The home automation system market is expected to be valued at $79.57 billion by 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.3 percent between 2017 and 2022.
The key driving factors for the growth of the home automation system market are the growth in the Internet of Things (IoT), cost reduction measures, large number of manufacturers widening their product portfolios, and increasing importance of remote home monitoring; however, since many products are reaching maturity level and the home automation system market is more of a convenience-driven market than necessity-driven, the growth of this industry might be limited to some extent.
The market for lighting control is expected to grow at a high rate because it reduces the electricity consumption in homes as sensors adjust the intensity of artificial light according to the intensity of natural light. Lighting control provides flexibility with respect to the lighting operation, which improves the ambiance, interior decoration, and productivity.
The proactive segment is expected to hold the largest size of the home automation system market during the forecast period. Proactive solutions are specifically designed to enable consumers to understand energy patterns and take effective measures to reduce their consumption. Proactive solutions are more beneficial as they can also send recommendation signals to end users for taking necessary energy reduction actions and can then control the electronic devices based on the user’s actions.
The Asia-Pacific market is expected to grow at the highest CAGR during the forecast period, owing to the presence of a significant number of new residential projects and strengthening of the building infrastructure. The presence of a huge end-user base in advanced economies such as Japan and South Korea and the growing demand for energy management systems are further expected to drive the home automation system market in this region.
Home automation is a science which deals with a residence equipped with computing and information technology devices that anticipate and act in response to the needs of the residents; working towards enhancing their comfort, convenience, security, and entertainment through the upgradation of technology within the home. Home automation integrates all the devices in the house and gives its access to a single control pad which allows energy efficiency and ease to the people residing. Home automation is a luxury statement and is at a very emerging stage in India. Builders are now giving option of either automated homes or normal ones which makes sure of the soon emerging trend of the automated homes in India. Home automation comes out to be of a great help to the aged people, handicapped people and the families with small children. This report is about the market size of the home automation market in India and how because of the people following the western lifestyle and culture and more number of people in the upper middle class section of India, home automation is expected to penetrate faster. There are many features that are provided by the home automation companies. Different companies use different technology for deploying the same. The report also reveals the trend in this industry is shifting to people becoming more conscious about the energy efficiency involved home automation. The further division of technology into networking technology and the communicating technology is also discussed in the report.
Metro cities like Delhi, Mumbai, and Hyderabad are some of the most potential cities where penetration has reached and is expected to increase further. The trend is followed by the mega cities like Bangalore, Ahmedabad. Some of the major players in the home automation market are L&T, Schneider Electric, Johnson Control, AMX and Crestron. The home automation market is just at a start with only the luxury oriented people approaching for automation. But with the reducing prices for automation and the energy efficiency affecting the people the home automation is soon going to be a market for all the segments of the people. The organized market accounts for more than half of the market and its share is expected to increase with major organized players investing in home automation market in India.
According to “India Home Automation Market Outlook, 2021”, the market for home automation market in India is at a nascent stage and is expected to reach new heights. Lighting, Security, Audio/video and HVAC are some of the applications that are involved in the home automation. Security dominates the market and is expected to be the same in the future as data thefts, burglary are increasing continuously in India. Technology is one major plus in this market and with the leading brands spending most of their time and revenue in the R&D of the product, the home automation market is expected to witness a surge in the coming years.
Division by the end users in this market comes with residential, commercial and hospitality sector. Home automation was primarily used in the commercial establishments like offices and institutions, but with the increasing awareness and the increasing lifestyle among the people, the home automation is dominated by the residential segment and is expected to demonstrate the fastest growth in the hospitality sector.
As home automation is an emerging market, and India being the country with the highest potential for this market, the global players are expected to extend their business in India thereby leading to higher penetration.
In India, the trend is moving from wired connection to wireless connection. Different communicating technologies are used in the home automation market like Zigbee, Z- Wave, X10, Wi-fi, Bluetooth etc. Zigbee dominates the market and is expected to remain the same till 2021.
