DUBLIN, May 7, 2024 (Globe Newswire) — The “Home Automation – Global Strategic Business Report” report has been added to ResearchAndMarkets.com's offering.
Global home automation market expected to reach $293.6 billion by 2030
The global home automation market, estimated at USD 99.9 billion in 2023, is projected to reach a revised size of USD 293.6 billion by 2030, at a CAGR of 16.6% over the analysis period 2023-2030. grow in
The home automation market has seen significant activity recently due to the trend towards a connected world. Applications such as security, lighting, and entertainment are accelerating growth, and the services component is expected to record strong growth, especially in managed services. Wireless technology is dominating the market and offers benefits such as proactive solutions and convenience.
Recent entrants are also having an impact, increasing competition and innovation in the home automation market. Overall, home automation provides convenience, comfort, safety, security, and energy efficiency to the home, making it a promising area in the trend of a connected world.
Safety & Security Applications, one of the segments analyzed in the report, is expected to register a CAGR of 17.2% and reach USD 122.1 billion by the end of the analysis period. The growth of the lighting applications sector is estimated at 17.4% CAGR over the next seven years.
The US market is estimated at $25.6 billion, while China is expected to grow at a CAGR of 21.3%
Although developed countries are leading the way in adoption, the Asia-Pacific region is emerging as a long-term growth driver. The choice of network protocols and standards is important, and a variety of options are available, including wired and wireless technologies and open platforms. In 2024, the world's major competitors will share insights on their market share distribution reflecting the competitive landscape of the industry.
The US home automation market is estimated at USD 25.6 billion in 2023. China, the world's second largest economy, is expected to reach a projected market size of USD 76.2 billion by 2030, trending at a CAGR of 21.3% over 2030 . The analysis period is from 2023 to 2030. Other notable geographic markets include Japan and Canada, which are expected to grow by 11.6% and 14.2%, respectively, between 2023 and 2030. Among Europe, Germany is projected to grow at a CAGR of approximately 13%. The Asia-Pacific market is expected to reach USD 49.7 billion by 2030, led by countries such as Australia, India, and South Korea.
Key attributes:
Report attribute details No. Number of pages 213 Forecast period 2023 – 2030 Estimated market value in 2023 (USD) $99.9 billion Forecast market value by 2030 (USD) $293.6 billion Average annual growth rate 16.6% Target region Worldwide
Market overview
Influencer Market Insights Global Market Trajectory Global Economic Updates Home Automation: Delivering Convenience, Comfort, Safety, Security, and Energy Efficiency to Homes Recent Market Activities The trend towards a connected world is good for the home automation market OmensSecurity, lighting and entertainment applications drive growth in global home automation marketResidential service component automation records solid growthManaged services emerge as preferred installation type for home automationWireless technologies dominate home automation marketProactive solutions Developed economies are at the forefront of home automation adoption, Asia-Pacific region is emerging in the long term Growth drivers for home automation networking protocols and standards – Key decisions to make Introducing standards and protocols for wired technologies, wireless technologies, integrated product families, and open platforms for home automation An overview of the major networking protocols available for home automation Home Automation Market Home Automation – Key Competitors Globally Market Share in 2024 Percentage of (E) Competitive Landscape Overview of some recent entrants to the home automation market Home Automation: Trend towards a connected world provides convenience, comfort, safety, security and energy efficiency to homes worldwide Home Automation Market Competitive Market Presence – Strong/Active/Niche/Minor (E) for Global Players in 2024 Bodes Good for Home Automation Market
Market trends and drivers
Increasing need to cope with ever-rising electricity prices has increased focus on home automation Growing importance of IoT in home automation Open source home automation software to solve privacy issues Smart Home – Future of Home Automation Key Statistics Latest Trends in Smart Home Technology Increasing Penetration of Smartphones and Smart Mobile Devices: Strong Growth Drivers for Home Automation Market Technology Innovation: Leading GrowthiHome Launches Amazon Alexa-enabled Clock Radio AXIS AXIS Gear for Window Shades Introducing Whisker Labs Home Energy Monitoring Sensor RTI KX10 10 Inch In-Wall Touch Panel Venstar Wireless Temperature Sensor Lutron Connect Bridge and AppSnapAV OvrC Pro Remote Home Monitoring and Management System Hub and Controller Surveillance Camera Lock and Home Security System Heating and Cooling Cooking Lighting System Automation – Easier management and control of lighting products Reviews of the most popular smart lighting switches Increased use of voice-activated commands to control home automation products Comparison review of some smart speakers Home automation devices become household appliances Zero Home Programmable Thermostat Innovative Panel Brings a Paradigm Shift to the Smart Home Market Strengthening Market Sales
Pay attention to carefully selected players (total of 82 players appear)
ABB Ltd.Abilia ABAMXControl4 CorporationCrestron Electronics Inc.Emerson Climate Technologies Inc.HomeSeer Technologies, LLCHoneywell International, Inc.LegrandLeviton Mfg. Company Inc.Lutron Electronics Co. Inc.Nest LabsSavant Systems LLCSchneider ElectricSiemens AGSmartThingsTELETASKVera Control Ltd.Vivint Inc.
For more information about this report, please visit https://www.researchandmarkets.com/r/g1e4vh.
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source of international market research reports and market data. We provide the latest data on international and regional markets, key industries, top companies, new products and latest trends.