Home Automation Sensors Market Size

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.