European Smart Home Market Growth Rate, Key Players, Software & Service and Forecasts to 2027

European smart home market dynamics
The European smart home market is projected to grow from USD 26.7 billion in 2022 to USD 41.2 billion by 2027; it is expected to grow at a CAGR of 9.0% from 2022 to 2027.

"Surging importance of home monitoring"
Smart homes can perform intricate tasks such as automatically lighting up evacuation routes in the case of a fire alarm in addition to basic operations such as turning off lights, dimming lights, and shutting curtains. Connectivity has become a high-end novelty in a variety of household equipment, including security cameras and utility or smart meters, which record the consumption of electric energy and communicate information to the user and thermostats. In the coming years, connectivity is anticipated to become a more prevalent trend, where connectivity will become an incorporated standard in practically every household gadget and equipment.

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A smart home, also known as a connected or an automated home, is defined as a dwelling unit where partial or all functionalities can be controlled remotely or manually with the integration of required electronic devices and specialized software. Security and access control; energy management; and heating, ventilation, and air conditioning (HVAC) control are a few of the popular functions of a smart home. A smart home ecosystem envelops offerings such as electronic devices, software, and communication media.

"Increasing number of manufacturers expanding their smart home product portfolios"
The smart home industry's value chain includes a significant number of component, device, and system manufacturers across the world. There are also a large number of software algorithms and service suppliers in the business. Samsung Smart Things, Amazon Echo, Google Home, and Apple Home Kit are just a handful of the smart home product breakthroughs announced recently by industry giants. Homeowners have begun to use home automation systems on a broad scale due to the benefits they provide, which primarily include convenience, energy efficiency, and cost savings. With the high penetration rate of lighting controls (such as dimmers, timers, and occupancy sensors), HVAC controls (such as smart thermostats, sensors, and control valves), and security and access products (such as security cameras and smart locks) in Europe, smart home product manufacturers are expanding their product portfolios to cater to different application areas within a household, such as electrical energy conservation, water conservation, and security.

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"Germany to grow at the fastest rate in the forecast period"
Smart home products have a high adoption rate in Germany. According to a survey conducted by the German industry group Bitkom, 41% of all Germans had at least one smart home device installed in 2021. Ease, convenience, and comfort were the primary motivators for purchasing smart home goods, as cited by 78% of respondents, while 69% wanted to make their homes safer. Energy efficiency was rated as a high purchase criterion by 62% of respondents. There have been several initiatives from the government and industry to make energy efficient, which will drive the adoption of smart home products and services.

For example, the German Federal Ministry of Economic Affairs and Energy in February 2022 created the "Smart Energy Showcases - Digital Agenda for the Energy Transition" grant initiative. The purpose of this initiative is to include market participants from all points along the value chain as well as to install and test forward-thinking energy systems.

Breakdown of profiles of primary participants:
• By Company: Tier 1 =15%, Tier 2 =50%, and Tier 3 =35%
• By Designation: C-level Executives = 45%, Directors= 35%, and Others (sales, marketing, and product managers, as well as members of various organizations) =20%
• By Region: North America = 45%, Asia Pacific=12%, Europe=35%, and South America=3% and Middle East and Africa = 5%.

Major players profiled in this report:
The European smart home market is dominated by a few established players such as Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), Robert Bosch (Germany), ABB (Switzerland), and Axis Communications (Sweden).

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Research coverage:
This report offers detailed insights into the European smart home market based on product, software & service, sales channel, and European region.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the European smart home market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the European smart home market and provides them information on key market drivers, restraints, challenges, and opportunities.

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This release was published on openPR.