The home automation sector is set for substantial growth over the next few years thanks largely to its potential to reduce energy usage, according to a new study from Machina Research.
According to the International Energy Agency, buildings currently account for about one third of global energy use and one sixth of carbon emissions, making energy efficiency a priority for many commercial building owners and facility managers.
Machina Research says home owners are similarly looking to reduce their energy consumption in the face of rising costs.
The market-research company says home automation technologies have the potential to reduce power consumption significantly, particularly in heating, ventilation and air conditioning (HVAC) and in lighting.
According to Machina Research, the so-called intelligent buildings market will generate nearly $300 billion in revenue in 2022, up from $69 billion in 2012.
However, it is only with the emergence of relevant standards towards the end of the forecast period that the market for domestic home automation will really take off, says Machina Research, “when domestic appliances and heating controls are supplied ready to plug-and-play”.
“We see the market for home automation maturing in something approaching a decade from now, and only approaching its full potential within another decade,” says the company.
Machina Research says building security will also drive interest in market over the forecast period, with security technology accounting for 47% of total revenues by 2022.