Home Automation Market to Gain Value of $ 253.18 Billion by 2031, Notes TMR Analysis

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Oct 11, 2022, 11:00 ET

The global home automation market is projected to expand at a CAGR of 16.6% during 2022-2031
Increase in the application of smartphone-controlled home automation devices globally is creating profitable prospects in the market
Rise in adoption of advanced technologies in North America is expected to drive the regional market growth

WILMINGTON, Del., Oct. 11, 2022 /PRNewswire/ -- The global home automation market is prognosticated to reach a value of US$ 253.18 Bn by the end of 2031, states a research report by Transparency Market Research (TMR). In addition, the study finds that the market for home automation is expected to grow at a CAGR of 16.6% during the forecast period, 2022-2031.

Key players operating in the home automation market are focusing on the execution of different strategies such as regional expansions, mergers, acquisitions, and product portfolio expansions in order to maintain their leading market positions. Moreover, enterprises are increasing R&Ds in order to develop technologically advanced products. Such initiatives are prognosticated to fuel the expansion avenues in the global market for home automation, notes a TMR study that covers key insights on home automation ideas.

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Home Automation Market: Key Findings

The demand for thermostats with an ability to deliver high level of flexibility in HVAC systems controlling is being rising in the recent years. This factor is prognosticated to fuel lucrative opportunities for key players operating in the home automation market, state analysts at TMR. Furthermore, the market for home automation is being driven by increase in the use of smart home cooling, heating, and air quality systems in order to achieve effective and dependable climate control in the home, note analysts at TMR.
Rise in the technical advancements in the sensor-based controls have resulted into more comfortable and secure homes globally. Over the period of past few years, there has been a surge in the adoption of home automation systems due to rise in the utilization of Internet of Things (IoT) for smart home applications including room control, lighting, security & entry control, and audio & video control. Such factors are expected to create profitable prospects in the market in the near future, state a TMR study.
The spending power of people from many developed and developing nations is being improving in the recent years. Thus, this population pool is increasing the demand for technological advancements for their homes. This, in turn, is fueling the market expansion.

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Home Automation Market: Growth Boosters

Swift advancements in the smartphone-controlled home automation devices is creating largest opportunity for home automation market
Rise in the use of smart lighting across the globe is expected to drive significant business prospects for home automation companies
Surge in the use of low-cost Zigbee technology in varied home automation systems is likely to play key important role in the market growth in the near future

Home Automation Market: Regional Analysis

The North America home automation market is projected to maintain its leading position during the forecast period owing to many factors including rise in the technological advancements, increase in the adoption of advanced technologies by regional people, and existence of key market players in the region
The market is expected to continue showing rapid expansion in Asia Pacific and Europe in the near future owing to several factors such as swift adoption of home automation kits or smart home automation devices across many regional nations and improving disposable income of middle-class people from these countries

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Home Automation Market: Key Players

Some of the key players profiled in the report are:

Crestron Electronics, Inc.
ABB Ltd.
Honeywell International Inc.
HARMAN
Legrand SA
Johnson Controls International
Nice North America LLC
Lutron Electronics Co., Inc
Savant Systems, Inc
SAMSUNG
Siemens AG
Schneider Electric SE
Snap One, LLC

Home Automation Market Segmentation

Component

Safety and Security

Hardware

Security Cameras
Monitors
Fire Extinguishers
Others (Doorbells, Water Leak & Freeze Detector, etc.)

Software
Services

Access Control

Biometric Access Control

Facial Recognition
Iris Recognition
Fingerprint Recognition
Others (Hand Geometry Biometrics, Retina Pattern, etc.)

Non Biometric Access Control

Lighting System

Drivers & Ballasts
Relays
Sensors
Dimmers
Switches
Others (Accessories)

Entertainment System

Home Theater Systems
Audio Video Control Systems
Others

Heating Ventilation and Air Conditioning (HVAC)

Actuators
Sensors and Transducers
Thermostats
Ducted Split Systems
Humidifiers
UV Air Purifiers
Others (Energy Meter, Control Valve, etc.)

Others (Smoke Detector, Smart Plugs, etc.)

Technology

Wired

Power Line Communication (PLC)
Ethernet
Fiber Optics

Wireless

ZigBee
Wi-Fi
Bluetooth
Others

Type

Luxury
Mainstream
DIY
Managed

Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market intelligence company provides syndicated research reports and business consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

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