The global home automation system market is expected to grow at a CAGR of 12.46% between 2016 and 2022 from $32.11 billion in 2015 to $78.27 billion by 2022.
The significant growth in the Internet of Things (IoT) products and applications, cost reduction measures enabled by home automation systems (due to technological or any other advancements), and growing importance of home monitoring from remote locations along with the continuous addition of new products by leading manufacturers are some of the major factors driving the growth of the home automation system market worldwide.
Smart thermostat is expected to grow at the highest rate in the home automation system market. Smart thermostats are installed in most North American homes and they offer attractive opportunities for energy companies and service providers in the home automation system market in the region.
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.
North Americas and Asia-Pacific are the major home automation system market. 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 report profiles the key players in the home automation system market with their respective market share analysis. The prominent players profiled in this report are Honeywell International Inc.
(U.S.), Legrand (France), Ingersoll-Rand plc. (Ireland), Johnson Controls Inc.
(U.S.), Schneider Electric SE (France), Siemens AG (Germany), ABB Ltd. (Switzerland), Acuity Brands, Inc.
(U.S.), United Technologies Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Nest Labs, Inc. (U.S.), and Crestron Electronics, Inc.
(U.S.). Priced at $4650 for a single user PDF, Inquire on “Home Automation System Market by Product (Lighting Control (Switch, Occupancy Sensor), Security & Access Control, HVAC Control (Pump & Fan, Control Valve), Entertainment & Other Controls), Software & Service & Geography - Global Forecast to 2022” research report can be requested at www.rnrmarketresearch.com/contact…ame=127985 .
On a related note, another research titled Building Automation System Market Global Forecasts to 2022 says, the building automation system market is expected to grow from USD 49.37 billion in 2015 to reach USD 100.60 billion by 2022, at a CAGR of 10.65% between 2016 and 2022. The rapid growth of the construction industry in this region along with the government initiatives has contributed to the growth of the building automation system market in the APAC region.
Companies like Honeywell International Inc. (U.S.), United Technologies Corporation (U.S.), Johnson Controls Inc.
(U.S.), Hubbell, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Legrand SA (France), Ingersoll Rand PLC (Ireland), ABB (Switzerland), and Robert Bosch GmbH (Germany) have been profiled in this 162 pages research report available at www.rnrmarketresearch.com/global-…eport.html .
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