Home Automation Market to Grow at a CAGR of 6.7% During 2019 – 2027

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Home Automation Market to Grow at a CAGR of 6.7% During 2019 – 2027

October 07
21:38 2021
Home Automation Market to Grow at a CAGR of 6.7% During 2019 - 2027
The market for home automation is forecast to grow steadily to become US$ 124.1 Bn by 2027 from US$ 69.0 Bn in 2018, at a CAGR of 6.7%.

The trend of automation of home products has opened up new vistas in automation industry. The drive for these stems from the growing traction of smart homes and building, in terms of energy efficiency, comfort, safety, and security. Players in the home automation market are keen on unlocking new facets that straddle these proposition to explore new revenue potential.

Making Homes Smarter Through Automation Become an Intractable Part of Lifestyle

Technology-led smart homes have become key to sustainable living. Over the years, the developed world as well as the developing world have witnessed the inroads that home automation has been making in peoples’ lifestyle. Growing array of products in the home automation market have constantly raised the ante for developers of technology products meant for automation markets, especially for general consumers.

Two key macroeconomic factors have fueled the trends. Rise in household disposal incomes as well as real personal disposable income of populations in emerging economies have fueled the appetite for automation products. Another aspect is the advance made in IoT – a key framework for supporting new features and functionalities in home automation products.

The possibilities are vast. Clocking a CAGR of 6.7%, the global home automation market is expected to reach worth of US$ 124.1 Bn by 2027-end.

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Safety and Security Applications Key Revenue Generator

A vast range of products in the home automation products are being used in ensuring homeowners’ safety and in automating various security applications. The opportunities in this segment are expected to be massive through the forecast period. The demand for video surveillance applications proliferated over the past few years. The sub-segment held the great majority of shares in 2018. A number of companies are active in catering to the demand for home automation products that can help homeowners and residents to rebuff the security of homes remotely. Other promising regions are HVAC and lighting systems.

Growing demand for comfort and convenience is another key proposition propelling the growth of opportunities in the home automation market. Great strides have been made in the IoT networks used in home automation. Standards and protocols such as Z-Wave, Bluetooth Low Energy (BLE), and Zigbee have all seen some remarkable advances, adding revenue prospects for players in the market.

Preference of Smartphones to Access the Features Key Trend

A large number of features are likely to accessed through mobile devices particularly smartphones. The affordability and ubiquity of smartphones among consumers is a key factor spurring the preference of the use of smartphones in using home automation products. Growing use of home automation products among people who need assistance, such as patients with Alzheimer’s, is adding to the growth prospects.

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Asia Pacific to be Key Market

North America and Europe have been lucrative markets. Particularly, a large chunk of revenues of the global reveneus have come from U.S. and Western European countries. Meanwhile, in recent years, the appetite of home automation products and solutions have considerably increased in developing countries. Asia Pacific has been at the forefront of these changes. Indonesia, South Korea, and Taiwan have seen remarkable rise in opportunities. A great deal of the growing popularity can be ascribed to change in lifestyle.

Large rise in disposable income of the mid-income groups in Asia in the past decade has been a key trend fueling the momentum. Another key trend is focus on energy efficiency. Smart buildings that optimize energy use through home automation products are greatly being encouraged by industry norms and the general awareness about the benefits among the common populace. The focus on sustainable living is another key motivator for the rapidly increasing appetite.

Some of the key players in the home automation market are Honeywell International Inc., Siemens AG, United Technologies Corporation, Cisco Systems, Inc., and Ingersoll-Rand PLC.

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