The International Monetary Fund projects that worldwide revenue will increase from about $82.8 trillion in 2012 to $103.5 trillion in 2017, representing a growth rate of 4.6%. However, the numbers will be distributed quite unevenly. The Asian, South American and African markets will demonstrate the highest growth rates. At 9.3% China's growth is reshaping the world economy; however, that growth is not translating into the home automation market. To date, it has been a limited market lagging the significant pick up seen in the U.S. and Europe. The lack of underlying intelligent network infrastructure as well as the lack of an established high-end middle class has meant that growth in home automation has been smaller and more limited in China. The market is more established in Japan and South Korea than it is China. Those limitations will eventually be addressed and the potential for dramatic growth is expected in China as the decade closes.The long-term projections are extremely tenuous. The world economy has become much more interconnected and much more volatile than it was in the past. Problems, such as the solvency issue in Greece, ripple throughout other countries' economies. Many possible problems loom on the horizon. In addition, there is concern that high-flying markets, such China, may slow and force suppliers to take erasers to their business plans. Terrorism also remains a worldwide concern. Any future attack will probably have an adverse impact on the world's gross national product (GNP). Therefore, while the forecast is for a growth of 4.6%, that number could possibly be lower, depending on how world events unfold.
Residential Building Automation Products: Technologies And Global Markets
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