The global home automation market size was pegged at $44.09 billion in 2018 and is projected to reach $87.65 billion by 2026, registering a CAGR of 13.2% from 2019 to 2026. The report offers a detailed analysis of the drivers & opportunities, top-winning strategies, market size & estimations, and competitive landscape.
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.
Wireless technology to offer lucrative opportunities by 2026
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 2026
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.
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).
The report analyzes and forecasts the home automation market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global home automation market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the home automation market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides size (in terms of volume and value) of home automation market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
The main objective of this report is to aid the user in understanding the market as a whole, its definitions, segmentation, market potential, influential trends, and the barriers that it is facing. Meticulous research and analysis were an important part of the report preparation. Those reading the report will be able to get a detailed understanding about the market. Industry experts have verified and checked the data and information that have been taken from credible sources like websites, annual reports of companies, journals, and other resources. In order give the facts and data a pictorial form, diagrams, graphs, pie charts, and other representations have been used. That augments the visual appeal of the report and makes understanding it much easier.
Competitive Landscape is the most valuable part of this report
Key financial developments of a particular company and product & company overview are some of the elements that help in acquiring information about top vendors in the market. This particular section has also included a SWOT analysis of the companies featured in the report. This will help the audience in knowing about opportunities, strengths, threats and weaknesses that are facing by the key vendors in the chemical and material industry across the world. As the competitive landscape is the most valuable part of any report, it consists of all the required information for the detailed study of top players functioning in the industries. It is also an interesting part to find how exactly these key manufacturers implement various strategies to secure the top rank in the industry. Such an in-depth information is useful for the new entrants into the industry as they would be able to learn a bit from these key vendors. Similarly, the information provided in the research report will also be valuable for the renowned key players as well, as they come to know the strategies of their counterparts to sustain in the competitive industry.
The Key Market Players in the Report are as Follows:
Crestron Electronics Inc.
AMX LLC (Harman)
Honeywell International Inc.
Johnson Controls Inc.
Vantage Controls (Legrand)
Savant Systems LLC.
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
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