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Rosy future predicted for firms in home automation industry

Rosy future predicted for firms in home automation industry

The home automation market is expected to grow at the highest rate during the forecast period, owing to increase in energy costs, rise in awareness for efficient energy usage among consumers, and technological advancements.

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According to a new report published by Allied Market Research, titled, Home Automation Market by Application, Technology, and Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global home automation market was valued at $39,607 million in 2016, and is projected to reach at $81,645 million by 2023, growing at a CAGR of 11.2 % from 2017 to 2023. North America is expected to be the leading contributor to the home automation market, followed by Europe and Asia-pacific.

Increase in awareness for efficient energy usage, rise in electricity prices, and technological advancements are expected to drive the market growth. Moreover, rise in safety & security concerns has fueled the adoption of home automation systems, thus boosting the market growth.

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However, lack of awareness about home automation products and high initial investments in home automation are expected to hamper the market growth. Increase in adoption of automated services is expected to provide lucrative opportunities for the global home automation market.

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Key Findings of the Home Automation Market:

In 2016, the luxury segment accounted for the maximum revenue, and is projected to grow at a notable CAGR of 10.1% during the forecast period.

The wireless segment generated the maximum revenue, and is expected to grow at a CAGR of 11.6% during the forecast period.

Germany is the major shareholder in the European home automation market, accounting for more than 36% share in 2016.

The key players profiled in the home automation market include Crestron Electronics, Inc. AMX LLC. (Harman), Control4 Corporation, Honeywell International, Inc.

Johnson Controls, Inc., Siemens AG, Zigbee alliance, Vantage Controls (Legrand), Savant Systems LLC., and ABB. These players have adopted various strategies, such as product launch, collaboration & partnership and acquisition to expand their foothold in the home automation market.

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News From

Allied Market Research - Industry TrendsAllied Market Research
Category: Market Research Publishers and RetailersCompany profile: Allied Market Research is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market dom ...