Global Home Automation Market Size Expected to Reach $163 Billion In 2028 – PR Newswire
PALM BEACH, Fla., Sept. 13, 2022 /PRNewswire/ — FinancialNewsMedia.com News Commentary – Home automation systems control and monitor home operations with connected smart devices and appliances. These innovative smart devices offer safety, convenience, efficient energy saving, lower utility cost products and more to the users worldwide. The increasing adoption of internet of things technology is expected to boost home automation market growth. Similarly, growing home ownership by millennials and increasing disposable income among people in developed countries is estimated to drive automated home demand. Further, key market players are also focused on offering advanced solutions in order to improve the efficiency and convenient home management. The global home automation market has benefitted from the stay-at-home restrictions to curb the CORONA-19 virus, pushed the market demand steadily. As per the key experts of the market, this has boosted the demand for efficient home energy-saving smart devices to monitor energy consumption and reduce utility bills. Similarly, it resulted in rising demand for smart TV, smart set-top boxes, streaming sticks with voice commands, and more. Various market players witnessed a rise in demand for voice control smart home devices as the stay-at home period prolonged worldwide owing to increasing cases. A report from Fortune Business Insights projected that the global home automation market size, which was USD 64.58 billion in 2020, is projected to grow from USD 72.30 billion in 2021 to USD 163.24 billion in 2028 at a CAGR of 12.3%. Active companies in the markets this week include: SKYX Platforms Corp. (NASDAQ: SKYX), Schneider Electric S.E. (OTCPK: SBGSY), ABB Ltd ( NYSE: ABB), Johnson Controls ( NYSE: JCI), Vivint Smart Home, Inc. ( NYSE: VVNT).
The report said: “Smart technology is growing exponentially across industries. Smart property technology is significantly exploring and transforming the home automation system. Earlier, automation was signified as controlling devices and appliances through internet networks. However, with the introduction of smart technology such as self-diagnosing devices, smart security, smart entertainment, advanced self-health care, smart kitchen among others, automation is getting smarter. With (the addition of) voice command capabilities, people were able to reduce contact with commonly touched areas in the house such as door handles, door bells, TV remotes, light switches, and more. Similarly, to reduce face-to-face interaction and boost home safety, the adoption of smart doorbells with voice control, video cameras, facial recognition and more are increasing during pandemics. Thus, in the long term, the COVID-19 pandemic restriction is expected to boost the home automation market share.”
SKYX Platforms Corp. (NASDAQ: SKYX) BREAKING NEWS: SKYX’s Revolutionary Weight-Supporting Plug & Play Ceiling Outlet Receives National Electrical Code® (NEC) Generic Name Approval.– SKYX Platforms Corp. (d/b/a “Sky Technologies”) (“SKYX,” “we” or “the Company”), a highly disruptive platform technology company with over 60 issued and pending patents globally for simplifying and enhancing safety and automation in homes and buildings, today announced that the National Electrical Code® (NEC) has voted to approve SKYX’s generic names for its weight-bearing safe plug & play outlet/receptacle for ceilings as WSCR (Weight-Supporting Ceiling Receptacle) for its universal ceiling outlet and WSAF (Weight-Supporting Attachment Fitting) for its ceiling plug as part of SKYX’s standardization process. The NEC has acronyms for other important safety devices such as the GFI outlet (Ground-Fault Circuit Interrupter – GFCI) for bathrooms, kitchens, and other …….