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Home Automation And Controls Market Demand, Analysis And Outlook 2024-2033
Home Automation And Controls Market Demand
As per the report, 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 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%.
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Rising Residential Building Numbers To Boost Home Automation 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.
Home Automation Leaders Enhance Competitive Position With Advanced Products
Major companies operating in the home automation and controls market are focused on developing innovative home-automated products to gain a competitive advantage. Home-automated products encompass a range of devices and systems designed to enhance convenience, efficiency, and security within households through automated control and remote monitoring. For instance, in June 2022, Hogar Controls, a US-based smart home and building automation company, launched the all-new Elite Series of home automation products in the Indian market to boost a comprehensive lineup featuring state-of-the-art smart touch panels, cutting-edge world-class controllers, digital door locks, and smart curtain motors. This expansion promises to redefine home automation, offering convenience, security, and sophistication to consumers across India.
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
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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
Contents of the report:
1. Executive Summary
2. Home Automation And Controls Market Report Structure
3. Home Automation And Controls Market Trends And Strategies
4. Home Automation And Controls Market - Macro Economic Scenario
5. Home Automation And Controls Market Size And Growth
…..
27. Home Automation And Controls Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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