PUNE, India — The global home automation system market is forecast to grow from $32.11 billion in 2015 to $78.27 billion by 2022, increasing at a compound annual growth rate (CAGR) of 12.46 percent between 2016 and 2022, according to a new report published by MarketsandMarkets.
The growth of the home automation system market is attributed to factors including the significantly growing Internet of Things (IoT) market, the cost reduction measures enabled by home automation systems, the large number of manufacturers expanding their product portfolios, and the increasing importance of home monitoring from remote locations.
The home automation system market has been classified on the basis of products into HVAC control, lighting control, security and access control, and entertainment and other controls. The lighting control market is expected to grow at the highest rate during the forecast period.
North America held the largest share of the home automation system market in 2015, followed by Europe and Asia-Pacific (APAC). The U.S. is expected to dominate the market in North America.
Asia-Pacific is expected to grow at the highest CAGR for home automation systems between 2016 and 2022. The APAC region is witnessing growth in the number of new residential projects and strengthening of building infrastructure at a significant rate. Moreover, a considerable demand for home automation devices is seen in established and emerging APAC countries such as Japan, South Korea, China, and in the Rest of APAC. Currently, South Korea is considered to be a huge market for home automation systems.
The major companies in the global home automation system market, according to the report, include ABB Ltd. (Switzerland), Acuity Brands Inc. (U.S.), Crestron Electronics Inc. (U.S.), Honeywell International Inc. (U.S.), Ingersoll-Rand plc. (Ireland), Johnson Controls Inc. (U.S.), Legrand (France), Nest Labs Inc. (U.S.), Samsung Electronics Co. Ltd. (South Korea), Schneider Electric SE (France), Siemens AG (Germany), and United Technologies Corp. (U.S.).
More information is available here.
Publication date: 5/17/2016
Want more HVAC industry news and information? Join The NEWS on Facebook, Twitter, and LinkedIn today!
