Home Automation Market to Garner $81.65 Bn, Globally, by 2023 at 11.2% CAGR, Says Allied Market Research
Increase in concerns regarding safety and security of homes, rapid development in smartphone-controlled applications and connective technologies, and rise in awareness regarding efficient use of energy are expected to propel the growth of the global home automation market
PORTLAND, Oregon, Feb. 6, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Home Automation Market by Application (Lighting, Safety & Security, HVAC, Entertainment, and Others), Type (Luxury, DIY, Managed, and Mainstream), and Technology (Wired and Wireless): Global Opportunity Analysis and Industry Forecast, 2017–2023". The report offers a detailed analysis of the drivers & opportunities, top-winning strategies, market size & estimations, and competitive landscape. As per the report, the global home automation market was pegged at $43.09 billion in 2017 and is projected to reach $81.65 billion by 2023, registering a CAGR of 11.2% from 2017 to 2023.
Surge in smartphone-controlled applications that can monitor home appliances remotely, rise in concerns regarding safety and security of homes, increase in government initiatives as home automation system ensure efficient use of electricity, and rapid technological advancements in connective technologies have boosted the growth of the global home automation market. However, lack of awareness regarding home automation and high installation cost hamper the market growth. On the contrary, rise in awareness for efficient energy usage among consumers, growing urbanization, and increase in inclination toward automation are expected to create lucrative opportunities for the market players in the near future.
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Wireless technology to offer lucrative opportunities by 2023
The wireless technology held the largest share in 2017, contributing nearly three-fifths of the total market, owing to increase in the internet of things (IoT) devices and increase in adoption of wireless broadband in household electronic devices such as video surveillance & monitoring, HVAC systems, and entertainment devices. Thus, the segment is expected to register the fastest CAGR of 11.6% during the forecast period. The report also analyzes wired technology.
Mainstream segment to manifest fastest growth through 2023
The mainstream segment is expected to portray the fastest growth, registering a CAGR of 13.4% during the forecast period, owing to rise in construction activities in the developing economies and surge in demand for renovated and retrofit houses. However, the luxury segment held the largest share, contributing more than half of the total market, owing to increase in adoption of luxury home automation with a growth in disposable income in developing countries. The other segments analyzed in the report include DIY and managed services.
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Europe holds largest market share in the market
Europe reaped the largest share in 2017, contributing more than one-third of the total market, owing to surge in demand for smart household appliances, availability of adequate connectivity infrastructure, rapid developments in latest technologies, and adoption of several measures to improve energy efficiency. However, Asia-Pacific region is expected to register the fastest CAGR of 17.4% during the forecast period, increase in consumer awareness & financial stability, rise in production innovation & integration, surge in consumer demand for product differentiation, and preference for energy efficient automation systems. The other regions analyzed in the report include North America and Latin America, Middle East and Africa (LAMEA).
Torchbearers of the industry
The major market players discussed in the report include Crestron Electronics Inc., Control4 Corporation, Johnson Controls, Zigbee Alliance, Savant Systems LLC., AMX LLC (Harman), Honeywell International Inc., Siemens AG, Vantage Controls (Legrand), and ABB.
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