Global home automation market is estimated to grow 12.4% annually to reach US$72.78 billion by 2022, from US$36.09 billion in 2016, according to a report by Research and Markets.
North America is dominating the global home automation market. It captures approximately 40% of the total market share closely followed by Europe. Asia-Pacific, on the other hand, is expected to grow at the highest pace, thanks to the region’s increasing building infrastructure and residential development projects.
Home automation is driven by rising usage of smart phones, tablets, and other handheld devices, higher penetration of Internet, growing awareness of energy management, and increasing need for remote home monitoring solutions.
Unpredictable development costs, privacy and security concerns associated with automation using Internet and other devices, are constraints in this industry.
Major companies in this industry include Honeywell, Legrand, Ingersoll-Rand, Johnson Controls, ABB, Samsung, Siemens and Schneider Electric. “Artificial Intelligence based automation is going to be a disruptor in increasing productivity and convenience,” says the report.
Sensor Market to Realize Strong Growth
The global wireless sensors market is projected to grow 15.12% annually between 2017 and 2022. Owing to the emerging markets in China, India and Japan, Asia Pacific will see faster growth in the coming years.
Industry participants in this region are focusing on product differentiation in order to avoid price competition.
Wireless sensors are used in factory settings for data monitoring of production flow. They are also used in building automation, defense and other industries like materials handling and food & beverage. Quest for new energy sources, renewable energy development and rapid technological advancements are the key drivers propelling market growth.
Wireless sensors are also a vital component in smart grids for remote monitoring of transformers and power lines where they are put into service to monitor line temperature and weather conditions.