The home automation market has been forecast to increase at a compound annual growth (CAGR) of 16.9% over the next five years, increasing from a total of $19.15 billion at the end of 2012, to reach a market value of $48.01 billion by the end of 2018.
The stringent regulations being imposed by the governments, augmented by the increasing home owners' need to save costs, are the primary factors contributing to the growth of this market.
Home automation is the automation of the home, housework or household activity. Home automation may include centralised control of lighting, HVAC (heating, ventilation and air conditioning), appliances, security locks of gates and doors and other systems, to provide improved convenience, comfort, energy efficiency and security.
The popularity of home automation has been increasing greatly in recent years due to much higher affordability and simplicity through smartphone and tablet connectivity. The concept of the "Internet of Things" has tied in closely with the popularisation of home automation.
Among all the products, HVAC controls is the most mature market segment followed by the security and access controls market; thanks to the increasing concerns for safety and security.
Home automation has dominated the overall automation and controls market due to the early adoption of control products in this segment.
Lighting controls regulate and save power through devices such as dimming systems and sensors.
Wireless technologies have further increased the deployment of automation controls in the market; especially, in retrofit houses as they avoid reconstruction or renovations of the buildings.
Key players currently dominating the home automation market include Siemens (Germany), Schneider Electric (France), Honeywell (U.S.), Leviton (U.S.), Johnson Controls (U.S.), ABB (Switzerland), and Tyco International (U.S.).
For more information on the home automation market, see the latest research: Home Automation Market
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