According to a new market research report by marketsandmarkets.com, the home automation system market was valued at $39.93 billion in 2016 and is expected to reach $79.57 billion by 2022 at a compound annual growth rate (CAGR) of 11.3 percent during the forecast period.
Honeywell Intl. Inc. aimed to better synchronize smart home consumers, contractors, and conglomerates through its “Smart Tech, Smarter Experts” initiative, April 26, in New York City.
Emerson announced the next evolution of its nationally recognized smart thermostat. The new Sensi™ Touch Wi-Fi® Thermostat combines proven smarthome technology with a color touchscreen display and sleek, minimalist appearance that will be at home in any modern living space.
A major manufacturer recently conducted a survey of 2,000 consumers asking for their feedback on smart products. When asked about their interest in purchasing smart products, more than 60 percent of respondents said they were interested in purchasing an intelligent control for their home. Other industry data shows that actual smart home product penetration is less than 20 percent.
American Residential Services (ARS) has partnered with Nest Labs Inc. to include the Nest Learning Thermostat as a standard component of most of its middle and upper tier residential HVAC system installations. ARS will also offer professional installation of Nest Thermostats as an optional upgrade when performing service and preventative maintenance in previously installed systems.
The home automation system market is expected to be valued at $79.57 billion by 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.3 percent between 2017 and 2022.
The home automation system market is expected to be valued at $79.57 billion by 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.3 percent between 2017 and 2022.
While some contractors are proceeding with caution when it comes to smart home automation products, further training and awareness may force their hands sooner than later.
The geothermal industry has a lot going on at the moment. Federal tax incentives, or lack thereof, currently dominate the discussion, but manufacturers are releasing new, intelligent geothermal products all the time.
Home automation is no longer a thing of the past. Customers are seeking ways to intelligently control their homes in more ways than ever before, as evidenced by the number of new smart home products on display in this sector at the AHR Expo.