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Allied Market Research Expects the Global Home Automation and Controls Market to Reach US$156.59 Billion by 2031 – KNXtoday – KNXtoday

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Surge in need to maintain secure and safe environment, rise in demand for smart home lighting system, increase in adoption of wireless technologies, and surge in the popularity of smart homes are expected to drive the growth of the global home automation and controls market. Closure of various manufacturing facilities and reduction or limited presence of workforce during COVID-19 pandemic adversely impacted the production capacity and quantity across industries, leading to a negative impact.
According to the report published by Allied Market Research, the global home automation and controls market generated $52.98 billion in 2021, and is projected to reach $156.59 billion by 2031, growing at a CAGR of 12.0% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive scenario, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
The report offers a detailed segmentation on the global home automation and controls market based on type, technology, application and region.
Based on type, the home automation system segment held the largest market share in 2021, garnering more than half of the global market, and is expected to maintain its leadership status during the forecast period. The mainstream home automation system segment, on the other hand, is predicted to cite the fastest CAGR of 12.7% during the forecast period.
Based on technology, the computing network home automation systems segment held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The powerline home automation systems segment, on the other hand, is expected to cite the fastest CAGR of 14.9% during the forecast period.
Based on application, the safety and security segment held the dominating market share in 2021, garnering more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The segments analysed in the report include Lighting, HVAC, Entertainment, and others.
Based on region, the market across Europe held the largest market share in 2021, holding nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 13.6% during the forecast period.
www.alliedmarketresearch.com
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