The rapid adoption of entertainment, lighting, and security & access solutions in the residential sector primarily drives smart home automation market demand by 2030. Advanced technologies, such as AI, machine learning, speech recognition, and others, are expected to lead to market growth.
According to the latest information from the Grand View Research analysts, the smart home automation market could reach US $444.98 billion by 2030, with a remarkable CAGR of 27.3% from the forecast period 2023 to 2030.
As we expect, the market has benefited from the increasing applications of smart home automation in HVAC, entertainment, lighting, security & access, smart kitchen, energy management, and other appliances from the forecast period. Based on application, the smart kitchen segment is expected to overwhelm the smart home automation market due to new product launches following the rising demand for a comfortable cooking process because of living in the smart home.
For example, in January 2023, a famous electronic company Samsung Electronics Co., Ltd., launched the Bespoke smart refrigerator, which includes a 32-inch touchscreen and an artificial intelligence-optimized cooling process. The refrigerator’s touchscreen display is an automation hub and enables connection to other smart home devices.
North America covered the largest market revenue share in 2022 and is expected to grow significantly during the forecast period. The province is home to legacy manufacturers and solution providers, such as Honeywell International Inc. and Lutron Electronics Co., with technological and supplier dominance through their long-standing existence in the market, providing them a competitive edge over new market participants. Moreover, the region’s inclination to adopt modern technology, such as AI and the internet of things, is expected to drive market growth.
Some Of The Important Takeaways From The New Research Include The Following:
- According to new research, experts expect the hardware segment to record the highest market share of over 65% in 2023 due to the growing trend of intelligent homes through installing smart home automation products such as Amazon Echo, Samsung Smart Things, and Google Home.
- Based on technology, the wireless segment is expected to expand at the top CAGR over the forecast period from 2023 to 2030, owing to its ease of set-up and ability to connect without laying wires.
- Based on application, the smart kitchen segment is predicted to expand at the highest CAGR in the monitoring period from 2023 to 2030 due to the rising demand for smart, automated appliances for cooking purposes.
- Based on fitment, the new construction segment is predicted to record the highest CAGR from 2023 to 2030 due to the rising demand from newly constructed houses, as installations are easier in new constructions than in established homes.
As the researchers mentioned in the report, some of the main players in this sector include ABB, Control 4 Corporation, Crestron Electronics, Honeywell, Ingersoll Rand, Johnson Controls, Legrand, Leviton Manufacturing, Lutron Electronics, Schneider Electric, and Siemens.