Home Automation and Controls Market Outlook – 2031
The Global Home Automation and Controls Market was valued at $52,982.2 million in 2021, and is projected to reach $156,586.5 million by 2031, registering a CAGR of 12.05% from 2022 to 2031.
Home automation and controls industry refers to automatic and electronic control of household features, activity, and appliances. This system finds application in heating, ventilation, & air conditioning; lighting; and security & access control. Increase in demand for energy efficiency and maintenance of secure & safe environment with enhanced user convenience in various industry verticals boost the market growth. In addition, growth in deployment of smart home lighting system,home control systems,voice controlled home automation high adoption of wireless technologies, and government initiatives toward construction of smart homes.
However, lack of interoperability between smart devices may hinder the market growth. Furthermore, rapid urbanization in Asia-Pacific is expected to provide lucrative opportunities for the home automation and controls market growth.
The COVID-19 has significantly impacted the growth of Home Automation and Controls Market Outlook in 2020, owing to significant impact on prime players operating in the supply chain. Conversely, the market was principally hit by several obstacles amid the COVID-19 pandemic, such as delay or cancelation of projects and lack of skilled workforce availability due to partial or complete lockdown, globally.
Manufacturers of home automation and controls reported a loss in sales revenue during the lockdown phase of 2020.For instance, ABB Ltd. registered decline in net sales by 7% from 2019 to 2020, owing to the decrease in sales in all operating segments. COVID -19 had a moderate impact on several regions of the home automation and controls market. Nations like U.S. and UK temporarily closed the manufacturing facilities which led to the loss in revenue of the home automation and controls market followed by loss in the revenue faced by prominent manufactures during the COVID-19 lockdown.
The global home automation and controls industry is segmented into type, technology, application, and region.
By type, the market is segregated into home automation system, mainstream home automation system, and managed home automation system. The home automation system segment was the highest revenue contributor to the market, with $28,388.7 million in 2021, and is estimated to reach $83,085.6 million by 2031, with a CAGR of 11.95%.The mainstream home automation system dominated the market, in terms of revenue, in 2021, and is expected to follow the same trend during the forecast period.
On the basis of technology, the market is fragmented into wired home automation systems, wireless home automation systems, power line home automation systems, and computing network home automation systems. The computing network home automation systems segment was the highest home automation and controls market share, with $20,299.8 million in 2021, and is estimated to reach $59,808.0 million by 2031, with a CAGR of 12.02%.
The key applications of the market includes lighting, HVAC, entertainment, safety & security, and others. The safety & security segment was the highest revenue contributor to the market in 2021.
Region wise, the home automation and controls market trends are analyzed across North America (the U.S., Canada, and Mexico), EMEA (the UK, Germany, Italy, France, Rest of Europe, Middle East and Africa), Asia (China, Japan, India, South Korea, and rest of Asia), and Latin America (Brazil, Argentina and Rest of Latin America). North America accounted for the highest share, owing to development of wireless technology and increase in construction of smart cities.
TOP IMPACTING FACTORS
The market top impacting factors include surge in deployment of home automation devices, rise in demand for home automation systems among population/individuals, need for energy-efficient solution, and government initiatives toward the construction of smart home. However, lack of interoperability between smart devices is anticipated to hinder the market growth. Moreover, rise in importance of IoT technology in home automation create Home Automation and Controls Market Opportunity during the forecast period. However, each of these factors is expected to have a definite impact on the growth of the market in the coming years.
COMPETITION ANALYSIS
The key players profiled in this report include 2GIG Technologies (U.S.), ABB Ltd (Switzerland), ADT Inc. (U.S.), AMX LLC (U.S.), Control4 Corporation (U.S.), Honeywell International Inc. (U.S.), Johnson Controls International PLC (Ireland), Legrand Group (France), Leviton Manufacturing Co. (U.S.), Inc., and Siemens AG (Germany). These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaborations to enhance their market penetration.
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises analytical depiction of the home automation and controls market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall home automation and controls market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The home automation and controls market forecast is quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
- The report includes the share of key vendors and market trends.
Home Automation and Controls Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 156.6 billion |
 Growth Rate | CAGR of 12.1% |
 Forecast period | 2021 - 2031 |
 Report Pages | 279 |
 By Type |
|
 By Technology |
|
 By Application |
|
 By Region |
|
 Key Market Players | AMX LLC, Honeywell International Inc., Leviton Manufacturing Co., Inc., ABB Ltd, 2GIG Technologies, Inc., ADT Inc., LEGRAND GROUP, Johnson Controls International plc, Control4 Corporation, Siemens AG |
Analyst Review
The home automation and controls market is anticipated to depict a prominent growth during the forecast period. This can be attributed to growth in deployment of home automation devices, high adoption of wireless technologies, need for energy-efficient solutions, and government initiatives toward construction of smart homes. Conversely, rise in significance of IoT technology in home automation is expected to create lucrative opportunities for the home automation and controls industry.
The home automation and controls market delivers integrated lighting, improved comfort, greater security, and better sanitation in an energy-efficient and smart way while saving operational costs for long term. In addition, smart devices within home automation system can connect and communicate with each other over wired and wireless network. The home automation and controls market exhibit high growth potential in safety and security sectors. The current business scenario has witnessed increase in demand for manufacturing of several automated components, particularly in the developing countries, such as China and India, owing to surge in population and rise in demand for home automation devices. The CXOs further added that companies in this industry have adopted various innovative techniques and strategies such as mergers and acquisitions to strengthen their business position in the competitive matrix. In March 2021, Nortek Control, parent company of 2GIG Technologies, launched 2GIG EDGE security & automation panel integrated with artificial intelligence (AI) and edge analytics. It enables compatibility with live feed ONVIF cameras to 2GIG EDGE panel that allows homeowners to use existing ONVIF devices for their surveillance needs.
The market growth is supplemented by proactive industrialization efforts and surge in manufacturing output, owing to technological advancements. These factors have allowed emerging markets to evolve as largest markets during the forecast period, both from demand and supply sides. Public and private organizations have substantially invested in R&D activities and fabrication techniques to develop cost-effective home automation devices.
The home automation and controls market is estimated to grow at a CAGR of 12.05% from 2021 to 2031.
Significant trends that impact the growth of the global home automation and controls industry include growth in deployment of home automation devices, high adoption of wireless technologies, and government initiatives toward construction of smart homes.
EMEA accounted for the largest regional market , owing to development of wireless technology and increase in construction of smart cities.
The global home automation and controls market was valued at $52.98 billion in 2021.
The safety & security segment is the leading application of the home automation and controls market.
Loading Table Of Content...
Loading Research Methodology...
