Home Automation is a step ahead of building automation. Life as all know is flying off at a jet speed with loads to do within a limited span of time. The availability of time is shrinking further making the daily schedule much tighter and tougher. Like building automation, where all things are set to act in an automated manner; home automation system is automation for your private place- your home. With the drastic increase in comforting products most of the activities which were once time killing are now doable within minutes or seconds even. Developing technologies has made innovations possible and the global home automation and controls industry is an accumulated sector of such innovations.
Initially the home automation and controls industry was addressed to be the interest of the extremely rich. This was due to the high end expensive price tags of the automated products. Considered as a luxury once, the same is looked at as affordable by some households. These homes are growing in their numbers, thanks to the increasing economies and the rising rates of disposable incomes. The global home automation and controls industry was worth $ 19.15 bn in the year 2012. The industry has found large volumes of new customers thus raising its bar of business. This positive trend according to a market research will rocket the industry’s value to 48.02 bn by the completion of 2018. This according to the same research is a CAGR growth of almost 17% just in a span of 5 years (2013-2018).
Going by the business segregation, the North American region will rule the industry as its market is estimated to remain robust. The business in the area is predicted to rise by a notable $ 2 bn that is from the present $ 5 bn to the $ 7 bn. This part of the world hold a healthy share of almost 65% of the total market, however it is expected to go down to 50% by 2018. This is just because the other regions of the globe taking keen interest and improving their markets. Unlike the start-up days, the industry now has a good number of companies involved in the home automation products manufacturing process. The competition therefore is getting tougher by the day whereas for the clients, the market is turning to be a place with increased options. With the competition on a rise, the prices of these automated products are logically set to decline making them much more affordable.
The growth of the global home automation and controls industry is faster than estimated as the products have already made a beeline into multiple regions of the globe. North America as well known as the leading region of the home automated products. Besides, there is many other regions worldwide coming up as future hot markets for the industry. These areas according to a market analysis are localities like Central and Southern America, Europe, Asia Pacific and the Middle East with parts of Africa.
Therefore, the home automation and controls industry has upgraded itself to have a global market. This trend of business expansion is ought to increase for the industry and the home automated products are sure to turn necessities one day in the future. The latest acquisition of Nest Labs by Google is an apt example of the growing industrial potential.
There are some prominent companies like Schneider Electric of France, Siemens of Germany, Johnson Controls and Honeywell of the United States along with ABB of Switzerland which are front runners in the industry.