Home Automation Market Projected to Reach USD 85 Billion with a CAGR of 13.40% by 2026 - Report by Market Research Future (MRFR)
Market Research Future
5 min read
New York, US, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Home Automation Market information by Protocol & Technology, by Product, by Software & Algorithm and Region – forecast to 2027” market size to reach USD 85 Billion, growing at a compound annual growth rate of 13.40% by 2026.
Market Scope: Smart electric drive vehicles are hybrid or electric vehicles that are charged using any electrical socket. The efforts put in by governments to curb emission rates by offering incentives to electric vehicle owners can favor industry leaders. Market Research Future’s (MRFR) report on the home automation market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2020-2027) while taking into consideration the effects of the COVID-19 pandemic.
Dominant Key Players on Home Automation Market Covered are:
Market USP Exclusively Encompassed: Market Drivers Awareness of Energy Conservation to Drive Market Demand HVAC contractors and real estate developers are collaborating to provide modern and luxurious homes with all amenities. Automation of cooling and heating systems to provide convenience and comfort to home owners can drive the market demand for home automation systems. Bundled products that work in a common connected platform are the latest selling point pursued by developers to drive sales of automation systems. For instance, Samsung Corporation has developed the SmartThings application to control a bevy of products on the platform. It can be used in creating ambience for single family and multi-family environments.
Technological Strides in Lighting to Drive Market Growth Smart homes can utilize home automation solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.
Lack of Pre-installed Systems to Hamper Market Growth The huge initial costs of installation owing to added costs of installation and equipment can hamper the home automation market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.
Segmentation of Market Covered in the Research: Entertainment Control to Lead in Market Share By product, the market is segmented into security and access control, climate control, HVAC control, entertainment control, lighting control, energy management control, and others. Entertainment control is expected to lead in the global market owing to control systems used in regulating audio and volume of home entertainment systems.
Network to Lead in Protocol & Technology By protocol & technology, the market is divided into network and wireless. By network technology, the market is sub-segmented into GSM/HSPA, CDMA, and LTE. Similarly, by protocol, the market is segmented into digital addressable lighting interface (DALI), Ethernet, LONWORKS, BACnet, and others. By wireless technology, the market is segmented into Z-wave, IR, Zigbee, Wi-Fi, Bluetooth, etc.
Proactive Software to Dominate Market By software & algorithm, the market is divided into behavioral and proactive. The proactive software and algorithm can lead in the market owing to its ability in being transparent to end-users and making intelligent decisions through accumulation of data.
Regional Analysis North America to Lead Global Home Automation Market North America is anticipated to dominate the demand share of the home automation market owing to investments in modernization of infrastructure and technological advances in lighting. Applications of smart lights in automobiles, commercial buildings, and public places coupled with presence of key players can drive regional market growth. Commercial facility owners are increasing embracing home automation solutions to conserve energy.
APAC to Display High CAGR APAC is estimated to display a strong growth rate owing to adoption of connected lighting systems in smart offices and homes. Rise of government-driven infrastructural projects and development of residential homes can provide opportunities to players in the regional market. Undertaking of smart city projects and initiatives by governments to offer LED lights at subsidized prices can bode well for the market.
COVID-19 Impact on the Global Home Automation Market The COVID-19 pandemic negatively impacted the home automation market owing to restrictions on movement and measures by governments to contain the virus. But access to high speed internet in certain regions has led to high demand for automated solutions. Advances in technologies and inclination of young users towards smart systems can provide scope of growth to the market.
Industry Update Schenider Electric India has partnered with Livspace Solutions to offer home automation solutions to their clients opting for customized homes. The devices are compatible with prominent voice assistants such as Alexa and Google.
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