Transparency Market Research Expects Home Automation Market to Surge to US$16.4 Billion by 2019
Transparency Market Research published a new report titled "Home Automation Market (Lighting, Safety and Security, Entertainment, HVAC, E...
Transparency Market Research published a new report titled "Home Automation Market (Lighting, Safety and Security, Entertainment, HVAC, Energy Management) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2019", which is an extensive research study on the home automation and controls market. The report specifically analyzes the security control, access control, lighting control, HVAC control, outdoor control, entertainment control, and standards, data distribution, and other communication protocols. According to this report, the market was valued at US$3.6 billion in 2012 and is expected to reach US$16.4 billion by 2019, growing at a CAGR of 24.6% from 2013 to 2019.
At present, the market for home automation stands at a point of inflection. Homes with automation technologies and computing devices are created in the effort to enhance the scope of home owners in terms of convenience, comfort, security, and entertainment. The market is characterized by high-level inter and intra industry competition, complexity of solutions, multiple and incompatible standards, large number of networking technologies, and subsequent high priced products.
The home automation market is undergoing a growth phase marked with immaturity and complexity. There are variations observed in growth patterns across different geographies. The presence of proprietary platform based systems has exceeded the open-platform systems making things more complex for end-users. All such variations exist in terms of applications preferred and technologies used, thereby making end-consumers as final beneficiaries who are now capable of high benefits due to price competitiveness.
The global home automation market is gradually observing a shift towards systems created for mass adoption, and with entry of key players such as telcos, broadband service providers, utilities and others, the market is expected to witness an intensified competition and transition over the forecast.
User demand for a universal solution that is easy to install and operates across multiple platforms is precisely achieved through home automation technology that is competitively priced and can be conveniently integrated with different automation sub-systems in a home setting. Such aspects have turned the market from a luxury dominated market into a mainstream market. Due to this induced trend many players are now in the process of developing advanced solutions for mainstream market. However, both the segments will collectively account for 71.0% of the global market by 2019, and are expected to grow at an estimated rate of 27.5% from 2012.
This report gives a detailed overview of the current trends including review of market dynamics with focus on growth challenges, restraints, opportunities, and market drivers. The report analyzes the global home automation market in terms of revenue (USD million). Besides the report providing detailed analysis by application and networking technology, the study also covers company profiles of the key players in the global market. Some of the noteworthy market players include AMX LLC, ADT Corporation, Crestron Electronics, Inc., and Control4 Corporation - all accounting for over 35% of the market share.
Geographically, the U.S. has emerged as the single largest market for home automation systems. North America is expected to remain the largest market throughout the forecast period. This region estimated a revenue share of 40.7% in 2012. Restoration of construction activities in renovations and new residential buildings are some of the supporting factors boosting the growth of this market in North America.
North America and Europe are at the forefront when it comes to smart meters. The deployment of such devices and rising need to reduce household energy bills further drives the demand for home automation systems in these regions. Other high potential markets demanding for home automation technology systems are present in countries like, Germany, China, India, and Australia spread across Asia-Pacific and Europe.
All these regions are witnessing an influx of new and existing players, as well as growing consumer preference for safety and security solutions.