The global home automation market is a highly competitive one with players striving to gain competitive advantage over each other, states Transparency Market Research (TMR) in a research report. The leading companies are incessantly focusing on providing their customers with high quality products that will also help them increase their current customer base and enhance customer experience at the same time. The top drawer vendors are aiming to increase their capacity and enhance their funding to research and development projects in order to make advanced home automation products to meet the ever increasing needs of consumers across the globe. The competition in the market is expected to intensify with the leading players rolling up their sleeves to provide advanced products and with new companies venturing in as well.
According to a TMR analyst, “The global market for home automation is expected to witness an outstanding 26.3% CAGR form 2014 to 2020. The market has been projected to rise from a valuation of US$4.41 bn in 2013 to a worth US$21.6 bn by the end of 2020.”
HVAC or Heating, Ventilation, and Air-conditioning to be Core Needs of Homeowners
The global market for home automation has been segmented on the basis of application into entertainment in the form of home video and audio, HVAC or heating, ventilation, and air-conditioning, security and safety, lighting, robotics, and healthcare, among others. These application employ home automation intensely as they are preferred to be controlled automatically by the homeowners. Homeowners are exhibiting a particular affection for HVAC systems as the demand for this is expected to rise in the coming years owing to the demand for these systems from automated and high-end homeowners. Moreover, the burgeoning of high speed internet connection in developed countries is likely to arise as a prime factor that the home automation market is dependent upon. High speed connectivity of internet enables for a comparatively smoother communication between devices. It is expected to play an important part in the application of several home appliances in France, Germany, the U.K., and the U.S.
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Region-wise, the global home automation market is classified into North America, Asia Pacific, Europe, and the Rest of the World. The region that has been leading the market in the last couple of years and is expected maintain the leading position is North America. This leading position can be attributed to the rising demand for solutions pertaining to home automation in the region, growing penetration of smartphones, and enhanced connectivity speed of modes. The presence of high end technologies in Canada and the U.S. is further expected to give the market a further boost in the region.
Energy Conservation to be Main Point of Focus Regarding Deployment
A noteworthy factor employed in courtesy of the global home automation market presently is its aptitude to endorse energy preservation and accomplish overall energy intake in a home. The reducing natural resources are hitting a high stress on the energy supply across the globe, while the demand only seems to rise. Home automation thus develops one of the approaches used by a distinct entity or a family for minimizing their daily energy consumption. Another trend which is visible in the propagation of home automation is the increasing use of smartphones across the globe. Smartphones permit a user to take advantage of a high degree of regulation over a smart home, thus conveying a greater kinship for customers towards home automation.
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