Home Automation System Market Analysis
Home Automation System Market Size was valued at USD 65200 million in 2021. The Home Automation System market industry is projected to grow from USD 72437.2 Billion in 2022 to USD 151342.20 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2022 - 2030). as per the latest Market Research Future (MRFR) report.
Drivers
Rise in Electricity Prices to Boost Market Growth
The growth in electricity prices across the globe has increased the operating budget for house owners. The hospitality industries and residential buildings are major end users of the home automation market. The rising prices of commodities like coal significantly improve the cost for generating electricity and in turn boost the end user electricity cost. The use of home automation helps end users to regulate their use, thus decreasing their electricity expenditure. It is the home automation control that offers economical use of electricity and further reduces the consumption of energy in HVAC systems, security, and energy consumption in lighting. This will boost market growth.
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Opportunities
Demand for Energy Efficiency to offer Robust Opportunities
The increasing demand for energy efficiency in smart homes and buildings will offer robust opportunities for the market in the forecast period.
Challenges
Security Concerns to act as Market Challenge
The growing security concerns with home automation devices may act as a market challenge over the forecast period.
Restraints
Lack of Awareness to act as Market Restraint
The lack of awareness about home automation coupled with lack of pre-installed home automation systems and provision in pre-built homes may act as market restraint over the forecast period.
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Key Players
Eminent players profiled in the home automation system market report include Honeywell International Inc. (U.S.), Acuity Brands, Inc. (U.S.), Johnson Controls Inc. (U.S.), United Technologies Corporation (U.S.), Crestron Electronics, Inc. (U.S.), Legrand (France), Schneider Electric Se (France), ABB Ltd. (Switzerland), Samsung Electronics Co., Ltd. (South Korea), Siemens Ag (Germany), among others.
COVID-19 Analysis
The home automation system market too was adversely affected by the COVID-19 pandemic. The majority of the home automation system manufacturers have been impacted by this crisis that is predicted to be a medium-term impact. The crisis will have a varying impact on various types of home automation systems. Industry players have witnessed a reduction in home automation installations. Because the programming and installation of home automation systems need professional on-site workers, the buyers are hesitant in installing such systems in minimizing outside contact during this time. Thus some players have recorded a fall in sales while DIY home automation companies have been impacted to a lesser extent.
Market Segmentation
The home automation system market has been bifurcated based on product, protocol and technology, and software algorithm.
- By product, the entertainment control system will lead the market over the forecast period.
- By software and algorithm, the proactive segment will dominate the market over the forecast period.
- By protocol and technology, the home automation system market is segmented into wireless and network. By network technology, this market has beeb segmented into LTE network, GSM/HSPA, and CDMA. By protocol, the market is segmented into BACnet, LONWORKS, Ethernet, digital addressable lighting interface, and others. By wireless technology, this market has been segmented into Bluetooth, Wi-Fi, Z-wave, Zigbee, and IR.
North America to Lead Home Automation System Market
North America will lead home automation system industry over the forecast period. The presence of major industry players such as United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Johnson Controls Inc. (U.S.), Crestron Electronics, Inc. (U.S.), Acuity Brands, Inc. (U.S.) and others coupled with the increasing demand for domestic energy management systems are adding to the market growth in the region.
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