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Europe Smart Home Market to be Worth $62.7 Billion by 2030
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According to this latest publication from Meticulous Research®, the Europe Smart Home Market is projected to reach $62.7 billion by 2030, at a CAGR of 11.1% during the forecast period. The growth of the smart home market in Europe is driven by the rising sense of home safety & security, increasing government initiatives for the adoption of smart technologies, and the wider proliferation of the Internet of Things (IoT). However, the lack of digital competency and the high cost of procurement may restrain the market's growth.
Furthermore, the increasing need for complete flexibility & customization for consumers is expected to offer significant growth opportunities for the smart home market in Europe. However, data privacy and security concerns and compatibility concerns with old infrastructure may hinder the growth of this market.
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Meticulous Research® has segmented this market based on product type, protocol & standard, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product type, the Europe smart home market is segmented into smart lighting systems, smart speakers, smart HVAC control, smart security & monitoring systems, smart entertainment systems, smart home appliances, smart kitchen appliances, smart home healthcare systems, and smart furniture. In 2023, the smart security & monitoring systems segment is expected to account for the largest share of the Europe smart home market. The large market share of this segment is attributed to the rising sense of home safety & security and the growing need for IoT security solutions in the residential sector.
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Based on protocol & standard, the Europe smart home market is segmented into wireless protocols, wired protocols, and hybrid protocols. In 2023, the wired protocols segment is expected to account for the largest share of the Europe smart home market. The large market share of this segment is attributed to the rising need to attain better energy efficiency.
Based on country/region, the Europe smart home market is segmented into Germany, the U.K., France, Italy, Spain, and the Rest of Europe. In 2023, Germany is expected to account for the largest share of the Europe smart home market. Germany's major market share can be attributed to the increasing incorporation of smart technologies and increasing government initiatives to support the adoption of smart gadgets in residential infrastructure.
Key Players
The key players operating in the Europe smart home market are Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Siemens AG (Germany), Samsung Electronics Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Johnson Controls International plc (Ireland), Schneider Electric SE (France), LG Electronics, Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY AB (Sweden), General Electric Company (U.S.), Legrand SA (France), and Axis Communications AB (Sweden).
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Key questions answered in the report-
Which are the high-growth market segments in terms of product type, protocol & standard, and geography?
What is the historical market for smart home market in Europe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, and opportunities in the Europe smart home market?
Which are the major players in the Europe smart home market, and what are their market shares?
How is the competitive landscape?
What are the recent developments in the Europe smart home market?
What do major players adopt the different strategies in this market?
What are the geographic trends and high-growth countries in Europe?
Which are the local emerging players in the Europe smart home market, and how do they compete with the other players?
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