Smart home technology has advanced rapidly in recent years. What was once the province of tech billionaires like Bill Gates has now become accessible to the average homeowner. But there’s a world of difference between having a smart home assistant like Amazon’s Alexa keep track of your grocery list. Then by contrast installing a property-spanning system. This is one that allows you to manage your lighting, temperature, security and every last appliance, from anywhere. Home automation really is something to look out for for the future now.
Wiring your home with smart technology can add up to a substantial investment. That said, you shouldn’t expect it to pay off in an easily quantifiable way when it comes time to sell. Home automation is something for the long-term. There are brands out there like Crestron which are for sure leading the way now.
This is a big market
Surge in need to maintain secure and safe environment, rise in demand for smart home lighting system, increase in adoption of wireless technologies, and surge in the popularity of smart homes are expected to drive the growth of the global home automation and controls market. Closure of various manufacturing facilities and reduction or limited presence of workforce during COVID-19 pandemic adversely impacted the production capacity and quantity across industries, leading to a negative impact.
In detail
Based on type, the home automation system segment held the largest market share in 2021, garnering more than half of the global market, and is expected to maintain its leadership status during the forecast period. The mainstream home automation system segment, on the other hand, is predicted to cite the fastest CAGR of 12.7% during the forecast period. Based on technology, the computing network home automation systems segment held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period.
Powerline systems
The powerline home automation systems segment is likely to see big growth. It, on the other hand, is expected to cite the fastest CAGR of 14.9% during the forecast period. Based on application, the safety and security segment held the dominating market share in 2021, garnering more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The segments analyzed in the report include Lighting, HVAC, Entertainment, and others.
Europe still leading the way
Based on region, the market across Europe held the largest market share in 2021. It holds to date nearly two-fifths of the global market. It is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 13.6% during the forecast period.
Overall
Making your home smart is becoming more and more popular. With the improvements in technology and the fall in cost, it is one the up. This is for both new build and existing homes are being fitted with smart home automation technology. Having a home that works for you, and makes your day to day life easier and more enjoyable, is an increasingly attractive proposition. As such, we are often asked how much do home automation systems cost? Unfortunately the answer is always – it depends. What is a fact is this is a great investment to make for the future.
