Ajith Nair- March 9, 2023 / Updated- March 9, 2023
The latest report by Grand View Research Inc. on global home automation market size offers certain insights of importance. From 2023 to 2030, the home automation industry is estimated to be valued at 444.98 billion USD. That’s with a 27.3% annual compound growth rate.
The report also brings to light 3 key insights:
01. Wireless technologies to grow
The Grand Review Research segments smart home technology into 3 kinds–Cellular, Wireless, and Others. Out of which, the wireless segment is expected to expand at the highest growth rate in the 2023-2030 forecast period.
This growth is attributed to its ease of set-up and usage–especially when compared to wired solutions and other alternatives. The facility to set up smart homes with no additional wirings and automation DBs will be of significance.
The rise of newer and more capable network protocols like Z-Wave Plus and ZigBee 3.0 has also had a role to play. Manufacturers and users alike–prefer protocols with smoother connections, better range, and longer battery lives.
02. Smart hardware to hold 65% of the market share
Out of hardware, software/solutions, and services segments in the home automation industry–hardware components held the highest market share in 2022 and are expected to dominate the market till 2030. The trend of setting up intelligent spaces is ever on the rise–especially with automation products like Amazon Echo and other IoT devices in the picture.
There is a rising demand for automation hardware like smart lighting, security & access controls, safety sensors & detectors, and more. Majority of these devices are designed around portability, wireless connectivity, ease of usage, and remote operations–all of which are central to users.
0.3 Security segments and Kitchen spaces to be key
Security & access applications accounted for the largest market share in 2022–and are expected to hold that space till 2030. With home/office owners finding the need to safeguard their space and possessions in better ways–this sector is seeing a considerable rise in demand.
Naturally, home automation companies are integrating newer, advanced capabilities into their security devices today. Hogar Controls, for instance, launched Atrio door lock with 5 secure ways of access–Fingerprint, Passcode, RFID, App, and manual key.
Although Security, Lighting, Entertainment, and HVAC applications are all estimated to grow considerably in the forecast period, the study reports particularly rising demands in smart devices for cooking purposes. This segment of application is predicted to record the highest growth rate by 2030.
Home automation devices like smart plugs, retrofit modules, and smart touch panels may all rise in demand for their utility in kitchen spaces. Especially considering features like time-scheduling and remote operations–that are often integrated with kitchen appliances.
Grand View Research is a US-based market research and consulting company, providing customized research reports and consulting services to Fortune 500 companies and renowned academic institutes. The company is home to over 425 analysts and consultants, adding over 1200 market research reports to its database every year. These reports and their studies span 46 industries and 25 major countries worldwide.
Leave a Reply
Want to join the discussion?Feel free to contribute!