Press release
Smart Home Market Size, Key Players Analysis, Business Growth, Regional Trends, Development Status, Sales Revenue and Comprehensive Research Study Till 2023
Market Highlights:
The Global Smart Home market is growing with the rapid pace; mainly due to the advent of automation and high adoption of internet of things in automotive industry. According to a recent study report published by the Market Research Future, the global market of Smart Home is booming and expected to gain importance over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
The factors driving the global market of Smart Home market are Increasing urbanization, growing technology addiction for improving lifestyle, and rise in automation among others. Urbanization is increasing tremendously as per the observations by the United Nations. The United Nations has predicted that by 2050, about 64% of the developing world and 86% of the developed world will be urbanized. In this changing environment, due to the increasing population, excessive use of polluting machines and large amount of wastes the environmental concerns are ever increasing. Therefore, the increasing environmental concerns are driving the smart home implementation. On the other hand, technology limitation, lack of awareness are some of the factors hindering the growth of Smart Home Market.
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Major Key players
• United Technologies Corporation (U.S.),
• General Electric Company (U.S.),
• Schneider Electric (France),
• Honeywell International, Inc. (U.S.),
• Ingersoll-Rand PLC (Ireland),
• Johnson Controls, Inc. (U.S.),
• ABB Ltd. (Switzerland),
• Legrand S.A. (France),
• Samsung Electronics Co., Ltd. (South Korea)
• Siemens AG (Germany),
Other players in the market include Acuity Brands, Inc. (U.S.), Lutron Electronics Co. Inc. (U.S.), and Leviton Manufacturing Company, Inc. (U.S.).
Competitive Analysis
The Smart Home Market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. Ecobee and Sun power has announced about its new program where both the companies are teaming up to provide help to consumers in taking control of their electricity cost.
The rising government funding towards smart cities is also expected to motivate key companies to invent new Smart Home modules that match the changing trends and needs across the globe. These players possess state of art R&D labs and strong sales and distribution network which have helped them to gain leadership position in the market.
Segmentation
By Components, the market is segmented into software and services. The software segment is further segmented into behavioral and proactive. By services, the market is segmented into managed & professional service.
By Application, the market is segmented into lighting control, security & access control, HVAC control, entertainment & other control, home healthcare, smart kitchen and home appliances. The lighting control segment is further segmented into relays, occupancy sensors, daylight sensors, timers, dimmers, switches, accessories and other products. Security & access control is categorized as video surveillance and access control. Video surveillance is further segmented into hardware, software, and services. HVAC control is segmented into smart thermostats, sensors, control valves, heating and cooling coils, dampers, actuators, pumps & fans and smart vents. Entertainment & other control is further bifurcated into entertainment controls and other controls. Entertainment controls is further divided into audio, volume, & multimedia room controls, home theater system controls and touchscreens and keypads. Home healthcare is further bifurcated into health status monitors and physical activity monitors. Smart kitchen is bifurcated into smart refrigerators, smart coffee makers, smart dishwashers, smart cooktops and others. The home appliances segment is segmented into smart washers, smart dryers, smart water heaters, and smart vacuum cleaners.
By technology, the market is segmented into networks, protocols, wireless. By network is bifurcated into CDMA networks, GSM/HSPA networks, LTE networks. Protocols is further bifurcated into Digital Addressable Lighting Interface (DALI), KNX, Digital Multiplexer (DMX), Ethernet and others. Wireless segment is further bifurcated into zigbee, z-wave, Wi-Fi, bluetooth and others.
Regional Analysis
The global smart home market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smart home market is studied for North America, Europe, Asia Pacific, and the rest of the world. North America is estimated to hold the largest market size, owing to the presence of major players, rising demand for home healthcare and high disposable income. Asia Pacific is expected to dominate the smart home market owing to an increase in urbanization and demand for smart home projects. The main driving factors for the demand of smart home market in Asia Pacific is due to the adoption of cloud technologies, increase in awareness related to safety & security, rising standard of living, and increasing government investment in smart cities.
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Intended Audience
• Raw material and manufacturing equipment suppliers
• Automation & control vendors
• Automation & control networking technology vendors
• Real estate builders
• System integrators
• Homeowners
• Project consultants
• Designers/consultants (HVAC, security, and fire & safety)
• Component manufacturers (sensors & controls)
• Home management system (products & servers) providers
• Smart Homes related associations, organizations, forums, and alliances
• Government bodies associated with green buildings
• VARs
• Investors and consultants
• Research/Consultancy Firms
LIST OF TABLES
Table 1 Global Smart Home Market, by Region, 2017–2023
Table 2 North America: Smart Home Market, by Country, 2017–2023
Table 3 Europe: Smart Home Market, by Country, 2017–2023
Table 4 Asia Pacific: Smart Home Market, by Country, 2017–2023
Table 5 The Middle East & Africa: Smart Home Market, by Country, 2017–2023
Table 6 Latin America: Smart Home Market, by Country, 2017–2023
Continued…
LIST OF FIGURES
FIGURE 1 Global Smart Home Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis of Global Smart Home Market
FIGURE 4 Value Chain of Global Smart Home Market
Continued…
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
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