Home Automation And Controls Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

Jun 24, 2024 - 20:53

Home Automation And Controls Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

Overview and Scope
Home automation and control refers to the automated control and remote management of various home systems such as lighting, security, and sprinklers. It connects electrical devices and can be controlled remotely through a home's computer network using computers or mobile devices. It also provides significant advantages in terms of convenience, savings in cost, and time efficiency.

Sizing and Forecast
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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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

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.

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Major Driver Impacting Market Growth
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.

Key Industry Players
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

The home automation and controls market report table of contents includes:

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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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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