The review presented is based on the findings of a TMR report, titled “Home automation (Application Type – Safety and Security, Access Control, Lighting System, Entertainment System, Heating Ventilation and Air Conditioning (HVAC), and Other Controls; Technology Type – Wired and Wireless; Channel Type- Luxury, Mainstream, DIY, and Managed; Geography Type- North America, Europe, Asia Pacific, Central and South America, and Rest of the World(ROW); ) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026.”
Some of the key companies operating in the global home automation market are Honeywell International Inc., ABB Ltd., Johnson Controls, Inc., Crestron Electronics, Inc., and United Technologies Corporation.
According to the TMR report, the global home automation market is likely to exhibit CAGR of 6.8% during 2018 to 2026. The market is expected to be valued at US$ 116.26 bn in 2026 as against US$ 64.67 bn in 2017.
The offsite segment, in terms of type of sourcing, held a leading 70% of the overall market share in 2017. North America and Europe are key for the global home automation market due to the presence of some of the world’s leading automotive manufacturers.
Request Sample Brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=785
Vast Difference in Emissions among New Types of Vehicles boosts Demand
The global home automation market is being benefitted from a number of favorable factors. Due to increase in usage of internet of things mainly in the developed countries. People nowadays prefer high and advance standards of living where they have access to smart home devices like televisions, refrigerators, smartphones, and many other electronics. Moreover, increasing disposable income and growing preference for luxurious lifestyle in developing countries have escalated the demand for home automation market.
Furthermore, rapid adoption of smartphones and gadgets are acting as the major drivers in the home automation market. The home automation systems are also enabled with cost reduction measures that has grown the demand for the market in both developed and developing countries. In addition, the rising demand for automated and technologically advanced vehicles, along with vast rise in imports and exports of vehicles necessitate periodic testing and inspection of vehicles. This is serving to boost the automotive testing, inspection, and certification market.
The global home automation market features a highly fragmented vendor landscape, states Transparency Market Research (TMR) in a new publication. Mergers and acquisitions is a key growth strategy adopted by large players in this market. This is serving to consolidate the business landscape, thus increasing the market share of large players.
Asia pacific is adopting new technologies with the rise in the disposable income of middle income group and increasing government efforts. These efforts are made to support the development through technological development that could boost the global home automation market. Top players with wide geographical presence are bagging opportunities in developed countries for competitive gains.
Lack of Automobile Inspection Regulations Restraints Growth in Emerging Economies
Instead, there are certain restraints that might contain the global home automation market from growing to its full potential. In developed countries, some home automation products have reached the stage of maturity because of which their demand may decrease in coming years. In developing regions due to lack of compatible infrastructure, the use of home automation gets restricted in certain areas.
However, urbanization and developing favorable environment will help in rising demand for home automation systems in coming years.
The global home automation market is segmented as follows;
Market Segmentation: Global Home Automation Market
- Safety and Security
- Video Surveillance
- Access Control
- Lighting System
- Entertainment System
- Heating Ventilation and Air Conditioning (HVAC)
- Other Controls
- Smart Locks
- Smoke Detector
- Smart Plugs
- Power Line Communication (PLC)
- Fiber Optics
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
90 State Street, Suite 700
Albany, NY 12207
USA – Canada Toll Free: 866-552-3453
Email: [email protected]