Copyright © 2024 Research Nester. All Rights Reserved
Home Automation Sensors Market size is likely to expand at more than 12.2% CAGR during the forecast period i.e., between 2024-2036.
The growth of the market can be attributed to the growing adoption of internet of things in developed and developing nations, and increasing importance of home monitoring in remote locations. Along with these, rising disposable income, rapid proliferation of smart gadgets and smartphones, and escalating preference for luxurious lifestyle among people. According to the World Bank, the world’s net national income per capita was USD 9,024.787, which increased up to USD 9,427.278 and USD 9,483.844 in 2018 and 2019 respectively. Furthermore, there is a shift in focus among governmental and non-governmental organizations to establish energy saving and low carbon emissions-oriented solutions, which is a crucial factor projected to offer ample growth opportunities to the home automation sensors market in the near future. In addition, rise in ageing population across the world is also predicted to lead to market expansion in the imminent time.
Growth Drivers
Challenges
|
2023 |
|
|
Forecast Year |
2024–2036 |
|
CAGR |
12.2% |
|
Regional Scope |
|
The market is segmented by application into security, entertainment, heating, ventilating and air conditioning, lighting, and others, out of which, the lighting segment is anticipated to hold the largest share in the home automation sensors market. This can be accounted to the rising concerns to reduce energy consumption by lighting products, and growing integration of these items using cloud and IoT based solutions. Apart from these, increasing adoption of wireless technologies globally is also assessed to drive growth to the market segment in the coming years. Additionally, on the basis of product type, the luxury segment is evaluated to occupy the largest share over the forecast period ascribing to the high consumer interest in leading a luxurious lifestyle as a result of significant increase in household spending.
Our in-depth analysis of the global market includes the following segments:
|
Product |
|
|
Application |
|
|
Technology |
|
On the basis of geographical analysis, the home automation sensors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific industry is expected to hold largest revenue share by 2036, propelled by rising government investments in smarter infrastructure and advanced technologies, and increasing usage of sensors in smartphones, healthcare and automobiles. Apart from these, surge in the use of connected devices, especially in India, is also expected to boost the region’s market growth in the future. Moreover, the market in North America is anticipated to grab the largest share ascribing to the growing implementation of AI and IoT applications, high deployment rate security solutions in smart homes, and strong presence of major home automation sensors market players in the region. In 2018, smart home devices worth approximately USD 4 billion were sold in the U.S., which grew up to USD 4.3 billion by the end of the year 2020.
March 2021- Nortek Control recently announced its 2GIG EDGE Security and Automation Panel with facial recognition for touchless disarming. It is powered by a 1.6 GHz quad core processor, with built-in edge analytics.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?