openPR Logo
Press release

Smart Home Automation Market Forecast to Reach $170.2 Billion by 2025

06-09-2021 05:51 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: IndustryARC

Smart Home Automation Market

Smart Home Automation Market

Smart Home Automation Market is forecast to reach $170.2 billion by 2025, at a CAGR of 11.9% during 2020-2025 due to its rapid adoption across residential applications and increasing demand for features such as the convenience of remote operation and exceptional experience offered by smart home automation is likely boost the market growth over the forecast period. In addition the advancement of Internet accessibility and the growing penetration of Internet of Things (IoT) which helps in the move to direct digital controls for better machine to machine (M2M) communication have encouraged users to adopt the smart home automation technology which accelerate the market growth in the forecast period.

Full Report Link @ https://www.industryarc.com/Research/Smart-Home-Automation-Market-Research-504094

Component - Segment Analysis

The service segment is expected to grow at a highest CAGR of 9.5% in the forecast period owing to increasing demand and adoption of integrated services, which is likely to witness steady growth and thus remain dominant throughout the forecast period. Rapid advances in smart home automation system as well as using advanced technologies such as security and access, lighting and window, audio-visual and entertainment, energy management and climate and integrated solutions to add value to the provision of urban services require authorization for sustainable development of new methods which may involve the integration of service that would improve the competitiveness of the environment in which smart home automation system operates. All these advancements are expected to accelerate the market in the forecast period.

Request for Sample of the Report @ https://www.industryarc.com/pdfdownload.php?id=504094
Report Price: $ 4500 (Single User License)

Application - Segment Analysis

The smart kitchen segment is expected to witness highest CAGR of 8.9% owing to the high demand for smart appliances and with pacing technological advancements such as Internet of Things the kitchen concept has gone through very radical change with a major focus on increasing efficiency around the kitchen and reducing the time spent in cleaning and cooking. IOT is a growing network of everyday objects, connecting industrial machines to consumer home appliances that can share information and complete tasks, while people are engaged in other routine activities. All these advancements will likely to create opportunities for smart kitchen segment on smart home automation market.

Geography - Segment Analysis

In 2018, North America dominated the Smart Home Market share by more than 35%, followed by APAC and Europe. The economy of North America is majorly influenced by the countries such as U.S. and Canada. In these countries, presence of leading players including Honeywell International Inc., Acuity Brands, Inc., Johnson Controls Inc., United Technologies Corporation and Crestron Electronics, Inc. etc. are supplementing the market growth with their innovative products and promotions. In addition to this high rate of adoption and awareness of technological improvement in this region. For Instance, According to the report given by in 2018, more than one-third of US consumers have two or more smart home devices shows the expansion of smart home automation market in North America.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=504094

Drivers – Smart Home Automation Market

Technological Advancements

Advances in technology and enhanced security options have expanded the global adoption of home automation devices. The development of automated control systems has been simplified with the introduction of various wireless technologies such as ZigBee and Bluetooth and different standards for home automated controls, such as EnOcean and Z-wave, have increased the adaptability of different components. The home automation market is also driven by advancements such as IoT and growing adoption of the home monitoring system, increasing the need for home monitoring from remote locations and increasing consumer awareness of the convenience of smart home devices, including lighting and automated security systems are expected to accelerate the growth of the market in the forecast period.

Implementation of Stringent Government Regulations

The stringent regulations from regulatory bodies are bringing disruption in the power industry, with rise in power consumption. At present, regulatory bodies are focusing on effective utilization and manage electricity consumption by creating awareness about domotics or smart house. Different regulations as imposed by the respective authorities. For instance, in 2018, China’s five-year plan targets for energy efficiency projects. Similarly, European 2020 energy targets to reach net-zero energy districts form nearly-zero energy buildings or automation buildings in public and private buildings. These regulations are anticipated to boost the growth in adoption of smart automated controls during the forecast period.

Challenges – Smart Home Automation Market

High installation cost for home automation systems

High installation cost is required to deploy smart home automation. For instance, the average cost to install home automation varies in between $5000 to $9000 which is very high which increases the payback period, thus limiting the adoption of these controls in many regions. On the other hand increase in prices of components, such as controlled devices, sensors, and interface devices, during the forecast period is expected to eventually increase the payback time, thereby leading to a lower adoption of smart home automation which hamper the market in the forecast period.

Market Landscape

Partnership, acquisitions and technology launches are key strategies adopted by players in the Smart Home Automation Market. In 2018, the market of Smart Home Automation industry outlook has been consolidated by the top five players accounting for 55% of the market share. Smart Home Automation market top 10 companies include ABB Ltd., Control4 Corporation, Crestron Electronics, Honeywell International Inc., Ingersoll-Rand plc, Johnson Controls, Legrand SA, Leviton Manufacturing Company, Lutron Electronics Co., Schneider Electric, and Siemens AG among others.

Acquisitions/Technology Launches

In November 2019, Germany industrial giant Siemens has announced a deal to acquire US startup Pixeom for an undisclosed fee, in a move to boost its industrial automation, digitalization division and smart home automation.

In February 2019, Control4 acquired Neeo, a Switzerland-based company specializing in multi-device remote controls.

Key Takeaways

The smart kitchen segment is expected to witness highest CAGR owing to the high demand for smart appliances and with pacing technological advancements such as Internet of Things.

The service segment is expected to grow at a highest CAGR in the forecast period owing to increasing adoption of the smart home automation technology.

North America dominated the smart home automation market with a share of more than 33.57% due to presence of developed countries such as U.S. and Canada where there is high adoption and awareness of technological improvement.

Major Players in Smart home automation market include ABB Ltd., Control4 Corporation, Crestron Electronics, Honeywell International Inc., Ingersoll-Rand plc, Johnson Controls, Legrand SA, Leviton Manufacturing Company, Lutron Electronics Co., Schneider Electric, and Siemens AG among others.

Related Reports :

A. Smart Homes Market
https://www.industryarc.com/Report/1250/smart-homes-market.html

B. Low Power Wide Area (LPWA) Network Market
https://www.industryarc.com/Report/15107/low-power-wide-area-lpwa-network-market.html

For more Information and Communications Technology Market reports @ https://www.industryarc.com/Domain/7/information-communication-technology-market-research.html

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Smart Home Automation Market Forecast to Reach $170.2 Billion by 2025 here

News-ID: 2301846 • Views:

More Releases from IndustryARC

Professional Diagnostics Market Size to Grow at a CAGR of 6.3% During the Forecast Period 2021–2026
Professional Diagnostics Market Size to Grow at a CAGR of 6.3% During the Foreca …
Professional Diagnostics Market size in 2020 is estimated to be $45 billion, growing at a CAGR of 6.3% during the forecast period 2021-2026. Professional diagnostic is the diagnostic method which are used for faster detection of various diseases such as tuberculosis, cancer, malaria, and others. The main purpose of professional diagnostics is to diagnose or monitor disease in early condition so that treatment can be started so that this diagnostic
Body Dryer Market Size to Grow at a CAGR of 6.0% During the Forecast Period 2021–2026
Body Dryer Market Size to Grow at a CAGR of 6.0% During the Forecast Period 2021 …
Body Dryer Market size was valued at $2,978 million in 2020 and is anticipated to reach $5,143 million by the end of 2026 growing at a CAGR of 6.0% during the forecast period 2021-2026. The Body Dryer industry growth rate is attributed to the rising need to reduce medication errors and development of automated systems with improved features and is likely to new opportunities. Body dryers are type of air
India P2P Lending Market Size Forecast to Reach $10.5 Billion by 2026
India P2P Lending Market Size Forecast to Reach $10.5 Billion by 2026
The India P2P lending Market size is forecast to reach $10.5 billion by 2026, after growing at a CAGR of 21.6% during the forecast period 2021-2026. The Peer to Peer Lending Market growth is attributed to increasing transparency in P2P lending with technologies such as block chain and smart contracts being incorporated into lending platforms. The Indian Government’s enthusiastic promotion of cashless technologies has also managed to restructure the financial
Cloud Relational Database Market Forecast to Reach $18.8 Billion by 2026
Cloud Relational Database Market Forecast to Reach $18.8 Billion by 2026
Cloud Relational Database Market is forecast to reach $18.8 billion by 2026, after growing at a CAGR of 38.4% during 2021-2026. With rise in the adoption of IoT technologies and the usage of cloud database for computing in various organizations for different applications is analyzed to boost the Cloud Relational Database Market. Moreover, the cloud databases provide the customers with improved performance, service resilience and so on, thereby enhancing the

All 5 Releases


More Releases for Smart

Smart Cities Market is Expected to Witness CAGR of 17.3% by 2027 with Applicatio …
A smart city is an urban unit or area that uses various types of electronic Internet of Things (IoT) devices to collect data and then use the insights to manage resources, assets, and services effectively. Green building is a growing trend in the global smart cities market. Constructing eco-friendly infrastructure facilities can provide a sustainable environment in the cities. Moreover, governments are focused on constructing energy-efficient buildings, in order
Global Smart Cities Market by Component (Hardware, Software) by Application (Sma …
Global Smart Cities Market: Overview The global smart cities market is expected to reach a mark of over USD 3000 billion by 2024, at a CAGR over 21% during the forecast period. Significant growth in next-generation technologies such as artificial intelligence AI, personalized healthcare, sustainable energy generation and robotics are driving the smart cities’ future. Moreover, the increase in residential preference towards the adoption of advanced information and communication technologies ICT
Survey Report on Smart Kitchen Appliances Market 2018: Smart Refrigerator, Smart …
The report analyzes and presents an overview on "Global Smart Kitchen Appliances Market Professional Survey Report 2018" worldwide. This report studies Smart Kitchen Appliances in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2013 to 2018, and forecast to 2025. The study objectives of this report are: To study and forecast the market size of Smart
IoT Device Management Market Analysis by Application - Smart Manufacturing, Smar …
IoT device management comprises of multiple operating systems and several varieties of communication methods and protocols targeted at conducting smooth functioning of smart devices. The service of IoT device management has become vital for the business sector in recent years due to the rising use of remote operation in a number of industries and the subsequent need to manage the operation of the devices. The global IoT device management market is
SMART SHIPS NEED SMART REGISTRIES
The shipping world needs to wake up and embrace the philosophy of smart shipping because it is already here and the downturn in the world economy is not going to last forever, according to Panos Kirnidis, CEO of the Palau International Ship Registry. “The maritime industry knows that smart ships and smart technology is the way forward and yet there seems to be reluctance on the part of some owners to
Smart Kitchen Appliances Market : Smart Refrigerators, Smart Dishwashers, Smart …
Albany, New York, July 20, 2017 : Recent research and the current scenario as well as future market potential of "Smart Kitchen Appliances Market (Products - Smart Refrigerators, Smart Dishwashers, Smart Ovens, Smart Cookware and Cooktops, Smart Scales and Thermometers and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022" globally. Smart kitchen appliances are premium appliances that are designed for comfortable and efficient operation as