According to a new report published by Allied Market Research, titled,"India Home Automation Market by Product Type, Technology, and End-User: Opportunity Analysis and Industry Forecast, 2019 - 2026,"The India home automation market size was valued at $1,790.9 million in 2018, and is expected to reach $13,574.1 million by 2026, growing at a CAGR of 29.8% during the forecast period 2019-2026. Home automation systems in India have witnessed an unprecedented demand in the recent years, due to increased concerns about safety & security, especially in urban areas. Moreover, factors such as improved lifestyle, increase in disposable income of people, and surge in awareness about smart automated systems have boosted the adoption of home automation systems, , thus driving the India home automation market growth. However, the home automation market in Indian cities and rural regions is in its nascent stage, and is expected to witness significant growth in the future. Pune and Mumbai are anticipated to provide lucrative opportunities for the market players, owing to improvement in access to wireless technologies in these cities.
The security & safety segment dominated the market in India in 2018 owing to considerable adoption of smart technologies such as smart bulb, smart camera, and smart refrigerator as compared to the other sectors. Increase in government initiatives, such as Digital India, for the development of smart cities has fueled the adoption of home automation systems in India.
This report discusses various aspects of the market such as the technologies and types used in home automation control. In recent times, various wired and wireless technologies are being used for monitoring and controlling the operations of smart homes and installed systems. Wi-Fi with its long-range operation capabilities contributes to the largest share.
Furthermore, the lighting segment was the second highest revenue contributor across India in 2018 , owing to increase in demand for smart lighting devices. This in turn is expected to fuel the growth of the home automation market.
The HVAC segment accounted for 10.1% share in the India home automation market in 2018, and is expected to grow at a CAGR of 34.4% during the forecast period. In terms of end-user, the residential sector is expected to garner the highest market share in the coming years. Moreover, expansion of urban areas in India is expected to provide lucrative growth opportunities to small manufacturers in country.
Residential sector is the most productive segment in the India home automation market , owing to increase in inclination toward smart home concept and expansion of urban areas in India. Rise in internet coverage area and competition among various telecom companies for cheap internet services are expected to boost the demand for wireless home automation systems. In addition, various domestic competitors are expanding their business by investing in the hospitality sector to offer smart hospitality solutions for customers , which is anticipated to fuel the demand for the home automation market.
The security and safety segment registered the highest revenue after lighting in the India home automation market share in 2018. HVAC is expected to grow during the forecast period, owing to increase in demand for smart HVAC systems in residential and commercial sectors in India. For instance, Johnson Controls developed and launched Metasys 10.0 in December 2018. It is designed to deliver more unified building management. It provides the facility personnel with smarter building automation, faster responses to critical alarms and new integrations in fire detection, security, and lighting systems with a single common interface. Similarly, in January 2019, Johnson Controls launched advanced sound conditioner that is optimized for low frequency sound attenuation. The product features target the specific frequencies of sound generated by air handling units (AHUs).
Key Findings of the India Home Automation Market:
- The report provides an extensive analysis of the current and emerging India home automation market trends and dynamics.
- Based on product type, the security and safety segment dominated the India home automation market, in terms of revenue in 2018 and is projected to grow at a CAGR 28.4% during the forecast period.
- Based on end-user, the residential segment is projected to grow at a CAGR of 32.4% during the forecast period.
- By technology, the wireless segment is projected to register the highest growth rate in the coming years.
- Key market players are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the India home automation industry.
The key market players profiled in the report include Fueblabs, Larsen & Toubro, Schneider, Johnson Controls, Harman International, Home Brain, PERT, Silvan Innovation, Oakter, and Elan Home Systems. Many companies have focused on new product launches to strengthen their presence in the market. Moreover, these companies expand their business by marketing and merging small businesses to sustain the intense competition. For instance, Schneider Electric launched ‘Xperience Point’ in Gurugram in August 2018. The new store is expected to host the company’s entire suite of products for home automation. This includes products such as variety of color plates, distribution board covers, and protection devices. Along with this, they also displayed products that are digitized and connected to ensure sustainability and efficiency, along with providing style and comfort quotient to the homes.