Home Automation Market COVID-19 Impact on Key Players, Industry Share and Growth Outlook

(The Express Wire via Comtex)

The Global Home Automation Market is anticipated to rise incessantly on account of the rising adoption of Internet of Things (IoT) in developing and developed nations. Fortune Business Insights published the above information in a report, titled “Home Automation Market Size, Regional Analysis and Growth Rate 2025”. According to the report, the overallhome automationmarket is expected to grow from USD 45.8 Billion in 2017 to USD 114 Billion by 2025 at a CAGR of 12.1% during the forecast period. The wireless home automation systems segment is expected tobe driven by the increasing demand from around the world.

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List of Top Key Players Mentioned:

  • ABB Ltd
  • Siemens
  • Crestron Electronics Inc.
  • AMX LLC (Harman)
  • Control4 Corporation
  • Honeywell International Inc.
  • Johnson Controls Inc.
  • Savant Systems LLC.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

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“Honeywell International Inc. Accounted for a Maximum Share by Developing Advanced Smart Home”

In 2017, Honeywell was the leading player covering for a maximum share in the global home automation market. The company adopted a combination of advanced controls and strategies to develop smart home automation products. Also, the company acquired start-ups to increase its product portfolio penetration in emerging countries. In addition to this, this company is focusing on the deployment of improved technologies in a fully automated home system. In addition to this, recently the company has introduced a home control and Lyric security platform for its users to wirelessly control their home automation systems. Another company called SwannOne launched SwannSecurity which allows users to control and handle their air conditioners, lights, and security cameras with the help of an app. Some of the other leading players in the global home automation market include Crestron Electronics Inc., Control4 Corporation, Savant Systems LLC., Siemens AG, Honeywell International Inc., ABB Ltd., and Johnson Controls Inc.

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“Lighting Seen as the Most Profitable Segment Among Others”

Among applications, lighting is expected to cover maximum share in the global home automation by 2025. “The adoption of lighting systems is growing as the need for reducing energy consumption rises,” stated a lead analyst at Fortune Business Insights. “This is further resulting in the integration of lighting products in-built with technologies such as IoT and cloud-based sources,” he added. Product launches and technologies introduced by companies such as Advanced Lighting Technology and GE Lighting are anticipated to boost this segment in the coming years. Also, companies are adopting wireless technology, which is expected to stimulate the growth of this segment during the forecast period.

Home Automation Market Segmentation:

  1. By Product
    • Luxury Home Automation System
    • Mainstream Home Automation System
    • Managed Home Automation System
    • DIY (Do It Yourself Home Automation System)
  2. By Application
    • Safety and Security
    • Lighting
    • Entertainment (Audio and Video)
    • Heating, Ventilation and Air conditioning
    • Others
  3. By Networking Technology
    • Wired Home Automation System
    • Wireless Home Automation System
  4. By Geography
    • North America (USA and Canada)
    • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
    • Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
    • Latin America (Mexico, Brazil and Rest of Latin America)
    • Middle East and Africa (GCC, South Africa and Rest of the Middle East and Africa)

“North America to Lead the Global Market Owing to High Adoption of AIand IoT

In 2017, the North America market was worth USD 16.4 Bn and is projected to dominate the global home automation market in the coming years. Companies in this region are continuously involving in mergers and acquisitions(MandAs) to deploy home automation solutions. Rising technological advancements and better internet connectivity are key factors driving the home automation market in this region. Europe is also anticipated to witness considerable growth owing to the presence of some leading manufacturers in the automotive segment. Lastly, the market in the Asia Pacific is anticipated to grow at a steady rate during the forecast period.

“Home Automation Market to Grow Rapidly with Rising Demand for Remotely Controlled Devices”

The rising preference towards a better standard of living is one of the primary factors driving the home automation market. This, coupled with rising disposable income especially in developing countries, is encouraging investment in home automation solutions. The growing adoption of smartphones and tablets across the world is likely to escalate the demand for remotely controlled devices, thus driving the home automation market. The adoption of cloud-based solutions is growing at a rapid pace in smart home appliances. This is further expected to act as growth engines for the home automation market over the next few years. Rapid urbanization is another factor leading to a rise in home automation systems. These systems offer better security and safety with technologically sound specifications. This contributes to the growing demand for advanced home automation products such as home automation using Bluetooth.

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Major Table of Contents:

  1. Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology and Assumptions
  2. Executive Summary
  3. Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  4. Key Insights
    • Global Market Overview
    • Key Market Indicators
    • Macro and Micro Economic Factors
    • Emerging Market Trends
    • Industry SWOT Analysis
  5. Global Home Automation Market Analysis, Insights and Forecast, 2014-2025
    • Definitions
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast By Product
      • Luxury Home Automation System
      • Mainstream Home Automation System
      • Managed Home Automation System
      • DIY (Do It Yourself Home Automation System)
    • Market Analysis, Insights and Forecast By Application
      • Safety and Security
      • Lighting
      • Entertainment (Audio and Video)
      • Heating, Ventilation and Air conditioning
      • Others
    • Market Analysis, Insights and Forecast By Networking Technology
      • Wired Home Automation System
      • Wireless Home Automation System
    • Market Analysis, Insights and Forecast By Region
      • North America
      • Europe
      • Asia Pacific
      • Middle East and Africa
      • Latin America
  1. North America Home Automation Market Analysis, Insights and Forecast, 2014-2025
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast By Product

TOC Continued…!

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Press Release Distributed by The Express Wire

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