Home Automation Market to Value $ 114B at 12.1% CAGR by 2025


Reading time ( words)

The global home automation market is anticipated to expand at a CAGR of 12.1% and reach US$ 114 Bn by the end of 2025. In terms of application, the lighting segment held the highest market share in 2017. The segment accounted for 25% of the global home automation market. The segment is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is attributable to the increasing need for reducing the energy consumption. This is likely to propel the demand in the global home automation market.

"Integration of lighting products with IoT based renewable sources of energy and cloud-based technology is expected to reduce the energy consumption. This in response would also generate demand for home automation product and services," said a lead analyst at Fortune Business insights.

Increasing Adoption of Wireless Technology to Fuel Demand in Global Market

Increasing internet penetration and rising willingness for luxurious lifestyle are major factors anticipated to drive the global Home Automation Market during the forecast period 2018-2025. Moreover, increasing purchasing power and adoption of wireless technology is expected to increase the demand in the global home automation market.

Integration of the Internet of Things in home automation products, besides the Artificial Intelligence is also projected to boost the global home automation market.

However, high cost associated with home automation products and services and high data prices are a few factors that may restrain the global Home Automation Market during the forecast period.

North America to Retain Dominance Through Forecast Period

North America emerged dominant in the global Home Automation Market in 2017. The market in North America was valued at US5 16.4 Bn in 2017. It is expected to remain the leading region through the forecast period. The growth witnessed is attributable to the increasing number of mergers and partnerships taking place in the region. Additionally, high adoption of Internet of Thing in nations such as the U.S. and Canada is likely to increase the growth rate in the global home automation market. North America is also expected to expand at a relatively high CAGR in response to the increasing number of smart homes in nations such as Canada and U.S.

Honeywell Emerges Dominant in Global Market with its Advanced Control Strategies

Honeywell International Inc., emerged dominant in the global Home Automation Market in 2017. The growth witnessed is due to advanced control strategies adopted by the organization. Honeywell is also known for investing and acquiring start-ups to offers its products in various nations.

Share

Print


Suggested Items

Uncertainties in the Market Rise while a Bounce in NAND Flash Prices Remains Unlikely in 3Q

06/20/2019 | TrendForce
According to the latest investigations by DRAMeXchange, a division of TrendForce, demand for smartphones and servers go below expected levels in 2019 as the US-China trade dispute heats up.

Telecom (Compute and Storage) Infrastructure Market to Reach $16.35B in 2022

09/03/2018 | IDC
A new forecast from IDC sizes the market for compute and storage infrastructure for Telecoms at nearly $10.81 billion in 2017. However, as Telecoms aggressively build out their infrastructure, IDC projects this market to see a healthy five-year compound annual growth rate (CAGR) of 6.2% with purchases totaling $16.35 billion in 2022.

What’s Coming in 3D Printing Technology in 2018

12/27/2017 | Cullen Hilkene, 3Diligent
First, the arrival of extrusion metal printing. Today's extrusion printers are the most prevalent and, arguably, user-friendly 3D Printers in the market. Now, after years of there being zero metal extrusion printers, there will be two in the new year from Desktop Metal and Markforged. These technologies promise new materials and a higher degree of user friendliness for metal printing.



Copyright © 2019 I-Connect007. All rights reserved.