Home Automation System Market Growing at a CAGR of 11.3% – Exclusive Report by MarketsandMarkets™ – Yahoo Finance
CHICAGO, June 7, 2019 /PRNewswire/ — According to the new market research report “Home Automation System Market by Protocol and Technology (Network and Wireless), Product (Lighting, Security and Access Control, HVAC and Entertainment Control), Software and Algorithm (Behavioral and Proactive), and Geography – Global Forecast to 2022“, published by MarketsandMarkets™, the Home automation market is expected to grow from USD 39.93 billion in 2016 to USD 79.57 billion by 2022, at a CAGR of 11.3% during the forecast period.
Home automation refers to the automation and security of home and household activities. It may be used for isolated programmable devices, e.g., thermostats and sprinkler systems. But, home automation precisely describes homes in which lights, appliances, electrical outlets, heating and cooling systems, and others are connected to a remotely accessible network. Thus, Home automation systems enable power savings and also helps in enhancing the standards of living.
North America, Europe, Asia Pacific, and Rest of the World.
The lighting control market is expected to grow at the highest CAGR during the forecast period. The market for lighting control is expected to grow at a higher rate because it reduces the electricity consumption in homes as the sensors adjust the intensity of artificial light according to the intensity of natural light. Moreover, the growing environmental concerns have helped spread awareness regarding the importance of home automation and home energy management measures. As a result of this scenario, lighting controllers now play a vital role in reducing the electricity consumption within the household, along with offering comfort to the users.
By software and algorithm type, proactive solutions expected to grow with the highest CAGR during forecast period. The proactive solutions are specifically designed to enable consumers to understand energy patterns and take effective measures to reduce their consumption. Some of the advanced algorithms can also ask the end user to send the feedback across regarding whether the recommendations sent by the proactive solutions were true and useful. This enables the user and service companies to test the functionality and reliability of the home automation systems.
North America to hold a major share of the Home Automation market in 2016
North America held the largest share of the global home automation system market in 2016. Factors such as the increasing demand for reliable home energy management systems, enhanced home security levels, and the growing popularity of integration of smart devices such as tablets and smartphones in home automation solutions are driving the growth of the market in this region. Furthermore, this region is also home to some of the key players in the global home automation market, such as Acuity Brands, Inc. (U.S.) ADT Corporation (U.S.), Control4 Corporation (U.S.), Crestron Electronics, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Honeywell International Inc. (U.S.), United Technologies Corporation (U.S.), and Johnson Controls Inc. (U.S.).
Legrand (France), Ingersoll-Rand PLC (Ireland), Schneider Electric SE (France), Honeywell International, Inc. (U.S), ABB Ltd. (Switzerland), Control4 Corporation (U.S), Crestron Electronics, Inc. (U.S), Johnson Controls, Inc. (U.S), and Siemens AG (Germany).
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