Home Automation Systems Market Size To Reach $ 92,770 Million By 2027 At A CAGR Of 9.2%

BANGALORE from India, November 8, 2021 / PRNewswire / – The Home Automation Systems Market is segmented by type (Wireless communication technologies, Network technologies), Application (Lighting control, security and access control, HVAC control, entertainment control, others). The report covers the analysis of global opportunities and industry forecast from 2021 to 2027. It is published in Evaluate reports under Household appliances Category.

The global home automation systems market size is expected to reach $ 92,770 million by 2027, from $ 48,720 million in 2020, at a compound annual growth rate (CAGR) of 9.2% during 2021-2027.

The major factors driving the growth of the home automation systems market are

The home automation systems market is expected to expand owing to increasing customer demand for convenience, shifting consumer trends towards smart gadgets, and increasing disposable income. Different types of home automation systems, ranging from high-end home automation systems to DIY home automation systems, are deployed around the world. They not only make life easier for homeowners, but also help keep the home safe and conserve energy.

The home automation systems market is expected to grow due to strict government regulations on energy efficiency, the increased importance of home monitoring from remote locations, and increased consumer awareness of 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 systems market

The growing use of home automation systems among the elderly, the increase in home ownership among millennials around the world, the prevalence of advanced services offered by telecommunications companies and the falling costs of insurance for consumers. Homeowners who invest in home security systems are some of the major factors that are likely to drive the growth of the home automation systems market during the forecast period.

The home automation systems market is expected to increase due to rapid urbanization in developing countries. With the growth of smart cities, emerging countries are also experiencing increasing urbanization. The concentration of housing construction in cities in emerging countries has resulted in a growing demand for improved housing infrastructure. As a result, home automation systems would eventually be installed in modern and newly developed apartment buildings.

The cost of electricity has increased dramatically, straining homeowners’ operating budgets. The main end customers of the home automation market are residential buildings and the hotel industry. End customers benefit from home automation since it allows them to control their consumption and thus save electricity. Home automation controls help you save money on electricity by reducing the amount of energy used in lighting, security and HVAC systems.

In addition, the expansion of the home automation systems market is expected to be fueled by increased consumer awareness. The usefulness of automated controls in homes and buildings is increasingly recognized. Smart lighting controls, automated HVAC controls and security systems ensure that home controls are used efficiently while consuming less electricity. Green measures are preferred 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 fields will expand the footprint of the global market in the years to come. During the projected period, predefined arrangements for easy integration of various applications will further support the growth of the global home automation market.

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Home Automation Systems Market Share Analysis

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

Depending on the region, North America should be the most lucrative region. Increase in mergers between major players and IT companies with the aim of developing and deploying IoT and AI solutions in United States are expected to stimulate growth in this region. Likewise, a high deployment rate of safety and security solutions in this region is expected to drive the market growth.

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Main players in the home automation systems market

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

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SIMILAR REPORTS

– The Global Smart Home Installation Services Market the size should reach $ 7,216 million by 2027, from $ 2,766.7 million in 2020, at a CAGR of 14.2% in 2021-2027.

– In 2020, the Smart Home Security Systems Market the size was $ 133.6 million and it is expected to achieve $ 503 million by the end of 2027, with a CAGR of 20.0% in 2021-2027.

– The Global DIY home automation market the size should reach $ 42,440 million by 2027, from $ 10,530 million in 2020, at a CAGR of 21.5% in 2021-2027.

– In 2020, the Smart Home Security Systems Market the size was $ 133.6 million and it is expected to achieve $ 503 million by the end of 2027, with a CAGR of 20.0% in 2021-2027.

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– The Global HVAC Services Market the size should reach $ 1,709.8 million by 2027, from $ 1,219.2 million in 2020, at a CAGR of 4.9% in 2021-2027.

– In 2020, the Entertainment Consumer Electronics Market the size was $ 240 350 million and it is expected to achieve $ 297,440 million by the end of 2027, with a CAGR of 3.1% in 2021-2027.

– The Global Smart Building Automation Systems Market the size should reach $ 93,700 million by 2027, from $ 58,420 million in 2020, at a CAGR of 6.5% in 2021-2027.

Wiring devices for the home automation market contains segmentation By type (Lamp holders, wire connectors, electrical switches, others), By application (HVAC, lighting, others) and regional

Smart Home Automation Control Market contains segmentation By type (Security and surveillance system, HVAC control, lighting systems, entertainment control, others), By application (Residential, Commercial) and Regional

To see the complete list of related reports on the home automation system

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