Home Automation System Market to Witness the Highest Growth in APAC Region

Posted by edwardzmusso on October 26th, 2021

The report \"Home Automation System Market with COVID-19 Impact Analysis, By Management, Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment & Other Controls), Software & Algorithm, and Region - Global Forecast to 2025\", is projected to grow from USD 40.8 billion in 2020 to USD 63.2 billion by 2025; it is expected to grow at a CAGR of 9.1% during the forecast period. Owing to COVID-19, the home automation system market is estimated to face headwinds for 2019–2020. As millennials account for the majority of new home buyers, growing homeownership is one of the major factors driving the adoption of home automation systems. Insurance companies offering attractive discounts to house owners having inbuilt access control and security systems is expected to help consumers to save on house insurance premiums and cover the cost of adopting home security systems for residential applications. The development and implementation of IoT technology in home automation systems is expected to act as a growth opportunity for the market.

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On-premises management system is estimated to hold the larger share of the home automation system market in 2020

On-premises management systems consist of a central hub that controls all the home automation systems in the home. It allows the user to control lights, thermostat, HVAC, audio and video streaming devices, and other home appliances from a single source. This management system is also widely used with home automation security systems. On-premises management was the only system available for home automation for many years. They are ideal for connecting to a large number of smart devices from a single source. New homes generally have preinstalled on-premises management systems.

Entertainment and other controls products are estimated to hold the largest share of the home automation system market in 2020

The major controls used to control and regulate the entertainment systems in home automation are audio, volume, and multimedia room controls. Other controls include smart meters, smart plugs, smart hubs, smart locks, smart window blinds, and smoke detectors. Automated home audio and volume controllers are used to control the audio and video played in the house or to customize what is playing in each room individually. There are numerous commercial systems that can be purchased in the market, or the user can also get a system custom-built or homemade. The emergence of voice-controlled speakers such as Google Home and Amazon Echo has greatly expanded the market for entertainment controls. Other controls include smart meters, smoke detectors, smart plugs, smart window blinds, smart locks, and smart hubs which are commonly found in many homes as they are standalone devices.

Market in APAC estimated to grow at fastest rate during forecast period

The high growth in APAC can be attributed to the high economic growth and surge in real estate and home construction witnessed by countries in this region. The region houses a large proportion of the population in the world, where a growing number of homeowners are having sufficient disposable incomes owing to the improvements in economic conditions in this region. Home automation systems are being deployed to achieve energy savings, which directly results in decreased electricity bills. Countries such as China and India have aggressively started developing smart cities, which is expected to increase the penetration of home automation systems.

Major vendors in the home automation system market include Resideo (US), Legrand (France), Schneider Electric (France), Johnson Controls (Ireland), Siemens (Germany), Ingersoll Rand (US), ABB (Switzerland), Leviton Manufacturing Company (US), Control4 (US), Crestron Electronics (US). Apart from these, SmartThings (US) and Canary (US) are among a few emerging companies in the home automation system market.