San Francisco, California, December 20, 2017: On account of the growth in urbanization throughout the globe and the rising security concerns, the need for global home automation market has been predicted to rise at a noticeable rate for the assessment period of 2017 to 2024, states TMR Research in its latest report. The report is titled “Home Automation Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.”The main idea behind the home automation system is to preserve most of the energy and make use of the renewable resources.
There is a tremendous requirement to better the efficiency of many domestic applications and this is the main reason that has led to the acceptance of home automation systems throughout the developed as well as developing countries. Many functions of the home automation relies on internet connection, that has improved tremendously in the last few years and is also reflecting favorably on this market. The huge growth in the smart phones market throughout the globe is another reason that has led to the high adoption of home automation, as it helps the customers in tracking the security in real time which also increases comfort and ease. But, the heavy initial investment for installing the home automation systems is said to be the biggest problem for this market.
Usage wise, the global home automation market is divided into safety and security, heating, entertainment, lighting, air conditioning, ventilation. Among these, the safety and security sector has the highest demand, though the air conditioning sector is also predicted to have a great demand throughout the assessment period because of the rising realization of the importance of preserving energy. On the basis of technology, this market is divided into power line, computer network, wireless, and wired. The wired sector is further divided into z-wave, zigbee, KNX, Wi-Fi, and presently it is the most lucrative.
The continuously growing technological advancements, have led to the development of devices that are effective along with being efficient as long as conserving energy is concerned. Although the negotiating price of the manufacturers is reducing since many small sellers are providing alternatives, the demand for enhanced products that are beneficial in the long run are predicted to continuously bring in newer opportunities for the manufacturers.
Region wise, this market is divided into Europe, North America, Asia Pacific, the Middle East and Africa, Latin America, along with rest of the world. Presently, the countries that have an advanced Technological sector like Canada and US, that have higher acceptance for luxury services, thereby making North America to the most lucrative market for home automation. The market in Europe is growing at a slow pace, whereas Asia Pacific is predicted to have the highest growth rate throughout the assessment period.
The market for home automation is fragmented. The players in the global home automation market are increasingly investing on research and development so as to develop innovative products. This in turn is anticipated to expand their market shares. In addition to this, another strategy adopted by leading players is strategic alliances with other companies. This is helping them to expand their reach and have the expertise needed. Prominent names within the global home automation market are Vantage Controls, iControl Networks Inc., 2GIG Technologies, Schneider Electric SA, Honeywell International Inc., Control4 Corporation, ADT Corporation, Crestron Electronics, Inc., AMX LLC, Johnson Controls, and Siemens AG.
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