According to IMARC Group latest report titled “Home Automation System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, offers a comprehensive analysis of the industry, which comprises insights on home automation system market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The market reached a value of US$ 60.2 Billion in 2020. The global Home Automation System market to grow at a CAGR of 8.7% during 2021-2026.
The home automation system is generally installed in homes for enhanced comfort and safety as well as aids in energy conservation. It helps in monitoring and automating various home appliances, such as lighting, heating, ventilation, air conditioning (HVAC) systems and security check locks and allows users to control them with a single touch of a button. As a result, its adoption enables a comfortable, convenient and centralized control of operations. The demand for home automation systems is increasing across the globe due to the rising homeownership among millennials.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The global market is majorly driven by the increasing demand for energy-efficient solutions among the masses. This is supported by an enhanced focus on sustainable development and the inflating disposable income levels of individuals. Since home automation systems offer numerous advantages, such as notifying users about intruders in their homes, this is providing a boost to the market. In addition to this, continual technological advancements and the integration of the Internet of Things (IoT) with home automation systems are creating a positive market outlook. Some of the other factors driving the market further include rapid urbanization, shifting lifestyle preferences and easy availability of affordable home automation solutions via online and offline organized distributed channels.
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Siemens AG
- Honeywell International, Inc.
- Johnson Controls, Inc.
- Schneider Electric SE
- Legrand SA
- Ingersoll-Rand PLC
- ABB Ltd.
- Acuity Brands, Inc.
- Samsung Electronics Co., Ltd.
Home Automation System Market Segmentation:
Our report has categorized the market based on region, application and type.
Market Breakup by Application:
- Lighting control
- Security and access control
- HVAC control
- Entertainment and other controls
Market Breakup by Type:
- Luxury (Custom)
- Mainstream
- DIY (Do-It-Yourself)
- Managed
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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