Home Automation System Market Size to Reach USD 92770 Million by 2027 at CAGR 9.2% - Valuates Reports

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BANGALORE, India, Nov. 8, 2021 /PRNewswire/ -- The Home Automation System Market  is Segmented by Type (Wireless Communication Technologies, Network Technologies), Application (Lighting Control, Security & Access Control, HVAC Control, Entertainment Control, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Home Appliances Category.

The global Home Automation System market size is projected to reach USD 92770 Million by 2027, from USD 48720 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.2% during 2021-2027.

Major Factors Driving The Growth Of The Home Automation System Market Are

The home automation systems market is predicted to develop due to rising customer demand for convenience, changing consumer trends toward smart gadgets, and rising disposable income. Various types of home automation systems, ranging from premium home automation systems to DIY home automation systems, are being deployed around the world. They not only make life easier for homeowners but also help with home security and energy conservation.

The home automation systems market is expected to grow due to stringent government regulations on energy efficiency, the increased importance of home monitoring from remote locations, and increased consumer awareness about the availability of smart home devices such as automated security and lighting systems.

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Trends Influencing The Growth Of The Home Automation System Market

Increasing use of home automation systems among the elderly, rising homeownership among millennials around the world, the prevalence of advanced services offered by telecommunication companies, and lower insurance costs for homeowners investing in home security systems are a few of the major factors that will likely boost the growth of the home automation system market during the forecast period.

The home automation systems market is predicted to rise due to rapid urbanization in developing countries. With the growth of smart cities, emerging countries are also seeing increasing urbanization. The concentration of housing construction in cities in emerging countries has resulted in an increasing demand for enhanced housing infrastructure. As a result, home automation systems would eventually be installed in newly developed, modern housing buildings.

The cost of power has risen significantly, putting a strain on homeowners' operating budgets. The home automation market's key end customers are residential buildings and the hospitality industry. End customers benefit from home automation since it allows them to control their usage and so save money on electricity. Home automation controls help you save money on power by reducing the amount of energy used in lighting, security, and HVAC systems.

Furthermore, the expansion of the Home Automation System market is likely to be fueled by a rise in consumer awareness. The usefulness of automated controls in homes and buildings is becoming widely recognized. Intelligent lighting controls, automated HVAC controls, and security systems ensure that house controls are used efficiently while consuming less electricity. Green measures are being prioritized by building owners in order to reduce overall CO2 emissions

The increasing use of cloud-based solutions and the rise of smart homes in various areas will expand the worldwide market's footprint in the coming years. During the projected period, prebuilt provisions for easy integration of various applications will further support the global home automation market's growth.

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Home Automation System Market Share Analysis

Based on the application, the entertainment control segment is expected to hold the largest home automation market share. The convenience offered by these controls for managing and regulating the entertainment systems in a house is driving the expansion of audio, volume, and multimedia room controls.

Based on region, North America is expected to be the most lucrative region. Increased mergers between important players and IT businesses with the goal of developing and deploying IoT and AI solutions in the United States are projected to boost growth in this region. Similarly, a high deployment rate of safety and security solutions in this region is expected to boost the market growth.

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Major Players in the Home Automation System Market

• Honeywell
• Legrand
• Schneider Electric
• Johnson Controls
• Siemens
• Ingersoll-Rand
• ABB
• Control4
• Crestron Electronics
• Leviton Manufacturing Company
• Lutron
• Samsung Electronics

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