The global home automation system market is projected to grow from USD 40.8 billion in 2020 to USD 63.2 billion by 2025; it is expected to grow at a CAGR of 9.1% from 2020 to 2025. The key factors fueling the growth of this market include growing home ownership among millennials worldwide, lower insurance costs for homeowners investing in home security systems and increasing services offered by telecommunication companies, increasing use of home automation systems among the elderly population, rapid urbanization in developing countries, and rising significance of IoT technology in home automation.
The home automation system market is dominated by key global established players such as Resideo (US), Legrand (France), Schneider Electric (France), Johnson Controls (Ireland), Siemens (Germany), Ingersoll Rand (US), ABB (Switzerland), Leviton Manufacturing Company (US), Control4 (US), Crestron Electronics (US), Acuity Brands (US), Lutron (US), Remote Technologies Incorporated (US), Elan (US), ADT (US), AMX (US), Develco Products (Denmark), Vantage Controls (US), Savant Systems (US), and SmartThings (US). These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, expansions, and acquisitions to strengthen their position in the market.
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Schneider Electric is one of the global leaders in energy management and automation solutions. It offers integrated energy management solutions to energy and infrastructure, industries, data centers and networks, buildings, and residential markets globally. Schneider Electric’s business is organized into two segments, namely, Energy Management and Automation. Energy management has two sub-divisions; Residential & Small Building and Commercial & Industrial Buildings. The company operates in four end markets, namely, homes and buildings, data centers, infrastructure, and industry. Schneider Electric offers home automation products and solutions under its Energy Management business segment. The Energy Management business segment’s offerings include low-voltage electrical distribution products, circuit breakers, power monitoring devices, power meters, wiring devices, network devices, HVAC controllers, sensors, valves and actuators, programmable regulators, access controls, video cameras, and security monitoring equipment.
For Schneider Electric, the demand for the company’s products in home automation is driven by the renovation and restoration needs of the homeowners (in developed economies) as well as by new constructions (particularly in emerging economies). The company is concentrating on enhancing its product portfolio by actively offering innovative products to cater to consumers’ requirements. For instance, the firm’s Wiser home automation platform can be integrated and controlled by Amazon Echo smart speaker. The company also invests significantly in R&D to drive profitable growth and optimize its manufacturing capability.
Johnson Controls comprise products and services for building solutions (including control systems, security systems, fire detections systems, and other equipment and services) and global products (including HVAC equipment and control systems for residential & commercial applications). Johnson Controls broadly operates under four business segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products. All business segments of the company deal with the home automation system market. The global products business segment of the company manufactures and markets a wide range of humidity transmitter devices. The company also provides complete technical assistance and energy management consultancy for heating, ventilating, and air conditioning (HVAC) systems; building management systems; controls; security; mechanical equipment; residential air conditioning and heating systems; and industrial refrigeration; among others. The business primarily caters to the needs of HVAC and building automation industries. Luxaire, Coleman, York, and Guardian are notable brands under its wide range of offerings for HVAC equipment and controls in the residential marketplace.
Johnson Controls is a global market leader in engineering, developing, manufacturing, and installing building automation systems worldwide, especially for HVAC product offerings. The company differentiates itself from others by providing technical services, energy management consulting, and data-driven solutions through its data-driven business model. The company can generate significant sales not only through its direct subsidiaries but also through third-party distributors, which places Johnson Controls as one of the top companies in the home automation system market.
Other major players in the smart home market are mainly focusing on acquisitions and partnerships along with new product launches to achieve continuous and sustainable development.
Home Automation System Market with COVID-19 Impact Analysis, By Management, Product (Lighting Control, Security & Access Control, HVAC Control, Entertainment & Other Controls), Software & Algorithm, and Region - Global Forecast to 2025
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