Approximately a quarter of the industry took part in the survey.
CEDIA (the Custom Electronic Design and Installation Association) has announced its full market research report into the size and scope of the UK residential custom installation sector is now available for purchase.
This comprehensive research project, commissioned by CEDIA Region 1 (the UK, Europe, Russia and the CIS, Middle East, Africa, India and Pakistan), was carried out by international market research company, Parks Associates from July until September in 2012. Approximately a quarter of the industry took part in the survey.
"As the UK's prolonged recession comes to an end, it's clear that the UK residential custom installation sector is already in a growth phase and poised to expand further in the years ahead," says CEDIA's Executive Director in Region 1, Wendy Griffiths. "This well-grounded and detailed market research is extremely important for our sector. It will help inform those growing their companies and investing in CI with the business facts they need to move forward positively and productively as the economic upturn gathers pace."
The results showed that the industry is on the rise as the average projected turnover for CI companies in 2012 stood at Â£1.43m, up from a reported Â£1.27m in 2011. The market research also predicted roughly a 10% increase in the market from 2011 to 2012.
Other findings in the survey included:
*The average project price expected for 2012 was Â£48,000. For 2011, the average project revenue is reported at Â£40,600.
*42% of firms said they exclusively completed projects only in the UK; 58% carried out installations worldwide, with the majority taking place in continental Europe.
*Approximately 90% of the UK's custom installers complete audio/video projects.
*55% of all projects take place in existing homes and 45% in new-build properties.
*Equipment costs account for approximately half the value of a typical residential contract.
*An estimated 1250 companies are active in the UK residential custom installation sectors.
The full market research report is available to buy priced at Â£349.00 to CEDIA members and Â£795.00 to non-members. To order a copy please visit the Resources section at www.cedia.co.uk.
CEDIA plans to repeat the UK survey this year. Meanwhile, the Association has also engaged Parks Associates to undertake a secondary research project which will map the scale of residential custom installation in France, Germany, Italy, Spain and South Africa, countries where CEDIA membership is expanding.
Parks Associates is an internationally recognised market research and consulting company, specialising in emerging consumer technology products and services. CEDIA has worked with Parks Associates since 1998, and the partnership has recently seen the company conduct market research for CEDIA in the U.S. As a result, they understand the sector and are ideally placed to provide high quality results for CEDIA in Region 1.