The global home automation market is expected to grow from US$4.41 billion in 2013 to US$21.6 billion by 2020, registering a compound annual growth rate of 26.3%, according to a report by Market Research Engine.
Growing purchasing power of consumers, increasing investment in building infrastructure, rising dependence on technology and government support are the main drivers of the home automation market, says the report.
Demands are strongest in North America and Western Europe. The home automation sector is expected to become a multi-million market for these two regions.
Some of the most active players in the home automation space include AMX LLC, Crestron Electronics, Inc., Control4 Corporation, ABB Ltd., Honeywell International, and Schneider Electric SA.
Apart from the mature markets of North America and Europe, emerging markets are interested in the home automation market. Smart city projects in the mature and emerging markets such as Canada UK, Poland, Germany and India are supporting the growth of the global home automation market and hence, supporting the growth of the industries such as real estate, consumer electronics and construction.
Smartphone-based control applications are also driving the home automation market. The consumer today is interested in controlling and monitoring the home appliances at anytime from anywhere and at a click. This type of automatic applications is mostly needed by working professionals who are away from their home for longer duration. The apps allow them to look after the elder people and children from their respective workplace.
The global home automation market started growing mainly from the end of the last decade. The growing awareness related to the energy efficient systems and regional government’s initiatives have helped the industry grow, according to the report.