Dublin, Nov. 09, 2021 (GLOBE NEWSWIRE) -- The "Global DIY Home Automation Market 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The Global DIY Home Automation Market is estimated to be USD 43.75 Bn in 2021 and is expected to reach USD 133.5 Bn by 2026, growing at a CAGR of 25%.
The key drivers for the future growth and adoption of DIY home automation systems have been security and energy management.
Due to the growing customer demand for convenience & communication, safety & protection, an increase in awareness for efficient energy usage, growing adoption of cloud-based technologies, and technological advancements are expected to drive the home automation market growth.
However, high initial implementation costs, lack of awareness about home automation products are expected to impede the growth of the home automation industry.
Segments Covered
By Product Type, the global DIY home automation market is divided into hardware and managed services. During the anticipated time, Security and Access Control will hold a substantial market share in the forecast period. This is subject to growing issues of privacy, rising crime rates, and other such security concerns.
By Technology, the market has been classified into network technologies, wireless technologies, and other protocols & standards. Wireless technologies hold the maximum market share during the forecast period. Earlier, the reconstruction or renovation of homes was needed in order to 'automate' them; this can now easily be prevented by using wireless technologies. Wireless technologies not only help prevent reconstruction but also make it easy to install and self-install as they eliminate the use of cables.
By Application Type, the Lighting segment has been seen to be the most profitable in terms of market revenue. They help to reduce energy usage and improve the productivity of operations. In addition, enhancing living conditions and making accessible home automation solutions available have enabled customers from all revenue categories to install these systems in their homes.
By Geography, North America is expected to have the largest market share due to the existence of various major market players in the home automation market and increasing merger between key players and IT companies with an aim to develop solutions based on IoT and AI. The growth has resulted from the need for energy efficiency solutions coupled with the growing demand for green homes.
Market Drivers
Drivers
- DIY Systems are Cheaper than Professionally Installed Home Automation Systems
- Increasing demand of the Consumer for Convenience, Connectivity, Safety, Security
- Demand for Energy-Efficient and Green Product Solutions
- Continuous Technology Advancement in Sensors, Communication, and Analytics
Restraints
- Lack of Awareness for DIY Home Automation Systems
- Lack of Standard Guidelines for Manufacturers to Drag Sales for these products
Opportunities
- Initiatives from Government to Promote Green Building in Smart Cities
- Multiple Communication Protocol Compatibility for Redundancy
- Unlimited Opportunities in Connecting Different Types of Endpoints
Challenges
- Linking Disparate Systems
- Limited Functionality
- Lack of Open Standards
Company Profiles
- Icontrol Networks, Inc.
- Nortek, Inc.
- Smart labs, Inc
- Nest Labs, Inc.
- Ismartalarm
- Belkin International, Inc.
- Ingersoll-Rand PLC.
- Lowe's Iris
- Vera Control Ltd.
- Smartthings, Inc.
- Wink
- Crestron
- HomeSeer
- Frontpoint
- Savant
- Honeywell International, Inc.
- Johnson Controls, Inc.
- Schneider Electric SE
- Legrand SA
- Ingersoll-Rand PLC
- ABB Ltd.
- Acuity Brands, Inc.
- Samsung Electronics Co., Ltd.
Key Topics Covered:
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Overview
5 Market Analysis
6 Global DIY Home Automation Market, By Product Type
7 Global DIY Home Automation Market, By Technology
8 Global DIY Home Automation Market, By Application
9 Global DIY Home Automation Market, By Geography
10 Competitive Landscape
11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/tipgzc
