Home Automation Market Projected to Reach USD 85 Billion – GlobeNewswire

Home Automation Market Projected to Reach USD 85 Billion – GlobeNewswire

New York, US, Nov. 29, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Home Automation Market information by Protocol & Technology, by Product, by Software & Algorithm and Region – forecast to 2027” market size to reach USD 85 Billion, growing at a compound annual growth rate of 13.40% by 2026.

Market Scope:
Smart electric drive vehicles are hybrid or electric vehicles that are charged using any electrical socket. The efforts put in by governments to curb emission rates by offering incentives to electric vehicle owners can favor industry leaders. Market Research Future’s (MRFR) report on the home automation market covers a comprehensive analysis conducted with the help of primary and secondary market research methods. It covers prospects on the industry for the forecast period (2020-2027) while taking into consideration the effects of the COVID-19 pandemic.

Dominant Key Players on Home Automation Market Covered are:

  • Samsung Electronics Co. Ltd. (South Korea)
  • Honeywell International Inc. (U.S.)
  • Schneider Electric Se (France)
  • Siemens Ag (Germany)
  • ABB Ltd. (Switzerland)
  • Crestron Electronics Inc. (U.S.)
  • United Technologies Corporation (U.S.)
  • Legrand (France)
  • Acuity Brands Inc. (U.S.)
  • Johnson Controls Inc. (U.S.)

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Market USP Exclusively Encompassed:
Market Drivers
Awareness of Energy Conservation to Drive Market Demand
HVAC contractors and real estate developers are collaborating to provide modern and luxurious homes with all amenities. Automation of cooling and heating systems to provide convenience and comfort to home owners can drive the market demand for home automation systems. Bundled products that work in a common connected platform are the latest selling point pursued by developers to drive sales of automation systems. For instance, Samsung Corporation has developed the SmartThings application to control a bevy of products on the platform. It can be used in creating ambience for single family and multi-family environments.

Technological Strides in Lighting to Drive Market Growth
Smart homes can utilize home automation solutions for controlling heating, electrical, cooling, and light appliances. They can increase comfort and usability while managing the ambience of rooms through a centralized remote. Moreover, it can enhance the security of homes by enabling floodlights and security illuminations at breach points. The COVID-19 pandemic has propelled the demand for smart lights by providing a safe space for work in homes and workstations.

Lack of Pre-installed Systems to Hamper Market Growth
The huge initial costs of installation owing to added costs of installation and equipment can hamper the home automation market growth. Use of expensive software, light sources, and control systems can deter potential clients. However, dipping prices of LEDs and energy savings of these lights can prove to be fruitful to the market in the coming years.

Browse In-depth Market Research Report (100 Pages) on Home Automation Market: 

Source: https://www.globenewswire.com/en/news-release/2021/11/29/2341958/0/en/Home-Automation-Market-Projected-to-Reach-USD-85-Billion-with-a-CAGR-of-13-40-by-2026-Report-by-Market-Research-Future-MRFR.html

Home Automation