The global home automation market will gain from the rapid adoption of smart home technology. Recently Fortune Business Insights™ published a report, titled “Home Automation Market Size, Share and Global Trend by Product Type (Luxury Home Automation System, Mainstream Home Automation System, Managed Home Automation System, DIY Do It Yourself Home Automation System), Application (Safety and Security, Lighting, Entertainment (Audio and Video), Heating, Ventilation and Air conditioning), Networking Technology (Wired Home Automation System, Wireless Home Automation System) and Geography Forecast till 2025.” As per the report, in 2017 the global home automation market was worth US$ 45.8 Bn.
The global market is anticipated to expand at a CAGR of 12.1% and reach US$ 114 Bn by the end of 2025. In terms of application, the lighting segment held the highest market share in 2017. The segment accounted for 25% of the global home automation market. The segment is expected to witness impressive growth during the forecast period 2018-2025. Growth witnessed in this segment is attributable to the increasing need for reducing energy consumption. This is likely to propel the demand in the global home automation market.
Honeywell Emerges Dominant in Global Market with its Advanced Control Strategies
Honeywell International Inc., emerged dominant in the global home automation market in 2017. The growth witnessed is due to advanced control strategies adopted by the organization. Honeywell is also known for investing and acquiring start-ups to offers its products in various nations.
Key Companies Covered In The Report:
• Crestron Electronics Inc.
• AMX LLC (Harman)
• Control4 Corporation
• Honeywell International Inc.
• Johnson Controls Inc.
• Siemens AG
• Savant Systems LLC.
• ABB Ltd.
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