Portland,OR, June 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global home automation and controls market was pegged at $52.03 billion in 2019, and is expected to reach $104.52 billion by 2028, registering a CAGR of 10.70% from 2021 to 2028.
Growth in adoption of wireless technologies, requirement for energy efficient solutions, and increase in deployment of home automation devices drive the growth of the global home automation and controls market. In addition, government initiatives toward the construction of smart house further fuel the growth of the market. On the other hand, dearth of interoperability between smart devices hamper the market growth. Moreover, increase in urbanization in Asia-Pacific countries is expected to usher a plethora of opportunities in the coming years.
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Covid-19 Scenarios-
- The covid-19 pandemic led to suspended manufacturing processes and disrupted supply chain management. In addition, the demand for home automation and controls had decreased during the initial phase of the lockdown.
- However, the government bodies have now eased off the existing regulations to support several industries in economic terms. This, in turn, would help the market recoup soon.
The global home automation and controls market is segmented on the basis of type, technology, application, and region.
Based on type, the managed home automation system segment dominated the market with the highest market share in 2019, accounting for nearly three-fifths of the total share of the global home automation and controls market, and is expected to dominate during the forecast period. At the same time, the mainstream home automation system segment is expected to portray the highest CAGR of 13.30% from 2021 to 2028.
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Based on technology, the computing network home automation system segment accounted for the highest market share in 2019, with nearly one-third of the total market share, and is expected to maintain its leadership status by 2027. On the other hand, the powerline home automation systems segment is expected to manifest the highest CAGR of 12.4% during the forecast period.
The global home automation and controls market is studied across various regions including Asia-Pacific, North America, LAMEA, and Europe. The market across North America, accounted for the highest share in terms of revenue, more than one-third of the total market share in 2019. Nevertheless, the Asia-Pacific region is projected to showcase the fastest CAGR of 13.00% from 2021 to 2028.
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The key players operating in the global home automation and controls market analysis include2GIG Technologies (U.S.), ABB Ltd (Switzerland), ADT Inc. (U.S.), AMX LLC (U.S.), Control4 Corporation (U.S.), Honeywell International Inc. (U.S.), Johnson Controls International PLC (Ireland), Legrand Group (France), Leviton Manufacturing Co. (U.S.), Inc., and Siemens AG (Germany).
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