Global Home Automation Market Size Expected to Reach $163 Billion In 2028
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 locations.
With a market of hundreds of millions of installations of light fixtures and ceiling fans in the U.S. alone, a safe plug & play installation method is a necessity. It will save lives, significantly reduce injuries, ladder falls, electrocutions, fires, and other hazardous incidents.
The NEC also acknowledges SKYX's recently announced historic addition of the specifications of its weight-bearing safe plug & play outlet/receptacle by leading U.S. standardization organizations for homes and buildings ANSI / NEMA. Examples of other products that have standardized specifications include the household wall outlet and the GFI bathroom and kitchen outlets that are included in every home in the U.S. CONTINUED… Read this full release and more news for SKYX Platforms at: https://ir.skyplug.com/news-events/press-releases/
Other recent developments in the markets include:
Schneider Electric S.E. (OTCPK: SBGSY), the leader in the digital transformation of energy management and automation, recently announced the results of its sustainable impact program for the second quarter of 2022. Schneider's Sustainability Impact (SSI) scored 4.17 out of ten, relative to its 4.70 year-end target. The SSI dashboard measures Schneider's Environmental, Social and Governance (ESG) performance. It details the progress made on each of the company's global and local sustainability goals relative to long-term commitments on climate, resources, trust, equal opportunities, generations, and local communities.
The publication of Schneider's latest SSI scores coincides with Earth Overshoot Day, the date at which more of the Earth's resources have been consumed than can be replenished. As Earth Overshoot Day in 2022 has occurred one day earlier than last year, it serves as a stark reminder of the need to urgently address humanity's adverse impact on the planet.
ABB Ltd (NYSE: ABB) - The shareholders of ABB recently approved the proposed spin-off of its Accelleron turbocharging division at Extraordinary General Shareholders Meeting of ABB Ltd held in Zurich. The Board of Directors' proposal to spin off ABB's market-leading turbocharging business by way of a dividend in kind of Accelleron Industries Ltd's shares to ABB's shareholders was supported with 99.72 percent of the votes. ABB will distribute to its shareholders, on a pro rata basis, as a dividend in kind, 1 Accelleron share for 20 ABB Ltd shares held. Shareholders representing 62.3 percent of the total share capital with a right to vote took part in the meeting.
Accelleron's listing on SIX Swiss Exchange in Zurich is planned for October 3, 2022. ABB plans to publish Accelleron's listing prospectus on September 23, 2022.
Johnson Controls (NYSE: JCI), the global leader for smart, healthy and sustainable buildings, and Nozomi Networks, a leader in operational technology (OT) and Internet of Things (IoT) security recently announced that Johnson Controls signed a framework agreement with Nozomi Networks, allowing Johnson Controls to utilize the Nozomi Networks toolset for the benefit of its customers. Johnson Controls also participated in last year's $100 million funding round for Nozomi Networks – further signaling its commitment to deliver high quality, robust and specialized cybersecurity solutions for its OpenBlue secure communications stack.
"Johnson Controls is at the forefront of digitizing the built environment through our innovative OpenBlue platform, and we are continuously looking for opportunities to maximize safety, improve efficiency and ensure business continuity, said Vijay Sankaran, chief technology officer, Johnson Controls. "Our investment in Nozomi Networks' leading threat assessment toolset reflects the importance of cybersecurity in this digital transformation."
Vivint Smart Home, Inc. (NYSE: VVNT), a leading smart home company, recently announced results for the second quarter ended June 30, 2022. Second Quarter Financial Highlights (vs. prior-year period) Were: Revenue increased by $53.2 million to $407.3 million, representing an increase of 15% (17.5% ex Canada); Net loss improved by $67.1 million to a loss of $3.5 million; Adjusted EBITDA increased by $30.1 million to $189.7 million; Originated 126,328 new subscribers, a record for the second-quarter period; Attrition rate improved by 70 basis points to 10.9%, a 17-quarter low (10.7% ex Canada); Total subscribers grew by 4.7% to 1,864,966 (growth was 10.8% ex Canada); and Net service margin increased to 80.1% from 79.0% in the prior-year period.
"Second quarter 2022 was another strong quarter for Vivint as we grew total revenue by over 17% and adjusted EBITDA by more than 23%, after normalizing for the sale of our Canadian operations," said David Bywater, CEO of Vivint Smart Home. "We continue to be extremely pleased with the performance of our portfolio as evidenced by our attrition rate of 10.9%, a 17-quarter low, and net service cost per subscriber at an all-time low. Our strong performance reflects our meticulous focus on optimizing the smart home experience for our customers by leveraging the advantages of our intelligent and integrated platform. The recent divestiture of our Canadian operations allows us to sharpen our focus on our core markets with the most compelling growth opportunities. Vivint has been securing and creating smart homes for over 20 years, and we have a history of exhibiting strength and resiliency regardless of the economic environment. We believe that we will continue to outpace the growth rate in the do-it-for-me space and do so in a profitable way while generating positive free cash flow that we can invest in value-accretive opportunities."
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