Home Automation Market to Gain Value of $ 253.18 Billion by 2031, Notes TMR Analysis

• The global home automation market is projected to expand at a CAGR of 16.6% during 2022-2031
  
  
• Increase in the application of smartphone-controlled home automation devices globally is creating profitable prospects in the market
  
  
• Rise in adoption of advanced technologies in North America is expected to drive the regional market growth

WILMINGTON, Del., Oct. 11, 2022 /PRNewswire/ -- The global home automation market is prognosticated to reach a value of US$ 253.18 Bn by the end of 2031, states a research report by Transparency Market Research (TMR). In addition, the study finds that the market for home automation is expected to grow at a CAGR of 16.6% during the forecast period, 2022-2031.

Key players operating in the home automation market are focusing on the execution of different strategies such as regional expansions, mergers, acquisitions, and product portfolio expansions in order to maintain their leading market positions. Moreover, enterprises are increasing R&Ds in order to develop technologically advanced products. Such initiatives are prognosticated to fuel the expansion avenues in the global market for home automation, notes a TMR study that covers key insights on home automation ideas.

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Home Automation Market: Key Findings

• The demand for thermostats with an ability to deliver high level of flexibility in HVAC systems controlling is being rising in the recent years. This factor is prognosticated to fuel lucrative opportunities for key players operating in the home automation market, state analysts at TMR. Furthermore, the market for home automation is being driven by increase in the use of smart home cooling, heating, and air quality systems in order to achieve effective and dependable climate control in the home, note analysts at TMR.
  
  
• Rise in the technical advancements in the sensor-based controls have resulted into more comfortable and secure homes globally. Over the period of past few years, there has been a surge in the adoption of home automation systems due to rise in the utilization of Internet of Things (IoT) for smart home applications including room control, lighting, security & entry control, and audio & video control. Such factors are expected to create profitable prospects in the market in the near future, state a TMR study.
  
  
• The spending power of people from many developed and developing nations is being improving in the recent years. Thus, this population pool is increasing the demand for technological advancements for their homes. This, in turn, is fueling the market expansion.

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Home Automation Market: Growth Boosters

• Swift advancements in the smartphone-controlled home automation devices is creating largest opportunity for home automation market
  
  
• Rise in the use of smart lighting across the globe is expected to drive significant business prospects for home automation companies
  
  
• Surge in the use of low-cost Zigbee technology in varied home automation systems is likely to play key important role in the market growth in the near future

Home Automation Market: Regional Analysis

• The North America home automation market is projected to maintain its leading position during the forecast period owing to many factors including rise in the technological advancements, increase in the adoption of advanced technologies by regional people, and existence of key market players in the region
  
  
• The market is expected to continue showing rapid expansion in Asia Pacific and Europe in the near future owing to several factors such as swift adoption of home automation kits or smart home automation devices across many regional nations and improving disposable income of middle-class people from these countries

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Home Automation Market: Key Players

Some of the key players profiled in the report are:

• Crestron Electronics, Inc.
• ABB Ltd.
• Honeywell International Inc.
• HARMAN
• Legrand SA
• Johnson Controls International
• Nice North America LLC
• Lutron Electronics Co., Inc
• Savant Systems, Inc
• SAMSUNG
• Siemens AG
• Schneider Electric SE
• Snap One, LLC

Home Automation Market Segmentation

• Component
• Safety and Security
• Hardware
• Security Cameras
• Monitors
• Fire Extinguishers
• Others (Doorbells, Water Leak & Freeze Detector, etc.)
• Software
• Services
• Access Control
• Biometric Access Control
• Facial Recognition
• Iris Recognition
• Fingerprint Recognition
• Others (Hand Geometry Biometrics, Retina Pattern, etc.)
• Non Biometric Access Control
• Lighting System
• Drivers & Ballasts
• Relays
• Sensors
• Dimmers
• Switches
• Others (Accessories)
• Entertainment System
• Home Theater Systems
• Audio Video Control Systems
• Others
• Heating Ventilation and Air Conditioning (HVAC)
• Actuators
• Sensors and Transducers
• Thermostats
• Ducted Split Systems
• Humidifiers
• UV Air Purifiers
• Others (Energy Meter, Control Valve, etc.)
• Others (Smoke Detector, Smart Plugs, etc.)
• Technology
• Wired
• Power Line Communication (PLC)
• Ethernet
• Fiber Optics
• Wireless
• ZigBee
• Wi-Fi
• Bluetooth
• Others
• Type
• Luxury
• Mainstream
• DIY
• Managed

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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