U.S. Market for Home Automation Systems and Devices Expected to Exceed $5.5 Billion in 2016
Home automation technology has been around for many years, but it has only recently begun to enter the mainstream. The reasons for home automation's growing popularity include developments on the demand side as well as the supply side.
Montreal, Canada, August 14, 2011 --(PR.com)-- Electronics.ca Publications, the electronics industry market research and knowledge network, announces the availability of a new report entitled "Home Automation and Security Technologies, Products, and Markets."
Home automation technology has been around for many years, but it has only recently begun to enter the mainstream. The reasons for home automation's growing popularity include developments on the demand side as well as the supply side.
On the demand side, rising incomes and standards of living have combined with increased concerns regarding energy and security to increase the attractiveness of technologies that promise to enhance the owner's quality of life, while also making the most efficient use of energy (especially electricity) and providing a sense of security. The drop in construction of new homes as a result of the financial crisis that started in 2008 has dampened the demand for home automation systems, but in the longer term, many would-be homebuyers are younger, technologically savvy people with an affinity for the latest electronic devices, thus creating a favorable market environment for home automation systems.
On the supply side, the declining cost and complexity of new home automation products is helping to attract new buyers. Until a few years ago, the cost of quality home automation components was prohibitive for all but the enthusiast market, but now prices are dropping.
In fact, the cost of installation labor and the expense of educating electricians in this field are becoming the most inhibiting factors. Fortunately, other developments are helping to reduce the difficulty and cost of installation. These developments include the growing use of standards-based wireless technologies that allow home automation devices to integrate seamlessly and minimize the need for special wiring to connect them.
The report's overall goal is to provide readers with an updated understanding of the business opportunities for providers of home automation technologies over the next 5 years, taking into account recent economic and technical developments. In support of this goal, specific objectives of the report include:
- Identifying the home automation technologies with the greatest commercial potential over the next 5 years (2011 to 2016)
- Estimating the market for these technologies in 2010
- Analyzing the technical, economic, and other demand drivers for these products, as well as other prerequisites of success in these markets
- Projecting the potential U.S. markets for these technologies through 2016
The report is intended for providers of home automation technologies and products based on these technologies. Although it is structured around specific technologies, it is largely non-technical in nature, meaning it is concerned less with theory and jargon than with technologies that work, the amount the market is likely to purchase, and the prices consumers are willing to pay. As such, the report's main audience is executive management, marketing, and financial analysts.
Government agencies, as well as environmental and public policy interest groups, should also find the report interesting, particularly the sections that include analyses of home automation technologies that conserve energy.
Highlights of the Report
- The U.S. market for home automation systems and devices was worth approximately $3.2 billion in 2010. It is expected to grow to almost $3.4 billion in 2011. In the longer term (i.e., 2011 to 2016), the forecast is for strong renewed growth in the home automation market, which is expected to exceed $5.5 billion in 2016, a CAGR of 10.5% between 2011 and 2016.
- Lighting, home entertainment, and security systems accounted for nearly 58% of the U.S. home automation market in 2010. It is estimated to be around $2.1 billion in the year and further to reach $3.8 billion by 2016 at a CAGR of 12.2 %.
- Heating, ventilation, and air conditioning (HVAC) and energy management made up for the remaining 42% of the U.S. market. It is expected to reach $1.7 billion by 2016 at a CAGR of 7.4% between 2011 and 2016.
Details of the new report, table of contents and ordering information can be found on Electronics.ca Publications' web site. View the report: http://www.electronics.ca/publications/products/Home-Automation-and-Security-Technologies%2C-Products%2C-and-Markets.html
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Home automation technology has been around for many years, but it has only recently begun to enter the mainstream. The reasons for home automation's growing popularity include developments on the demand side as well as the supply side.
On the demand side, rising incomes and standards of living have combined with increased concerns regarding energy and security to increase the attractiveness of technologies that promise to enhance the owner's quality of life, while also making the most efficient use of energy (especially electricity) and providing a sense of security. The drop in construction of new homes as a result of the financial crisis that started in 2008 has dampened the demand for home automation systems, but in the longer term, many would-be homebuyers are younger, technologically savvy people with an affinity for the latest electronic devices, thus creating a favorable market environment for home automation systems.
On the supply side, the declining cost and complexity of new home automation products is helping to attract new buyers. Until a few years ago, the cost of quality home automation components was prohibitive for all but the enthusiast market, but now prices are dropping.
In fact, the cost of installation labor and the expense of educating electricians in this field are becoming the most inhibiting factors. Fortunately, other developments are helping to reduce the difficulty and cost of installation. These developments include the growing use of standards-based wireless technologies that allow home automation devices to integrate seamlessly and minimize the need for special wiring to connect them.
The report's overall goal is to provide readers with an updated understanding of the business opportunities for providers of home automation technologies over the next 5 years, taking into account recent economic and technical developments. In support of this goal, specific objectives of the report include:
- Identifying the home automation technologies with the greatest commercial potential over the next 5 years (2011 to 2016)
- Estimating the market for these technologies in 2010
- Analyzing the technical, economic, and other demand drivers for these products, as well as other prerequisites of success in these markets
- Projecting the potential U.S. markets for these technologies through 2016
The report is intended for providers of home automation technologies and products based on these technologies. Although it is structured around specific technologies, it is largely non-technical in nature, meaning it is concerned less with theory and jargon than with technologies that work, the amount the market is likely to purchase, and the prices consumers are willing to pay. As such, the report's main audience is executive management, marketing, and financial analysts.
Government agencies, as well as environmental and public policy interest groups, should also find the report interesting, particularly the sections that include analyses of home automation technologies that conserve energy.
Highlights of the Report
- The U.S. market for home automation systems and devices was worth approximately $3.2 billion in 2010. It is expected to grow to almost $3.4 billion in 2011. In the longer term (i.e., 2011 to 2016), the forecast is for strong renewed growth in the home automation market, which is expected to exceed $5.5 billion in 2016, a CAGR of 10.5% between 2011 and 2016.
- Lighting, home entertainment, and security systems accounted for nearly 58% of the U.S. home automation market in 2010. It is estimated to be around $2.1 billion in the year and further to reach $3.8 billion by 2016 at a CAGR of 12.2 %.
- Heating, ventilation, and air conditioning (HVAC) and energy management made up for the remaining 42% of the U.S. market. It is expected to reach $1.7 billion by 2016 at a CAGR of 7.4% between 2011 and 2016.
Details of the new report, table of contents and ordering information can be found on Electronics.ca Publications' web site. View the report: http://www.electronics.ca/publications/products/Home-Automation-and-Security-Technologies%2C-Products%2C-and-Markets.html
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Jennifer de Melo
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http://www.electronics.ca
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