Home Automation System Market Size, Growth, Trends, Future Scope, Share, Demand and Forecast 2021-2026 – Fastbreak Daily – Fastbreak Daily
According to IMARC Group latest report titled” Home Automation System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market reached a value of US$ 60.2 Billion in 2020. The global Home Automation System market size to grow at a CAGR of 8.7% during 2021-2026. Home automation, or a smart home system, integrates smart technology with homes for energy conservation, safety, and comfort. It primarily includes the control and computerization of heating, ventilation and air conditioning (HVAC), lighting, security systems, etc. Home automation system enables the homeowners to monitor, control, and automate numerous appliances. Home automation also facilitates integrated and centralized control of operations, making the lives of users more comfortable and convenient.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The growing incidences of thefts and breaches along with increasing consumer concerns towards home safety are driving the market for home automation. These systems help in minimizing potential crimes and enhancing operational efficiency. Moreover, the elevating consumer living standards and easy availability of affordable home automation solutions are also propelling the market growth across the globe. Besides this, the rising integration of several advanced technologies, such as IoT and AI, with home automation systems for offering high-grade solutions is further augmenting the global market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Siemens AG
- Honeywell International, Inc.
- Johnson Controls, Inc.
- Schneider Electric SE
- Legrand SA
- Ingersoll-Rand PLC
- ABB Ltd.
- Acuity Brands, Inc.
- Samsung Electronics Co., Ltd.
Home Automation System Market Segmentation:
Our report has categorized the market based on region, application and type.
Market Breakup by Application:
- Lighting control
- Security and access control
- HVAC control
- Entertainment and other controls
Market Breakup by Type:
- Luxury (Custom)
- Mainstream
- DIY (Do-It-Yourself)
- Managed
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