Pune, India, Jan. 20, 2022 (GLOBE NEWSWIRE) -- The global home automation market size was USD 64.58 billion in 2020. The market is projected to grow from USD 72.30 billion in 2021 to USD 163.24 billion in 2028 at a CAGR of 12.3% in the 2021-2028 period.
This information is provided by Fortune Business Insights, in its report, titled, “Home Automation Market Size, Share and COVID-19 Impact Analysis, 2021-2028.”
As per the research conducted by our expert analysts, the rising adoption of Internet of Things (IoT) technology is anticipated bolster market growth. Likewise, surging home ownership by millennials and growing flexible income in established nations to navigate automated home demand.
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List of Key Players Mentioned in this Market Report:
- ABB Ltd. (Zürich, Switzerland)
- Johnson Controls International plc (Cork, Ireland)
- Crestron Electronics (New Jersey, U.S.)
- Siemens AG (Munich, Germany)
- Control4 Corporation (Utah, U.S.)
- Schneider Electronics (Rueil-Malmaison, France)
- Koninklijke Philips N.V (Amsterdam, Netherlands)
- Legrand SA (Limoges, France)
- Honeywell International Inc. (North Carolina, U.S.)
- Savant Systems LLC (Massachusetts, U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 12.3% |
| 2028 Value Projection | USD 163.24 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 64.58 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 130 |
| Segments covered | Component, Network Technology and Geography |
| Growth Drivers | Complete Lockdown Limitations to Push Automation System Demand during COVID-19 |
| Smart Home Technology to Fuel Market Growth | |
| North America to Hold Largest Market due to Integration of Advanced Technologies | |
| Innovative Product Unveiling by Vital Players to Drive Market Growth |
COVID-19 Impacts:
Complete Lockdown Limitations to Push Automation System Demand during COVID-19
Momentary lockdown of production facilities and further restricted existence of staff affected the production quantity throughout industries. During the preliminary months of the year 2020, the home automation devices and products perceived a substantial drop in their production along with an unbalanced supply chain. Also, the expending share on smart devices was declined owing to the irregular financial disaster. This has adversely influenced the growth and year-on-year growth observed a deterioration during the year 2020.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/home-automation-market-100074
Report Coverage:
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material for the home automation sector. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Segmentation:
On the basis of network technology, the market is classified into wired, wireless, and power line-based. Wireless network technology is set to attain maximum revenue share along with speedy growth during the forecast period.
Based on components, the market is branched into products and services.
Geographically, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Drivers and Restraints:
Smart Home Technology to Fuel Market Growth
Smart technology is increasing suddenly throughout industries. Smart home technology is considerably discovering and altering the home automation system. Previously, automation was implied as supervisory devices and appliances via internet networks. Nevertheless, with the presentation of smart home technology such as smart security, self-diagnosing devices, advanced self-health care, smart entertainment, and smart kitchen among other, automation system is being improved at every stage as the world is actively adopting advanced technology. This is anticipated to bolster the home automation market growth during the forecast period.
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Regional Insights:
North America to Hold Largest Market due to Integration of Advanced Technologies
North America held the majority of the home automation market share and is projected to emerge as a dominant region during the forecast period. The inclination of this region towards progressive technologies such as Artificial Intelligence (AI) and the internet of things coupled with bigger flexible income direct the demand for smart technologies.
Europe holds the second-largest share in the market and has lower market penetration as compared to North America. The region has perceived substantial growth in sturdy market players over the years.
Asia Pacific is projected to observe paced growth during the forecast period owing to rising investment in smart technologies.
Competitive Landscape:
Innovative Product Unveiling by Vital Players to Drive Market Growth
The chief players in the home automation industry employ various tactics to fortify their position in the market as leading companies. One such substantial tactic is procuring companies to motivate the brand value among users. Another fundamental strategy is intermittently launching inventive products with a detailed evaluation of the market and its target audience.
Industry Developments:
May 2020 – Savant Systems LLC, procured GE Lighting to refine its smart home technology product portfolio. By adding automation offerings, the company focuses to offer a smart home solutions to the expanded customer base.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Home Automation Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Home Automation Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Product
- Security and Safety
- HVAC
- Wellness Monitoring
- Smart Appliances
- Smart Entertainment
- Smart Lighting
- Others (Energy Management, etc.)
- Services
- Consulting
- Installation or Implementation
- Support and Maintenance
- Product
- By Network Technology (Value)
- Wired
- Wireless
- Power Line-Based)
- By Component (Value)
- Global Home Automation Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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