Industry expected to reach $1.15bn in 2017 thanks to transformational technologies
Frost & Sullivan has announced that the connected homes and LED lighting sectors are enjoying double-digit growth and market expansion.
The adoption of the Internet of Things (IoT), Big Data, data analytics, and the cloud were found to be drivers, and the industry is expected to hit US $1.15bn in 2017.
The results are part of Frost & Sullivan’s Global Homes and Building Industry Outlook 2017, which is part of the firm’s Homes & Buildings Growth Partnership Service (GPS) programme.
The expansion of these sectors is responsible for augmenting growth in the building automation market, and is also driving the delivery of products and solutions in traditional sectors, such as heating and ventilation, air conditioning, and fire and safety technology.
“The integration of new technologies such as virtual voice assistants and IoT-enabled products will boost growth, spawn new revenue models and drive partnerships between connected home participants, device suppliers, utilities and technology giants such as Google, Amazon, and Apple,” said Energy & Environment Senior Research Analyst Anirudh Bhaskaran.
The report also highlighted that the residential LED lighting market will witness a year-on-year growth rate of 16.7% in 2017, driven mainly by the rapid adoption of LED lights in Asian countries including China, India, and South Korea.
IoT-enabled LED lighting was also found to be a driver for the growth of connected building, and their associated services in 2017.