Home Automation System Market Analysis
The home automation system market size will touch USD 85 billion at an 11% CAGR in the forecast period (2020- 2027), as per the latest Market Research Future (MRFR) report.
Rise in Electricity Prices to Boost Market Growth
The growth in electricity prices across the globe has increased the operating budget for house owners. The hospitality industries and residential buildings are major end users of the home automation market. The rising prices of commodities like coal significantly improve the cost for generating electricity and in turn boost the end user electricity cost. The use of home automation helps end users to regulate their use, thus decreasing their electricity expenditure. It is the home automation control that offers economical use of electricity and further reduces the consumption of energy in HVAC systems, security, and energy consumption in lighting. This will boost market growth.
Get free sample report @ https://www.marketresearchfuture.com/sample_request/6082
North America to Lead Home Automation System Market
North America will lead home automation system industry over the forecast period. The presence of major industry players such as United Technologies Corporation (U.S.), Honeywell International Inc. (U.S.), Johnson Controls Inc. (U.S.), Crestron Electronics, Inc. (U.S.), Acuity Brands, Inc. (U.S.) and others coupled with the increasing demand for domestic energy management systems are adding to the market growth in the region.
Eminent players profiled in the home automation system market report include Honeywell International Inc. (U.S.), Acuity Brands, Inc. (U.S.), Johnson Controls Inc. (U.S.), United Technologies Corporation (U.S.), Crestron Electronics, Inc. (U.S.), Legrand (France), Schneider Electric Se (France), ABB Ltd. (Switzerland), Samsung Electronics Co., Ltd. (South Korea), Siemens Ag (Germany), among others.
Demand for Energy Efficiency to offer Robust Opportunities
The increasing demand for energy efficiency in smart homes and buildings will offer robust opportunities for the market in the forecast period.
Security Concerns to act as Market Challenge
The growing security concerns with home automation devices may act as a market challenge over the forecast period.
Lack of Awareness to act as Market Restraint
The lack of awareness about home automation coupled with lack of pre-installed home automation systems and provision in pre-built homes may act as market restraint over the forecast period.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/home-automation-system-market-6082
The home automation system market too was adversely affected by the COVID-19 pandemic. The majority of the home automation system manufacturers have been impacted by this crisis that is predicted to be a medium-term impact. The crisis will have a varying impact on various types of home automation systems. Industry players have witnessed a reduction in home automation installations. Because the programming and installation of home automation systems need professional on-site workers, the buyers are hesitant in installing such systems in minimizing outside contact during this time. Thus some players have recorded a fall in sales while DIY home automation companies have been impacted to a lesser extent.
The home automation system market has been bifurcated based on product, protocol and technology, and software & algorithm.
- By product, the entertainment control system will lead the market over the forecast period.
- By software and algorithm, the proactive segment will dominate the market over the forecast period.
- By protocol and technology, the home automation system market is segmented into wireless and network. By network technology, this market has beeb segmented into LTE network, GSM/HSPA, and CDMA. By protocol, the market is segmented into BACnet, LONWORKS, Ethernet, digital addressable lighting interface, and others. By wireless technology, this market has been segmented into Bluetooth, Wi-Fi, Z-wave, Zigbee, and IR.
Read More @
Cloud Security Market https://www.globenewswire.com/news-release/2022/09/21/2519812/0/en/Cloud-Security-Market-Forecasted-To-Surpass-USD-97-3-Billion-at-a-21-40-CAGR-by-2030-Report-by-Market-Research-Future-MRFR.html
Wireless Connectivity Market https://www.globenewswire.com/news-release/2022/09/20/2519492/0/en/Wireless-Connectivity-Market-Projected-to-Hit-USD-214-3-Billion-at-a-CAGR-of-15-2-CAGR-by-2030-Report-by-Market-Research-Future-MRFR.html
Precision Farming Market https://www.globenewswire.com/news-release/2022/09/15/2517046/0/en/Precision-Farming-Market-Forecasted-to-Garner-USD-15-6-Billion-at-a-7-90-CAGR-by-2030-Report-by-Market-Research-Future-MRFR.html
Virtual Reality (VR) Headset Market https://www.globenewswire.com/news-release/2022/09/13/2515234/0/en/Virtual-Reality-VR-Headset-Market-Projected-to-Hit-USD-57-65-Billion-at-a-28-50-CAGR-by-2030-Report-by-Market-Research-Future-MRFR.html
Market Research Future®,
99 Hudson Street,
New York, New York 10013,
United States of America
Phone: +1 628 258 0071(US),+44 2035 002 764(UK)