Thermostats, Energy Meter, Others], Other Controls [Smart Locks, Smoke Detector, Smart Plugs]; By Technology: Wired [Power Line Communication (PLC), Ethernet, Fiber Optics], Wireless [ZigBee, Wi-Fi, Bluetooth, Others], By Channel [Luxury, Mainstream, DIY, Managed) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global home automation market segments with market dynamics and their impact. The report provides insights on global Home automation market by Application, by Technology, by Channel and major geographic regions. The report also covers basic technology development policies.
The report offers an overview of the market and statistical diagrams to support the expected figures. Our analysts predict the market scope and future prospects in an insightful way. The Acumen Research and Consulting report contains a comprehensive analysis of the global market in home automation segmented. The report outlines numerous growth strategies implemented by companies as well as the latest market trends. The market share and current position of all leading players are discussed in detail. It analyzes players ' new revenue sources and highlights the different strategies.
Key Players and Strategies
Prominent players operating in the global home automation market are Honeywell International Inc., Crestron Electronics, Inc., United Technologies Corporation, ABB Ltd., Schneider Electric SE, Amazon Inc.,Savant Systems LLC, Johnson Controls, Inc., Siemens AG, Ingersoll-Rand plc, Legrand SA, ADT LLC, Lutron Electronics Co., Google Inc., AMX LLC, Control4 Corporation, 2GIG Technologies, Inc, and SmartThings Inc. The market for home automation is moderately fragmented and extremely competitive. The future market will be driven in the near future by ongoing research and development in home automation.
With the attendance of many small and medium-sized manufacturers, the market is fragmented. The strong presence of local manufacturers and suppliers is one of the main reasons for market fragmentation. In addition, companies focus on product adaptation, strategic partnerships and new customer acquisitions to gain more market shares.
A thorough study of the global home automation market is provided in a ARC report, while a rich analysis of the situation in the market is carried out, focusing on their drivers, opportunities, restrictions and trends. The report examines the outcome of the product in the industries and applications concerned. The global reports provide comprehensive data on procedures which current market vendors might try to gain momentum alongside an examination of new players ' entry points.