The value of the global home automation and controls market was worth $19.15 billion in 2012 and is expected to reach $48.02 billion by 2018, according to a new market research report distributed by MarketsandMarkets.com.
The market is projected to grow at an estimated compound annual growth rate (CAGR) of 16.9% from 2013 to 2018.
Titled “Home Automation & Controls Market by Product (2013 – 2018),” the report analyzes categories such as lighting control, security control, access control, HVAC control, entertainment control, outdoor control, communication protocols, as well as standards and data distribution.
All the major communication protocols such as KNX, DALI, and NEMA, and wired and wireless technologies such as BACnet, LonWorks, ZigBee, EnOcean, Bluetooth, Z-Wave, Wi-Fi, and others are discussed in the report.
Even though the concept of home automation has been in existence for a long time, the market has witnessed profound growth, mainly, during the last five years, according to the report. The stringent regulations being imposed by governments, augmented by increasing homeowner needs to save costs, are the primary factors contributing to the growth of the market.
Growing awareness about wireless technologies and developments toward the integration of wired and wireless technologies will also propel the market going forward.
