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Asia on Its Way to Become the Next Major Market For Home Automation & Controls – Revenue Pocket
Traditionally, Europe and North America have dominated the home automation & controls market due to stricter government regulations for energy conservation in these regions, and also due to the high standards of living of the people. However, the Asian region lags far behind its counterparts as far as the implementation of home automation & control systems is concerned. One of the key factors responsible for it is the perception of high cost associated with automation products. Last year, the California Energy Commission unveiled the 2013 energy efficiency standards for buildings, both, residential and non-residential. These standards are certainly expected to reduce energy consumptions over the next few years. Along with the release of standards, the commission also gave an estimate of the amount of energy costs that can be reduced by building energy efficient homes. Such a ‘projection of savings’ is a vital information that needs to be provided to building owners in the Asian region to improve their awareness about energy efficiency.
With the building management services, now, moving towards the cloud based services, the cost of service will again reduce gradually and; hence, the automation for smaller or less complex residential buildings would be much more affordable. This is a positive sign for the Asian region which is currently experiencing a heavy growth in infrastructure and construction activities, and where the average income of the common population is not as high as that in Europe. Most of the major global players have a good presence in Europe and North America. However, such companies are far from establishing themselves completely in the Asian region. Local giants, especially in China, are surely expected to make their job tougher to a great extent. Nevertheless, the penetration of this market through mergers and acquisitions with the local players would surely increase the revenue of the global players to a great extent. While all the other regions are expected to grow at less than 20% CAGR, the Asian region is expected to grow at a CAGR of more than 20% during the forecast period.
Home Automation & Controls Market by Product (Lighting Control, Security Control, Access Control, HVAC Control, Entertainment Control, Outdoor Control, Communication Protocols, Standards & Data Distribution) & Geography (2013 - 2018)
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