Global Home Automation and Control Market to Worth $12.81 Billion by 2020
The Home Automation and Control market is expected to grow at a CAGR (compound annual growth rate) of 11.36% over the next five years (2014 - 2020) and worth approximately $12.81 billion by 2020, According to a new market research report published by MarketsandMarket. North America is expected to remain the largest market over this period supported by the growth in the housing martket and consumers demands for convenience, connectivity, safety and security in their homes.
Even though the concept of home automation has been in existence for a long time, the market has witnessed a profound growth, mainly, during the last five years, said MarketsandMarket. Areas such as Lighting, Security and Access Control and HVAC (heating, ventilation and air conditioning) Control are seen as the key product areas in home automation. From a global market worth of $5.77 billion in 2013 it is expected to more than double by 2020.
The increasing preference of consumers for convenience, connectivity, safety and security, and demand for energy efficient and green product solutions are expected to drive the growth of this market. Energy management and HVAC automation systems too are expected to see a similar growth phase, during the forecast period. High investments in building infrastructure and the need to lower power consumption to save energy are further expected to drive the demand for home automation and security systems, especially in Asia-Pacific, Europe, and North America.
The major control products that have been extensively covered in the report include lighting control, security and access control, HVAC control, entertainment control.