It’s been put together at a total worldwide cost of around $500,000 – but, according to Wendy Griffiths (pictured), executive director of CEDIA Region 1, the money spent on research is money very well spent because of the significant value it provides to CEDIA members.
CEDIA’s findings about the state of the residential systems market are being presented at two ISE sessions, the second of which takes place at the Residential Solutions Theatre (Stand: 7-W180) this afternoon at 2:00pm.
“This is the second year we’ve undertaken this research, and its value is – and increasingly will be – the trends it helps to identify,” said Griffiths. “Those can be of enormous benefit to our members both in benchmarking their business today, and in planning their business for the future.”
Griffiths also pointed out that, for CI companies looking to obtain finance, market size and growth data is often invaluable in helping secure funding as lenders seek to reassure themselves on the viability of a business. “It’s surprising to realise,” said Griffiths, “that, up until a couple of years ago, this data about the residential systems market just didn’t exist.”
It’s not just about installers, either, a point made clearly by Griffiths. “CEDIA members also include manufacturers and distributors, and this kind of information is incredibly valuable to them too,” she said. “It’s all about providing all our members with the tools that will help them plan their businesses.”
According to both Griffiths and colleague Don Gilpin, who is executive director and chief operating officer of CEDIA, the world economy is showing positive signs – and these signs are evident in the market research, with, for example, an increase in hiring activity.
Specifically, the UK research revealed a market estimated to be worth between £840 million and £875 million in 2012; that around 1,250 companies are active in the UK residential CI sector; and that 60% of business comes from retrofit projects, with new home installations accounting for 40%. Griffiths estimates that around a quarter of the UK’s custom installers contributed to the research.
“The research presents a positive outlook for the CI industry, demonstrating that we are steadily growing,” concluded Griffiths. “As we’ve recently come out of a long period of recession, the results paint a promising picture of growth, expansion and employment opportunities.”
Stand: 1-F7, 1-F21