The global home automation sensors market is estimated to garner a sizeable revenue and grow at a CAGR of ~12% over the forecast period, i.e., 2022 – 2030. 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 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.
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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 global 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.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global 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 is estimated to witness noteworthy growth over the forecast period on the back of the 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 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.
The global home automation sensors market is further classified on the basis of region as follows:
Our in-depth analysis of the global home automation sensors market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing adoption of internet of things in developed and developing nations, and increasing importance of home monitoring in remote locations.
The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030.
Unethical technological breaches associated with home automation sensors are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rising government investments in smarter infrastructure and advanced technologies, and increasing usage of sensors in smartphones, healthcare and automobiles.
The major players in the market are Honeywell International, Inc., Ingersoll-Rand PLC, Emerson Electric Co., ABB Ltd., Schneider Electric S.A, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, technology, and by region.
The luxury segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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