Global Home Automation Market to Expand at 26.30% CAGR from 2014 to 2020
Global home automation market was valued at USD 4.41 billion in 2014, growing at a CAGR of 26.3% from 2014 to 2020. Home automation systems refer to all such systems, whether used as a single application or as integrated solutions that are used to automate processes. They are electricity powered and are manually controlled (such as turning on the AC, dimming lights, managing entrance gate and cameras, operating smart appliances in a house, and so on. With technological advancements in several developing countries across the globe, home automation solutions are evolving continuously. Modern day home automation solutions utilize high end digital technology for providing better performance and efficiency.
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The global home automation market is segmented by region into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). The home automation market is primarily driven by growing need for effective solutions in various domestic applications such as lighting, safety and security, energy management, entertainment (audio and video), and HVAC (heating, ventilation, and air conditioning). High degree of internet connectivity and penetration in developed countries such as the U.S., the U.K., France, and Germany are also contributing to the growth of home automation market globally.
Geographically, North America led the home automation market in 2014 and the region is expected to continue its dominance by 2020. The region’s dominance is due to advancement in technology in countries such as the U.S. and Canada. Moreover, consumer awareness and affinity towards new technology is further contributing to the growth of home automation market in North America. Europe and Asia Pacific followed North America in the global home automation market to collectively account for more than forty percent of the global market revenue share.
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The home automation market is segmented on the basis of application into lighting, safety and security, HVAC (Heating, Ventilation, and Air-Conditioning), entertainment, energy management, among others. Among all, safety and security segment held the highest market revenue share in 2014 and is expected to remain so during the forecast period. Demand for safety and security home automation systems is attributed to growing need for remote home monitoring solutions and increasing risk of criminal activities such as theft and robbery. Safety and security segment is followed by entertainment and lightening segment.
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The home automation market is further segmented by networking technology into wired systems, power-line systems, computing networks, and wireless systems. Wireless system segment of home automation technology held the highest revenue share accounting for more than fifty percent of the overall market in 2013. With the increase in number of products equipped with WiFi technology, the demand for wireless technology enabled home automation solutions are observing substantial growth globally. Power-line systems is analyzed to be the second fastest growing networking technology segment after wireless systems and is expected to attain a significant growth in the recent future.
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