The home automation system market is expected to be valued at $79.57 billion by 2022, growing at a combined annual growth rate (CAGR) of 11.3 percent between 2017 and 2022, according to a recent report from Research and Markets.
The key driving factors for the growth of the home automation system market are the growth in the Internet of Things (IoT), cost reduction measures, large number of manufacturers widening their product portfolios, and the increasing importance of remote home monitoring.
However, since many products are reaching maturity level and home automation system market is more of a convenience-driven market than necessity-driven, the growth of this industry might be limited to some extent.
The market for lighting control is expected to grow at a high rate because it reduces the electricity consumption in homes as sensors adjust the intensity of artificial light according to the intensity of natural light. Lighting control provides flexibility with respect to the lighting operation, which improves the ambiance, interior decoration, and productivity.
The proactive segment is expected to hold the largest size of the home automation system market during the forecast period. Proactive solutions are specifically designed to enable consumers to understand energy patterns and take effective measures to reduce their consumption.
As a result, proactive solutions are viewed as more beneficial because of their ability to also send recommendation signals to end users, empowering them to take necessary energy reduction actions. This also enables better control over the electronic devices based on the users’ actions.
From a regional market perspective, the market in Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period owing to the presence of a significant number of new residential projects and strengthening of the building infrastructure.
The presence of a huge end-user base in advanced economies such as Japan and South Korea and the growing demand for energy management systems are further expected to drive the home automation system market in this region.
(For more information, visit Allied Market Research).