Home automation helps to control basic home functions and are automatically or remotely integrated with a computer (or computers). Home automation not only improves standard of living, but also increases energy efficiency and secures lives. Basic components required to develop a well designed home automation system include a computer (or computers) with suitable programming, the systems and devices to be controlled, Wi-Fi connectivity or interconnecting cables, a high-speed internet connection, and a emergency back-up connection for computers.
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The global home automation market is estimated to grow from USD 16, 879.9 million in 2011 to USD 47,378.2 million in 2018 at a CAGR of 15.8% from 2011 to 2018. Based on technology, home automation systems could be segmented into wire system, wireless system and power line system. Based on product, the home automation market is segmented into lightning, security, entertainment, HVAC, robotics, intercom and other. Based on geography, the global home automation market cloud is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
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In terms of geography, Europe represents the largest regional market for home automation, holding about 36% of the overall market. Asia-Pacific represents the fastest growing home automation market by geography growing at CAGR of 19.4% from 2011 to 2018. Entertainment control represents the largest and fastest growing market in home automation as it has become a vital part of individual lives.
Rising standard of living combined with growing awareness of energy efficiency and security requirements is driving the demand for home automation products. Steady recovery in global economy and real estate industry will also boost the home automation market in future. Increasing numbers of young technology savvy home owners represent a positive indication for the future home automation market. The growing smart phone market and tablet market is also another positive indication for this market, as smart phones and tablets can be used in alliance with wireless technologies and internet for controlling and monitoring home devices and appliances.
High price of home automation products are a restraint for the growth of this industry. As multimedia is an essential part of home automation systems and bandwidth rules multimedia, the cost of home automation products is very high. Installation and deployment charges are site-dependent and may represent a constraint until uniform packages are available. Developing a customized home solution to meet individual customer requirements may create problems of improper strategy for vendors.
Technology advancement and innovation represents the key driving factor for the growth of the home automation market. There is large demand for cost efficient wireless home automation products as it reduces the installation and maintenance cost for consumers. Large opportunity exists for home automated products with wireless technologies such as Z-wave, Zigbee, and EnOcean. Introduction of low cost home automation products will help vendors to penetrate the market and enhance customer base.
Some of the key players in the home automation market include Haier Group, AMX Corporation, ABB LTD, Honeywell, Siemens Building Technologies, Schneider Electric, Clipsal Australia, Acuity Brands Controls and others.
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This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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