PUNE, India, April 27, 2016 /PRNewswire/ --
The report "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", published by MarkeMarkets, The global market is expected to grow from USD 32.11 Billion in 2015 to USD 78.27 Billion by 2022, at a CAGR of 12.46% between 2016 and 2022.
Browse 166 market data Tables and 67 Figures spread through 207 Pages and in-depth TOC on "Home Automation System Market"
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The growth of the home automation system market is attributed to factors such as significantly growing IoT market, cost reduction measures enabled by home automation systems, large number of manufacturers expanding their product portfolios, and increasing importance of home monitoring from remote locations.
The lighting control market is expected to grow at the highest rate during the forecast period
The market for lighting control in Home Automation Systems Market is expected to grow at a high CAGR during the forecast period since it reduces the electricity consumption in homes as the sensors adjust the intensity of artificial light according to the intensity of natural light. Lighting systems are among largest consumers of electricity in homes. Over the years, the growing environmental concerns have helped spread awareness regarding the importance of home automation and home energy management measures.
Smart meters held the largest share of the home automation system market in 2015
Smart meters record the energy consumption at frequent intervals, usually an hour, and communicate this information back to the utility for billing and monitoring purposes. Energy suppliers use smart meters to achieve specific and automated billing. Smart meters in the residential application are integrated with communication protocols to transfer the energy flow information to the home owner. These meters help consumers reduce their energy bills and also help conserve energy. Thus, the home automation system market for smart meters is expected to witness significant growth during the forecast period.
Asia-Pacific is expected to grow at the highest CAGR for home automation system market between 2016 and 2022
The APAC region is witnessing growth in the number of new residential projects and strengthening of building infrastructure at a significant rate. Moreover, a considerable demand for home automation devices is seen in established and emerging APAC countries such as Japan, South Korea, China, and in Rest of APAC (RoAPAC). Currently, South Korea is considered to be a huge market for home automation systems because of the high demand for various control devices pertaining to lighting control and entertainment control in this country.
The major companies in the global home automation system market that have been included 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.).
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The report describes the market dynamics including the key drivers, restraints, challenges, and opportunities with respect to the home automation system market and forecasts the market till 2022. This global report provides a detailed view of the market segmented on the basis of product, software and service, and geography.
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