The demand for home automation is increasing due to factors such as rise in building construction and increase in urbanization in European countries such as Slovakia, Ukraine, and Austria fuel the growth of the global home automation market. For instance, urbanization in Ukraine grew by 0.3% from 2018 to 2020. Moreover, surge in need for energy-efficient solutions and rise in demand for safety & security for homes are some of the major factors expected to drive the demand for home automation. In addition, rise in disposable income and increase in government initiatives for development of smart cities are anticipated to significantly contribute toward the growth of the home automation market during the forecast period.
North America region holds the lion share of home automation market and is expected to continue dominating the market during the forecast period. This is attributed to factors such as people of this region are moving towards the concept of smart homes, with approximately 30 million US households projected to include smart home technology in the future.
The home automation market comprises of various players such as Honeywell International Inc, ABB Ltd, Johnson Controls International, Crestron Electronics, Inc, United Technologies Corporation, Schneider Electric S.E., Siemens AG, Lutron Electronics Co. Inc, Samsung, and Legrand SA. These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product and increase their growth as well as geographical reach. For instance, in January 2021, Samsung Electronics India launched variable refrigerant flow (VRF) air conditioning (AC) system that can be installed in 0.5 sq m space of premium apartments, villas, bungalows, and commercial areas. These DVMS Eco series systems are wireless, wi-fi-enabled, has smart features such as voice recognition system, and are connected and monitored with the use of smart phone.
Global Information, Inc. (JASDAQ 4171) www.giiresearch.com Toll Free (US): +1-866-353-3335 Outside US: +1-860-674-8796 Europe (Belgium): +32-2-535-7543 Email: [email protected]