Smart Home Market And Top Key Players are Siemens AG (Germany), United Technologies Corporation (US)

A Smart home is a home which is equipped with appliances, lighting and electronic devices such that they can be remotely controlled by the owner from any location via a mobile app. It can include appliances like Refrigerator, air conditioner, television etc. which could be connected through smart home technology. It enables user to remotely control appliances of their home such that they can schedule devices according to their usage to control costs and become more energy efficient.

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Some of the smart homes enabled devices included controlled refrigerator, smart lights, smart thermostats like Nest thermostat, smart kitchen, smart door locks etc. Most of the devices are controlled by a tablet or a smart phone. The growth of the smart home market is influenced by advancement in the IoT technology, safety and security and low carbon emission-oriented solutions.

Smart meters held the largest share of the smart home market in 2016.They enable user to calculate their daily consumption of energy. They also give information at different times during the day. Hence considering their growth, they are expected to capture a higher share in 2023 as well.

Market Dynamics
The Smart home market is expected to grow at a higher rate between 2017 and 2023 as a result of rise in number of residential projects and also owing to increase in the initiatives to improve infrastructure.
Aging population, energy and cost saving, reduced carbon emissions, government initiatives are the major factors which are driving the market for smart homes.

Increase awareness among consumers about energy consumption, rising disposable income, rising demand for home care are also some of the factors which are fueling the growth of smart homes in the market.
However high prices along with limited consumer demand and long device replacement cycles are top barriers for smart home markets to enter into mass adoption stage.

Market Segmentation

The market is segmented in terms of the type of geography and also on basis of application.

On basis of application:
The smart home can be divided into lighting control, security and access control, HVAC control, entertainment control etc.
HVAC Control has the highest share in the market (27.2%).Rising demand and need for energy efficient devices fueled the demand of HVAC control systems.

Regional/Geographic Analysis

In 2016, North America held the largest share of the smart home market in terms of revenue due to rise in demand of home healthcare and population followed by Europe and Asia Pacific. Government initiatives include power meters, water to fall into the smart grid with ease etc.

In Europe countries such as U.K, Germany, France and Italy have emerged as an attractive options for sale of smart home appliances. The presence of large number of industries and rising need for reducing energy consumption are augmenting the demand.

Urbanization across India, Japan and China will aid in expansion of smart home market across Asia Pacific.

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Key Players
Some of the major players in the market include Siemens AG (Germany), United Technologies Corporation (US), General Electric Company (US), Lutron Electronics Co. Inc. etc.

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This release was published on openPR.