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The Global Home Automation and Control Market size is expected to reach $106.6 billion by 2028, rising at a market growth of 11.1% CAGR during the forecast period
The term "home automation system" implies the automatic and electronic management of home activities, features, and appliances. This system has uses in lighting, security, and access control as well as heating, ventilation, and air conditioning.
New York, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Home Automation and Controls Market Size, Share & Industry Trends Analysis Report By Application, By Type, By Technology, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06412049/?utm_source=GNW
The home automation and controls market is growing as a result of rising demand for smart house lighting systems and the upkeep of secure and safe environments with improved user comfort in various business verticals.
In addition, there is a rise in the use of home automation equipment, widespread wireless technology usage, and government programmes to build smart homes. The development of the home automation and controls industries, however, may be hampered by a lack of compatibility between home control systems.
Moreover, the high rate of urbanization across Asia-Pacific is anticipated to offer potential opportunities for the expansion of the market. Home automation and controls market demand is increasing due to the increase of home automation device deployment, high wireless technology acceptance, demand for energy-efficient technologies, and rise in initiatives by governments to build smart homes. On the other hand, the home automation and controls market is anticipated to benefit greatly from the growing significance of IoT technology.
COVID-19 Impact Analysis
Due to its considerable effects on key actors in the supply chain, the COVID-19 has had a significant impact on the expansion of the home automation and controls market in 2020. In contrast, the COVID-19 pandemic mostly hurt the market by creating a number of challenges, including project delays or cancellations and a shortage of experienced labourers due to partial or total lockdowns around the world. During the lockup phase of 2020, suppliers of home automation and controls recorded a decline in sales. For example, ABB Ltd. reported a 7% fall in net sales between 2019 and 2020 as a result of lower sales across all operating sectors.
Market Growth Factors
Plc Technology In Smart Homes
Power line communication is the method of sending data across electrical power lines. It is unnecessary to have different networks for data and power when 110V/240V, 50Hz/60Hz, and data are all transmitted over the same lines. More flexibility and lower installation and retrofitting costs are the results. The rapid proliferation of gadgets and smartphones, as well as technological advancements in power line technology, are driving the development of smart home products that can be operated at the press of a button. Therefore, due to the rapid integration of the power line communication technology in smart homes, the growth of the market is estimated to propel.
The Rapid Spread Of Urbanization All Over The World
In recent years, urbanization has been spreading quickly over the world. The process of more people moving into metropolitan areas is known as urbanization. People migrating from rural to urban areas increase the size of urban areas as well as the population there, which is the main driver of urbanization. These demographic fluctuations have also had an impact on other aspects of land use, economic activity, and culture. Throughout history, important changes and advancements in the society and economy have been correlated with urbanization. Therefore, this factor would majorly contribute to the surge in the adoption of smart home automation technology.
Market Restraining Factors
The Risk Of Unauthorized Access To The Automation System
Consumers are drawn to the convenience of smart home automation, but it is also fundamentally dangerous. An ecosystem of interconnected gadgets is created through smart home automation, providing users total control over their environment. But every smart device serves as an access point for unauthorized outside actors, just like everything else connected to the internet. These devices, which are becoming more and more common, have the potential to reveal private information and compromise home security. This factor is playing a major role in limiting the growth of the home automation and controls market.
Type Outlook
Based on type, the Home Automation and Controls Market is classified into Home Automation System, Mainstream Home Automation System, and Managed Home Automation System. The home automation system segment generated the major revenue share in 2021. Home automation which can be understood as a combination of hardware, electronic interfaces, and communication, connects commonplace devices to each other over the Internet. Whether at home or thousands of miles away, an individual can control each gadget from your smartphone or tablet because they all have sensors and Wi-Fi connectivity.
Technology Outlook
Based on technology, the home automation and controls market is categorized into Wired Home Automation Systems, Wireless Home Automation Systems, Powerline Home Automation Systems, and Computing Network Home Automation Systems. The Wireless Home Automation System market represented the significant revenue share in 2021. This is related to the increase in adoption of wireless home automation systems and their ease of installation and use. Additionally, Wireless home automation with IoT is a cutting-edge internet of things application created to remotely operate home appliances through the cloud.
Application Outlook
Based on application, the market is classified into Lighting, HVAC, Entertainment, Safety & Security, and Others. The lighting segment is expected to experience a strong growth rate throughout the forecast period. Automated lighting management, including programmed dimming and on/off control, can dramatically change both a home’s interior and a family’s way of life. Such systems are no longer just for expensive homes because to their falling costs and complexity.
Regional Outlook
Based on Region, the Home Automation and Controls Market is categorized into North America, Europe, Asia Pacific, and LAMEA. In 2021, North America contributed the largest revenue share of the home automation and controls market. A huge consumer base along with prominent manufacturers within the region are complementing the growth of the regional market. Moreover, various regional countries, like the United States, are early adopters of advanced and cutting-edge technologies.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Harman International Industries, Inc., is the forerunners in the Home Automation and Controls Market. Companies such as Siemens AG, Honeywell International, Inc., and ABB Ltd. are some of the key innovators in Home Automation and Controls Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Honeywell International, Inc., ABB Group, Johnson Controls International PLC, Harman International Industries, Inc. (Samsung Electronics Co., Ltd.), Snap One Holdings Corp. (Control4), Legrand Group, ADT Inc., Nice S.p.A., and Leviton Manufacturing Co., Inc.
Recent Strategies Deployed in Home Automation and Controls Market
Mergers & Acquisitions
Jun-2022: ADT, Inc. acquired IOTAS, a Smart Apartment Platform. Under this acquisition, ADT, Inc would combine its security features into IOTAS’s platform like the Mobile SOS button. Additionally, various integrations would follow such as Tracking and Voice Activation, and ADT, Inc would extend its Multifamily Business with the support of IOTAS’s Team experiences.
Apr-2022: Johnson Controls International plc acquired Security Enhancement Systems LLC, a company engaged in offering mobile-based, keyless access control solutions used in critical infrastructure. This acquisition would allow Johnson Controls to deliver data analytics and keyless access control to efficiently safeguard specialized valuable, critical infrastructure.
Jan-2022: Johnson Controls International plc took over FogHorn, a company that develops the Edge AI software for industrial and commercial Internet of Things (IoT) solutions. Under this acquisition, Johnson Controls’ innovation and vision for Smart Autonomous Buildings would be boosted by pervasively combining FogHorn’s industry-leading Edge AI platform across OpenBlue.
Mar-2021: Honeywell International, Inc. took over Fiplex Communications, a worldwide recognized designer and manufacturer of highly innovative telecommunication products. Under this acquisition, Honeywell would extend its in-building communications and connectivity solutions provided to its customers. On the other hand, Fiplex’s solutions would become a platform of innovation for the company’s wireless technologies.
Product Launch and Product Expansions
Dec-2022: ADT, Inc, unveiled its new "ADT Smart Home Hub". The Product comes with the latest and better features, including, Individual Smart Phone, Digital Photo Frame, Bluetooth Disarm, Bulit-in Siren, a Glass break detector, and many more helpful features.
Jun-2022: Leviton unveiled the new Decora Smart Wi-Fi 2nd Gen Scene Controller Switch, a remarkable addition to the My Leviton Platform. Additionally, Decora Smart Wi-Fi 2nd Gen features a keypad with three user-customizable buttons to manage room scenes or whole-house lighting activities and is also fitted with a built-in smart switch that could manage general-purpose lighting and loads up to 15A.
Partnerships, Collaborations & Agreements
Oct-2022: ABB Ltd. signed an Agreement with Insta Automation Oy, an independent specialist in industrial automation and digitalization solutions. Under this agreement, ABB Ltd would expand its control systems business in Finland. Moreover, both companies would collectively work to enhance industry knowledge, improve lead generation and strengthen their distribution channels across various industries, including, food and beverage, energy, water, and pharmaceuticals.
Sep-2022: ADT, Inc. partnered with State Farm, a large group of mutual insurance companies throughout the United States. Through this partnership, ADT, Inc. prepares to innovate an offering that consists of Risk Mitigation, Security, and Smart Home Capabilities to enhance the customer experience. Furthermore, ADT plans to broaden opportunities to reimagine risk-mitigation capabilities to prevent, detect, monitor, and optimize homeownership risks.
Aug-2022: ADT, Inc. came into partnership with Google, an American multinational technology company focusing on search engine technology, online advertising, artificial intelligence, and consumer electronics. Through this partnership, ADT’s DIY would combine Google’s hardware and services with professionally installed smart home security solutions to advance the small business and residential security industry.
Apr-2022: ABB Ltd. partnered with Samsung Electronics, a South Korean multinational electronics corporation. Through this Partnership, ABB Ltd would extend Samsung SmartThings integration into more homes and buildings. Additionally, ABB and Samsung would create a cloud-to-cloud integration enabling customers of both ABB- free@home and SmartThings broader access and control.
Scope of the Study
Market Segments covered in the Report:
By Application
• Safety & Security
• Entertainment
• HVAC
• Lighting
• Others
By Type
• Home Automation System
• Mainstream Home Automation System
• Managed Home Automation System
By Technology
• Computing Network Home Automation Systems
• Wireless Home Automation Systems
• Wired Home Automation Systems
• Powerline Home Automation Systems
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Siemens AG
• Honeywell International, Inc.
• ABB Group
• Johnson Controls International PLC
• Harman International Industries, Inc. (Samsung Electronics Co., Ltd.)
• Snap One Holdings Corp. (Control4)
• Legrand Group
• ADT Inc.
• Nice S.p.A.
• Leviton Manufacturing Co., Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
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• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06412049/?utm_source=GNW
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