Published: Mar, 2018
Owing to the presence of a large number of players, a high degree of competition exists in the global home automation market, observes Transparency Market Research. Most of the market players are imparting a lot of focus on providing high quality products to their customers. This strategy aims at improving customer retention and expanding revenue generation. With new players being projected to enter the market in forthcoming years, the competition is expected to get tougher. Some of the chief players in the global home automation market are 2GIG Technologies, AMX LLC, Johnson Controls, Crestron Electronics, Inc., Schneider Electric SA, Siemens AG, iControl Networks Inc., Vantage Controls, Honeywell International Inc., ADT Corporation, and Control4 Corporation.
The global home automation market is segmented on the basis of type, application, networking technology and region. Depending on applications, the market consists of five segments, viz. energy management, HVAC (heating, ventilation, and air-conditioning), lighting, safety and security, and entertainment. Of these, the rising need for remote home monitoring activities has made safety and security experience maximum demand, consequently attracting a handsome revenue.
Region-wise, the global home automation market is spread across North America, Asia Pacific, Europe, and the Rest of the World. Continued technological progress and higher adoption of home automation in North America has made this region grab a lion’s share in the global home automation market. Trailing closely is Europe which is also showcasing a significant growth due to high disposable income and preference for automation by people residing in the region.
Demand for Comfort Bolsters Market Growth
The global home automation market is primarily boosted by rising demand for efficient automation solutions for running scores of domestic applications. This includes better illumination, energy management safety and security, heating, ventilation, and entertainment, among many others applications. An overall requirement for living comfortably and a need to maintain a sophisticated lifestyle especially in developing economies has majorly triggered the demand for efficient automation systems.
Higher penetration of Internet among the masses has led to a provision of smooth connectivity, thus bringing the world closer in terms of automation. Such an extensive use of Internet also has led towards growing implementation of home automation systems. Home automation also provides numerous benefits, chief of which is saving time. This factor is highly important from the perspective of fast-paced lives and busy schedules experienced by almost every working person from urbanized region. By remotely controlling processes in homes, crucial time saving is possible with the help of home automation systems. This factor is expected to be a prime driver in future when the number of automation-based processes could increase.
However, the global home automation market is plagued by high prices ever since the inceptive stages of associate automation systems. This has a significant detrimental effect on the enthusiasm shown by potential customers from developing economies, where the rate of disposable income is not high as their western counterparts. Thus, high prices is a chief restraint affecting the overall growth of the global home automation market. However, increasing penetration of smart devices in almost all parts of the globe followed by extensive efforts by home automation manufacturers to market their products is expected to offset these hindrances.
This review is based on a TMR study, titled, “Home Automation Market (Application - Lighting, Safety and Security, HVAC (Heating, Ventilation, and Air-Conditioning), Entertainment (Home audio and video), Robotics, and Healthcare; Networking Technology - Wired home automation systems, Power-line Home Automation Systems, Computing Network Home Automation Systems, and Wireless Home Automation Systems; Type - Luxury (Custom) Home Automation Systems, Mainstream Home Automation Systems, DIY (Do It Yourself) Home Automation Systems, and Managed Home Automation Services) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”.
- The global home automation market is primarily boosted by rising demand for efficient automation solutions for running scores of domestic applications.
- Technological superiority and higher adaptability shown by people towards home automation from North America has made this region grab a lion’s share in the global home automation market.
The global home automation market is divided into the following segments:
Home Automation Market: By Application
- Safety and security
- HVAC (Heating, Ventilation, and Air-Conditioning)
- Entertainment (Home audio and video)
- Others(Robotics, heath care)
Home Automation Market: By Networking Technology
- Wired home automation systems
- Power-line home automation systems
- Computing network home automation systems
- Wireless home automation systems
Home Automation Market: By Type
- Luxury (custom) home automation systems
- Mainstream home automation systems
- DIY (Do It Yourself) home automation systems
- Managed home automation services
Home Automation Market: By Region
- North America
- Asia Pacific
- Rest of the World
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