DALLAS — Researchers have predicted the global home automation and control market will reach $12.81 billion by 2020.
The concept of home automation, which mainly includes automation for centralized control of lighting, HVAC, appliances, and other systems, to provide improved convenience, comfort, energy efficiency, and security, has been in existence for a long time. However, during the last five years, the market has witnessed a profound growth, according to the latest MarketsandMarkets report titled, “Home Automation and Control Market — Global Forecast to 2020.”
In 2013, the global home automation and control market was worth $5.77 billion, according to the report. Researchers project the market to grow at an estimated compound annual growth rate (CAGR) of 11.36 percent between 2014 and 2020, with the market expected to reach $12.81 billion by 2020.
Analysts expect the rising awareness about wireless technologies and the various developments related to the integration of wired and wireless technologies to propel the home automation and control market in future.
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North America is expected to retain its position as the largest market. The revival of construction activities, especially with regards to new residential buildings and renovations, is expected to support the growth of the said market, in this region.
The increasing preference of consumers for convenience, connectivity, safety & security, and demand for energy efficient and green product solutions are expected to drive the growth of this market. Energy management and HVAC automation systems too are expected to see a similar growth phase, during the forecast period.
High investments in building infrastructure and the need to lower power consumption to save energy are further expected to drive the demand for home automation and security systems, especially in Asia-Pacific, Europe, and North America, according to the report.