According to a new market research report by Markets and Markets, Home Automation and Control Market by Lighting Control (Occupancy Sensors, Relays, Transmitters), Security & Access Control (Video Surveillance, Biometric), HVAC Control (Heating & Cooling Coils, Pumps & Fans, Sensors), and Geography – Global Forecast to 2020, the home automation market is expected to grow at a CAGR of 11.36% between 2014 and 2020, and reach $12.81 billion by 2020.
Home automation plays a vital role in automating the home, housework or household activities. It mainly includes automation for centralized control of lighting, HVAC (heating, ventilation and air conditioning), appliances, and other systems, to provide improved convenience, comfort, energy efficiency, and security.
The global home automation and control market was worth $5.77 billion in 2013 and is expected to reach $ 12.81 billion by 2020; the market is projected to grow at an estimated compound annual growth rate (CAGR) of 11.36% between 2014 and 2020.
Even though the concept of home automation has been in existence for a long time, the market has witnessed a profound growth, mainly, during the last five years. The growing awareness about wireless technologies and the various developments related to the integration of wired and wireless technologies is expected to propel the home automation & control market in future.
North America is expected to retain its position as the largest market. The revival of construction activities, especially with regards to new residential buildings and renovations, is expected to support the growth of the said market, in this region. The increasing preference of consumers for convenience, connectivity, safety & security, and demand for energy efficient and green product solutions are expected to drive the growth of this market. Energy management and HVAC automation systems too are expected to see a similar growth phase, during the forecast period. High investments in building infrastructure and the need to lower power consumption to save energy are further expected to drive the demand for home automation & security systems, especially in Asia-Pacific, Europe, and North America.
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