Home automation is expected to grow at a double-digit rate
A new report, titled "Home Automation System Market by Product (Lighting Control (Switch, Occupancy Sensor), Security & Access Control, HVAC Control (Pump & Fan, Control Valve), Entertainment & Other Controls), Software & Service & Geography – Global Forecast to 2022", published by MarkeMarkets, suggests the home automation market is in for some impressive growth.
The global market for home automation is expected to grow from $32.11 billion in 2015 to $78.27 billion by 2022, at a CAGR of 12.46% between 2016 and 2022.
This is partially thanks to a growing "internet of things" market, falling prices, a growing base of manufacturers and products, and the increasing importance of home monitoring solutions.
Within the category, lighting control is expected to grow the fastest thanks to its electricity saving capabilities and growing environmental concerns.
Currently, smart meters (which record energy consumption) hold the largest share of the market (in 2015).
Regionally, Asia-Pacific will see the sharpest growth over the next five years, thanks to a growing number of new residential projects and the strengthening of building infrastructure.
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