Smart Home Market: Status
The global smart home market is poised to surge exponentially in the coming years. Besides the rising disposable income of consumers, the market will highly benefit from the increasing internet penetration worldwide. Furthermore, the recent advancements in the Internet of Things (IoT) that resulted in price drops of processors and sensors will encourage manufacturers to promote automation in the household sector. In the last few years, the world witnessed extensive rise in Wi-Fi access facilitated by growth in IoT services. As these devices operate through wireless connectivity, the smart home market will be considerably facilitated by the introduction of high-speed internet.
The global market for Smart Homes stood at US$ 30.02bn in 2016. Rising at a healthy CAGR of 14.6% from 2017 to 2025, the opportunity in this market is likely to touch US$ 97.61 bn by the end of 2025.
Smart Home Market: Segmentation
The global smart home market based on application is segmented into lighting control, security and access control, HVAC control, entertainment control, and others.
Among these segments, HVAC control accounted for the highest share of27.2% in the market in 2016. Need for energy efficient devices and the rising demand for optimizing the use of energy are the factors fuelling the demand of HVAC control systems in the global smart home market during the forecast period.
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HVAC Control Segment to Project Higher Demand
Regionally, the global smart home market can be classified into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.
North America to Continue Leading Global Smart Home Market
Among these regions, North America has emerged as the leading regional market for smart homes, accounting for a share of 38.7% in the overall market in 2016. Europe also exhibits lucrative opportunities for enterprises operating in the smart home market. These regions demonstrate a greater demand for smart home appliances, compared to other regions and continue being at the market’s fore through the forecast period.
In Europe countries such as the U.K, Germany, France, and Italy have emerged as the most lucrative pockets for the sale of smart home appliances. The presence of large number of industries and rising need for reducing energy consumption are augmenting the demand of smart home appliances in Europe.
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Asia Pacific, however, is expected to project a higher growth rate than other regions between 2016 and 2025. Urbanization witnessed across major economies such as India, Japan, and China will aid the expansion of the smart home market in Asia Pacific. Changing lifestyles, need for energy efficient devices, mobility and comfort are the factors bolstering the demand of smart home market in Asia Pacific.
Some of the key players in the global smart home market includes Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Ltd., Johnson Controls Inc., Emerson Electric Company, Samsung Electronics Co., Ltd., LG Electronics Inc., United Technologies Corporation and Crestron Electronics, Inc. among others.