Smart Home Market to Witness Healthy Expansion during 2025
Added: (Fri Dec 14 2018)
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A smart home is a resident where smart devices such as appliances, lightings, computers, air conditioner, smart TV, video system and camera are connected internally that are capable to communicate with one another and controlled remotely. This technology is also referred as home automation where the devices can be operated by computing devices (mobile phone, computer or tabs) for owners comfort and convenience. Smart home technology comprises of monitors and sensors; these are connected with internet of things (IoT), which enables devices to operate together sharing resident’s data among themselves to automate the actions. Global smart home Market is expected to grow in the forecasted period, in 2017 market size of the smart home was XX million and in 2025 is expected to reach at XX million with growing CAGR of XX%.
Smart home implements advanced safety and security features such as gas leakage detectors and fire detection systems in the house also increasing awareness of energy efficiency due to rising energy cost and increasing disposal income as there is increase in the number of working individuals’ with good pay so residents are capable of adopting for a smart home solution, which is driving the smart home market. Also, advancements in technology such as IoT and cloud are also some important factors which results in the growth of the smart home market. However, high initial cost coupled lack of technical standardization of the devices can be the major restraints of smart home market.
The rapid development in the field of internet of things (IoT) has reduced the price of processors and sensors which is encouraging manufacturers to develop smart devices.
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Top players of the smart home market are Honeywell International Inc., Schneider Electric SE, ABB Ltd., Johnson Controls Inc., Siemens AG, Samsung Electronics Co., United Technologies Corporation, Emerson Electric Company, Ltd., LG Electronics Inc., and Crestron Electronics, Inc.
The smart home market is segmented based on application and region. On the basis of application the smart home market is segmented into lighting control, HVAC control, security and access control, entertainment control. Rising demand for energy efficiency and need for energy efficient devices are the major factors for the growth of HVAC control system in the coming years. Followed by HVAC control system, lighting control system will dominate the smart home market as there is need to reduce the consumption of light and power, the lighting system can control the intensity of the light on the basis of available natural light, the lights can be turned off at late night to reduce the consumption of light.
On the basis of region the market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. North America is expected to dominate the market in the forthcoming year as there is rising demand for smart appliances and devices for home in this region. Followed by North America, Europe is expected to hold major share of the market. Asia Pacific market is also expected to grow in the forthcoming year as there are new residential projects and strengthening of building infrastructure at higher rate.
Market segmented on the basis of mode of application:
- Lighting Control
- HVAC Control
- Security and Access Control
- Entertainment Control.
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Market segmented on the basis of region:
- North America
• Rest of Europe
• Rest of Asia-Pacific
- Latin America
• Rest of Latin America
- Middle East and Africa (MEA)
• South Africa
• Saudi Arabia
• Rest of MEA
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