Home Automation Sensors Market Segmentation by Product Type (Luxury, Mainstream, Managed, and Do It Yourself); by Application (Security, Entertainment, Heating, Ventilating and Air Conditioning, Lighting, and Others); and by Technology (Wired, and Wireless) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3562 | Published Date: Feb 07, 2023
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:
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.
Our in-depth analysis of the global home automation sensors market includes the following segments:
By Product Type
By Application
By Technology
Growth Drivers
Challenges
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: 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.
Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030.
Ans: Unethical technological breaches associated with home automation sensors are estimated to hamper the market growth.
Ans: 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.
Ans: The major players in the market are Honeywell International, Inc., Ingersoll-Rand PLC, Emerson Electric Co., ABB Ltd., Schneider Electric S.A, and others.
Ans: 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.
Ans: The market is segmented by product type, application, technology, and by region.
Ans: 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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