Dublin, May 07, 2024 (GLOBE NEWSWIRE) -- The "Home Automation - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Home Automation Market to Reach $293.6 Billion by 2030
The global market for Home Automation estimated at US$99.9 Billion in the year 2023, is projected to reach a revised size of US$293.6 Billion by 2030, growing at a CAGR of 16.6% over the analysis period 2023-2030.
The home automation market is experiencing significant recent activity, driven by a trend towards a connected world. Applications like security, lighting, and entertainment are fueling growth, with the service component expected to record robust growth, especially in managed services. Wireless technologies dominate the market, offering benefits like proactive solutions and convenience.
Recent entrants are also making an impact, enhancing competition and innovation in the home automation market. Overall, home automation offers convenience, comfort, safety, security, and energy efficiency to households, making it a promising segment in the connected world trend.
Safety & Security Application, one of the segments analyzed in the report, is expected to record a 17.2% CAGR and reach US$122.1 Billion by the end of the analysis period. Growth in the Lighting Application segment is estimated at 17.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $25.6 Billion, While China is Forecast to Grow at 21.3% CAGR
Developed economies lead adoption, but Asia-Pacific is emerging as a long-term growth driver. The choice of networking protocol and standards is critical, with various options available, including wired and wireless technologies and open platforms. In 2024, global key competitors share insights into market share distribution, reflecting the competitive landscape of the industry.
The Home Automation market in the U.S. is estimated at US$25.6 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$76.2 Billion by the year 2030 trailing a CAGR of 21.3% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.6% and 14.2% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 13% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$49.7 Billion by the year 2030.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 213 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $99.9 Billion |
| Forecasted Market Value (USD) by 2030 | $293.6 Billion |
| Compound Annual Growth Rate | 16.6% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Home Automation: Providing Convenience, Comfort, Safety, Security and Energy Efficiency to Homes
- Recent Market Activity
- Trend towards Connected World Bodes Well for the Home Automation Market
- Security, Lighting and Entertainment Applications Propel Growth in the Global Home Automation Market
- Service Component of Home Automation to Record Robust Growth
- Managed Service Emerges as the Preferred Installation Type for Home Automation
- Wireless Technologies Rule the Home Automation Market
- Benefits of Proactive Solutions Contribute to its High Share in Home Automation Market
- Developed Economies at the Forefront of Home Automation Adoption, Asia-Pacific Emerging to be the Long-term Growth Driver
- Home Automation Networking Protocol & Standards - A Critical Decision to Make
- A Peek at Wired Technologies, Wireless Technologies, Integrated Product Families and Open Platforms Standards and Protocols for Home Automation
- A Glance at Major Networking Protocols Available For Home Automation
- A Glance at Select Standards in the Home Automation Market
- Home Automation - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Landscape
- A Glance at Few Latest Entrants in the Home Automation Market
- Home Automation: Providing Convenience, Comfort, Safety, Security and Energy Efficiency to Home
- Trend towards Connected World Bodes Well for the Home Automation Market
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Growing Need to Address the Constant Rise in Electricity Costs Drives Focus onto Home Automation
- Rising Significance of IoT in Home Automation
- Open Source Home Automation Software to Resolve Privacy Issues
- Smart Homes - The Future of Home Automation
- Key Statistics
- Latest Trends in the Smart Home Technology Landscape
- Increasing Proliferation of Smartphones and Smart Mobile Devices: A Strong Growth Driver for Home Automation Market
- Technology Innovations: Spearheading Growth
- iHome Launches Amazon Alexa-enabled Clock Radio
- AXIS Unveils AXIS Gear for Window Shades
- Whisker Labs Home Energy Monitoring Sensor
- RTI KX10 10-inch In-Wall Touchpanel
- Venstar Wireless Temperature Sensor
- Lutron Connect Bridge and App
- SnapAV OvrC Pro Remote Home Monitoring and Management Systems
- Hubs and Controllers
- Surveillance Cameras
- Locks and Home Security Systems
- Heating and Cooling
- Cooking
- Automation in Lighting Systems - Easing Management and Control of Lighting Products
- A Review of the Most Popular Smart Lighting Switches
- Rising Use of Voice-Activated Commands to Control Home Automation Products
- A Comparative Review of Select Smart Speakers
- Home Automation Devices Bolster Sales of Consumer Electronics Market
- Zero Homes Bringing a Paradigm Shift in Smart Homes Market
- Programmable Thermostats
- Innovative Panels
FOCUS ON SELECT PLAYERS(Total 82 Featured)
- ABB Ltd.
- Abilia AB
- AMX
- Control4 Corporation
- Crestron Electronics Inc.
- Emerson Climate Technologies Inc.
- HomeSeer Technologies, LLC
- Honeywell International, Inc.
- Legrand
- Leviton Mfg. Company Inc.
- Lutron Electronics Co. Inc.
- Nest Labs
- Savant Systems LLC
- Schneider Electric
- Siemens AG
- SmartThings
- TELETASK
- Vera Control Ltd.
- Vivint Inc.
For more information about this report visit https://www.researchandmarkets.com/r/g1e4vh
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