Home Automation Market Size is estimated to reach at USD 136.5 Billion by 2030, registering a CAGR of 11.2%, Owing to Growing Number of Smart City Infrastructure in Emerging Economies

TOKYO, Aug. 07, 2022 (GLOBE NEWSWIRE) -- The Global Home Automation Market size Accounted for USD 53.4 Billion in 2021 and is predicted to be worth USD 136.5 Billion by 2030, with a CAGR of 11.2% during the projected period from 2022 to 2030.

The rising demand for features such as remote operation convenience and the incredible experience provided by remote monitoring and control is expected to fuel the global home automation market expansion over the projected timeframe. This industry's proportion is predicted to grow because of the increasing usage of systems or devices in a wide range of industries such as surveillance, illumination, entertainment, Ventilation, and air conditioning & power system, and intelligent kitchen. This technological advancement has occurred as customers' demands for comfort, connection, security, and reliability have increased, which is projected to fuel expansion in the home automation market.

Home automation technology is an emerging solution that automatically performs the majority of electronic, electrical, and technological operations in a home. The term "smart home" refers to a house that has an automation system, which is also known as "domotics". The primary types of products available in home automation are security and access control, lighting control, entertainment, HVAC control, and many others. Lighting systems are a form of connected lighting apparatus that enables individuals to control the intensity, brightness, and properties of illumination in a designated area. These connected devices reduce electricity consumption while simultaneously encouraging energy efficiency. The various technologies comprise wired home control systems as well as wireless home automation, which are used in a variety of settings such as domestic, industrial, as well as others.

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Report Coverage:

Global Home Automation Market Dynamics                

The home automation market is being propelled by an increase in spending on energy-efficient technologies, a significant development in the IoT market, comfort and simplicity of use, technological developments, an uptick in the frequency of Smartphone applications, as well as an increase in safety concerns. Because of the high prices of automated houses and a lack of understanding in certain emerging and underdeveloped nations, the industry faces constraints. A rise in the usage of automated tools, as well as supportive government projects for green efforts, bodes well for the expansion of the home automation market. Furthermore, the necessities for energy-efficient technologies, as well as an increase in demand for home security and safety are projected to drive growth in the home automation market.

Moreover, Growing trends and development in the acceptance of artificial intelligence, fast adoption of current technologies by young folks, and quick development of IoT are expected to boost the market. IoT enables the internet to be accessed by any device. For example, a smart flashlight can be turned off and on via a mobile phone application. So every home automation system is an IoT device that may be programmed to communicate with each other. As a result, although IoT relates to the gadgets themselves, smart home devices are also improving life a little more conveniently for customers. Besides that, there has been significant progress and advancement in the area of artificial intelligence in recent decades. Several big important businesses are making investments in R&D to bring forward advancements in existing technologies. Furthermore, as consumers' discretionary income has increased, so has their desire for a more comfortable and healthier lifestyle.

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Market Segmentation        

The global home automation market has been segmented by Acumen Research and Consulting based on application, technology, and channel. In application, the market is alienated into safety and security [video surveillance (hardware (monitors, security cameras, others), software, and services], access control [biometric access control (fingerprint recognition, iris recognition, facial recognition, others), and non biometric access control], lighting system [relay, sensors, switches, drivers & ballasts, dimmers, others (accessories)], entertainment system [audio video control systems, home theater system, others], heating ventilation and air conditioning (HVAC) [sensors and transducers, thermostats, control valve, energy meter, actuators, others], other controls [smoke detector, smart locks, smart plugs]. Based on technology, the segment is divided into wired [Ethernet, power line communication (PLC), fiber optics], wireless [Wi-Fi, zigbee, Bluetooth, others], and others. In terms of channel, the segment is classified into luxury, DIY, mainstream, and managed.

Global Home Automation Market Regional Outlook

The global home automation market is divided into five geographic regions: North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. According to the home automation industry analysis, North America will have the highest market share of the global market in 2021. The market in North America is being driven by factors including rising demand for dependable house energy management processes, enhanced smartphone norms, enhanced home system security, and the rising popularity of integrating smart devices like tablets, mobile phones, as well as handheld voice control into homes. This region is also host to several of the most important companies in the worldwide home automation system industry, including Acuity Brands, Control4, ADT, Resideo, and Crestron Electronics. This is projected to increase market growth even further throughout the projected timeline.

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Home Automation Market Players        

Some of the prominent home automation market companies are Honeywell International Inc., United Technologies Corporation, ADT LLC, Schneider Electric SE, Google Inc., 2GIG Technologies, Inc, Savant Systems LLC, Siemens AG, AMX LLC, Crestron Electronics, Inc., ABB Ltd., Amazon Inc., Johnson Controls, Inc., Control4 Corporation, Legrand SA, Lutron Electronics Co., Ingersoll-Rand plc, and Smart Things Inc.

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