DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Home Automation System Market - Global Forecast to 2022" report to their offering.
The home automation system market is expected to be valued at USD 79.57 billion by 2022, growing at a CAGR of 11.3% between 2017 and 2022.
The key driving factors for the growth of the home automation system market are the growth in IoT, cost reduction measures, large number of manufacturers widening their product portfolios, and increasing importance of remote home monitoring. However, since many products are reaching maturity level and home automation system market is more of a convenience-driven market than necessity-driven, the growth of this industry might be limited to some extent.
The market for lighting control is expected to grow at a high rate because it reduces the electricity consumption in homes as sensors adjust the intensity of artificial light according to the intensity of natural light. Lighting control provides flexibility with respect to the lighting operation, which improves the ambiance, interior decoration, and productivity.
The proactive segment is expected to hold the largest size of the home automation system market during the forecast period. Proactive solutions are specifically designed to enable consumers to understand energy patterns and take effective measures to reduce their consumption. Proactive solutions are more beneficial as they can also send recommendation signals to end users for taking necessary energy reduction actions and can then control the electronic devices based on the users' actions.
Market Dynamics
Drivers
- Growth in Internet of Things (IoT)
- Cost Reduction Measures Enabled By Home Automation Systems
- Rapid Proliferation of Smartphones and Smart Gadgets
- Large Number of Manufacturers Expanding Their Product Portfolios
- Increasing Importance of Home Monitoring From Remote Locations
Restraints
- Some of the Home Automation Products in Developed Countries to Reach Maturity Level
- Market is More Convenience-Driven Than Necessity-Driven
Opportunities
- Lighting Controllers to Incorporate In-Built Data Connectivity Technology
- Favorable Government Regulations in Several Countries
Challenges
- Risk of Device Malfunctioning
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Protocols and Technologies Used in Home Automation Systems
8 Home Automation System Market, By Product
9 Home Automation System Market, By Software & Algorithm
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
- ABB Ltd.
- Control4 Corporation
- Crestron Electronics, Inc.
- Honeywell International, Inc.
- Ingersoll-Rand PLC
- Johnson Controls, Inc.
- Legrand
- Leviton Manufacturing Company, Inc.
- Lutron
- Schneider Electric SE
- Siemens AG
For more information about this report visit http://www.researchandmarkets.com/research/44jfxm/home_automation
