Global Market for Home Automation Systems to Surpass $78B by 2022, Report Says
Internet of Things (IoT) products and applications as well as cost reduction measures enabled by home automation systems are cited as significant market drivers.
The global market for home automation systems is forecast to grow at a compound annual growth rate (CAGR) of 12.46% between 2016 and 2022 and be worth $78.27 billion by the end of the forecast period, according to a market report distributed by reportsnreports.com.
Internet of Things (IoT) products and applications as well as cost reduction measures enabled by home automation systems are cited as significant factors driving the market. One example cited in the report, smart thermostats provide details of energy consumption within the household via monthly reports, thereby enabling the end users to take steps to reduce their electricity bills. This factor is expected to drive the growth of the HVAC control market in the other regions as well during the forecast period.
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North America held the largest share of the global home automation system market in 2015 because of factors such as the increasing demand for reliable home energy management systems, enhanced home security levels, and growing popularity of integration of smart devices such as tablets and smartphones in home automation solutions.
The home automation system market in Asia-Pacific is expected to grow at the highest rate. Strong economic growth, increasing population and improving standards of living and rapid urbanization leading to a sophisticated infrastructure are some of the major factors driving the growth of the market in this region.
The prominent players profiled in the report are Honeywell, Legrand, Ingersoll-Rand, Johnson Controls, Schneider Electric, Siemens, ABB Ltd., Acuity Brands, United Technologies Corp., Samsung, Nest Labs, and Crestron Electronics.
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