Home Automation Market to Value $ 114B at 12.1% CAGR by 2025
May 14, 2019 | PRNewswireEstimated reading time: 2 minutes
The global home automation market is anticipated to expand at a CAGR of 12.1% and reach US$ 114 Bn by the end of 2025. In terms of application, the lighting segment held the highest market share in 2017. The segment accounted for 25% of the global home automation market. The segment is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is attributable to the increasing need for reducing the energy consumption. This is likely to propel the demand in the global home automation market.
"Integration of lighting products with IoT based renewable sources of energy and cloud-based technology is expected to reduce the energy consumption. This in response would also generate demand for home automation product and services," said a lead analyst at Fortune Business insights.
Increasing Adoption of Wireless Technology to Fuel Demand in Global Market
Increasing internet penetration and rising willingness for luxurious lifestyle are major factors anticipated to drive the global Home Automation Market during the forecast period 2018-2025. Moreover, increasing purchasing power and adoption of wireless technology is expected to increase the demand in the global home automation market.
Integration of the Internet of Things in home automation products, besides the Artificial Intelligence is also projected to boost the global home automation market.
However, high cost associated with home automation products and services and high data prices are a few factors that may restrain the global Home Automation Market during the forecast period.
North America to Retain Dominance Through Forecast Period
North America emerged dominant in the global Home Automation Market in 2017. The market in North America was valued at US5 16.4 Bn in 2017. It is expected to remain the leading region through the forecast period. The growth witnessed is attributable to the increasing number of mergers and partnerships taking place in the region. Additionally, high adoption of Internet of Thing in nations such as the U.S. and Canada is likely to increase the growth rate in the global home automation market. North America is also expected to expand at a relatively high CAGR in response to the increasing number of smart homes in nations such as Canada and U.S.
Honeywell Emerges Dominant in Global Market with its Advanced Control Strategies
Honeywell International Inc., emerged dominant in the global Home Automation Market in 2017. The growth witnessed is due to advanced control strategies adopted by the organization. Honeywell is also known for investing and acquiring start-ups to offers its products in various nations.
Suggested Items
IDTechEx Examines the Opportunities for Wearables in Digital Health
04/19/2024 | IDTechExIDTechEx’s report, “Digital Health and Artificial Intelligence 2024-2034: Trends, Opportunities, and Outlook”, covers this ongoing trend in the consumer health wearables market and includes analysis of the opportunities and roadmap for biometric monitoring.
Real Time with... IPC APEX EXPO 2024: Pluritec's Expansion and Growth in the North American Market
04/19/2024 | Real Time with...IPC APEX EXPONicola Doria, president of Pluritec, discusses the company's strategic focus on the North American market, their investment in a new sales organization, service expansion, and a new process integration line. The conversation also covers market response and future installations, as well as Pluritec's new partnership with IEC.
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.
Gartner Forecasts Worldwide IT Spending to Grow 8% in 2024
04/17/2024 | Gartner, Inc.Worldwide IT spending is expected to total $5.06 trillion in 2024, an increase of 8% from 2023, according to the latest forecast by Gartner, Inc. This is an increase from the previous quarter’s forecast of 6.8% growth and puts worldwide IT spending on track to surpass $8 trillion well before the end of the decade.