Market Size –
The home automation and controls market size has grown rapidly in recent years. It will grow from $69.68 billion in 2023 to $78.60 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to the rise of IoT technology, growth in awareness of energy conservation, increased consumer demand for convenience, rise of smart home ecosystems, and increased concerns about home security.
The home automation and controls market size is expected to see rapid growth in the next few years. It will grow to $128.17 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to the popularity of voice-activated smart assistants, the aging population and the desire for independent living, the proliferation of high-speed internet, rapid urbanization and smart city initiatives, and increasing consumer awareness. Major trends in the forecast period include increased integration with AI and machine learning, advanced security features, smart home solutions designed to assist older adults, integration of solar panels, and rollout of 5G technology.
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Scope Of Home Automation And Controls Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Home Automation And Controls Market Overview
Market Drivers –
The increase in the number of residential buildings is expected to propel the growth of the home automation and controls market going forward. A residential building refers to a structure that houses individual living units where people reside or frequently spend time. The growth of residential buildings is attributed to the growing demand for housing in urban areas, increasing population rates, strong economic growth, and rising incomes. Home automation involves intelligent control over security, comfort, and well-being aspects within a home or residential building. These systems also facilitate remote monitoring and management of vacation homes, rental properties, or second residences. For instance, in June 2023, according to the Central Statistics Office, an Ireland-based government agency, the residential building sector experienced 7.1% volume growth in Q1 2023 compared to Q4 2022. Therefore, the increase in the number of residential buildings is driving the growth of the home automation and controls market.
Market Trends –
Major companies operating in the home automation and controls market are focused on developing innovative home-automated products to gain a competitive advantage. Home-automated products encompass a range of devices and systems designed to enhance convenience, efficiency, and security within households through automated control and remote monitoring. For instance, in June 2022, Hogar Controls, a US-based smart home and building automation company, launched the all-new Elite Series of home automation products in the Indian market to boost a comprehensive lineup featuring state-of-the-art smart touch panels, cutting-edge world-class controllers, digital door locks, and smart curtain motors. This expansion promises to redefine home automation, offering convenience, security, and sophistication to consumers across India.
The home automation and controls market covered in this report is segmented –
1) By Type: Home Automation System, Mainstream Home Automation System, Managed Home Automation System
2) By Technology: Wired Home Automation Systems, Wireless Home Automation Systems, Powerline Home Automation Systems, Computing Network Home Automation Systems
3) By Application: Lighting, Heating, Ventilation And Air Conditioning (HVAC), Entertainment, Safety And Security, Other Applications
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Regional Insights –
North America was the largest region in the home automation and controls market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the home automation and controls market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the home automation and controls market report are Siemens AG; Honeywell International Inc.; Johnson Controls International PLC; Koninklijke Philips N.V.; Legrand Group; ADT Inc.; Logitech Harmony; Ecovacs Robotics Co. Ltd.; Crestron Electronics Inc.; Nice S.p.A.; Sonos Inc.; Leviton Manufacturing Co. Inc.; iRobot Corporation; Lutron Electronics Inc.; AMX LLC; Control4 Corporation; ecobee Inc.; Netatmo SAS; Wink Labs Inc.; 2GIG Technologies Inc.; August Home; Aeotec Group GmbH
Table of Contents
1. Executive Summary
2. Home Automation And Controls Market Characteristics
3. Home Automation And Controls Market Trends And Strategies
4. Home Automation And Controls Market – Macro Economic Scenario
5. Global Home Automation And Controls Market Size and Growth
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31. Home Automation And Controls Market Other Major And Innovative Companies
32. Global Home Automation And Controls Market Competitive Benchmarking
33. Global Home Automation And Controls Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Home Automation And Controls Market
35. Home Automation And Controls Market Future Outlook and Potential Analysis
36.Appendix
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