The global home automation and controls market revenue was around US$ 53.98 billion in 2021 and is estimated to reach US$ 157.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 12.05% during the forecast period from 2022 to 2031.
The term "home automation system" describes the electronic and automatic control of home activities, features, and appliances. This system has uses in lighting, security, and access control as well as ventilation, heating, and air conditioning.
Factors Influencing Market Growth
Rising demand for smart home lighting systems, maintenance of a secure and safe environment, and improved user comfort across a variety of business verticals drive market growth.
Rise in the importance of IoT technology in home automation is anticipated to offer lucrative opportunities for the market.
Lack of compatibility among home control systems hampers the market.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the home automation and controls market. The government enacted a lockdown with major impacts on key supply chain players. However, the market was primarily affected by several challenges, including a shortage of skilled labor and project delays or cancellations.
Therefore, in some regions, COVID-19 had a moderate impact. Countries like the US and the UK temporarily shut down their factories, which resulted in a loss of revenue for the home automation and controls sector, followed by a loss of revenue for well-known manufacturers during the restrictions.
Europe, the Middle East, and Africa have a substantial share of the home automation and controls market. The European government's approval of the smart cities project is opening up new opportunities for the development of smart homes, which, in turn, drive the market growth in the region.
The leading competitors in the global home automation and controls market are:
Honeywell International Inc
Johnson Controls International plc
Leviton Manufacturing Co Inc
The global home automation and controls market segmentation focuses on Type, Technology, Application and Region.
Segmentation based on Type
Home Automation System
Mainstream Home Automation System
Managed Home Automation System
Segmentation based on Technology
Wired Home Automation Systems
Wireless Home Automation Systems
Powerline Home Automation Systems
Computing Network Home Automation Systems
Segmentation based on Application
Safety and Security
Segmentation based on Region
Rest of Western Europe
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America