Press release
Asia-Pacific Smart Home Market to be Worth $120.8 Billion by 2030
Asia-Pacific Smart Home Market
The growth of this market is attributed to the increasing urbanization, rising incomes in developing countries, the surge in government initiatives for the adoption of smart technologies, and the rising need for attaining better home energy efficiency. In addition, the increasing need for flexibility & customization of home appliances & devices for consumers is expected to offer significant opportunities for the growth of this market.
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However, the high cost of smart home devices hampers the growth of this market. In addition, compatibility concerns with old infrastructure is a major challenge to the growth of this market.
Rising Need for Attaining Better Energy Efficiency
The rising need for better energy efficiency is a significant driving force behind the growth of the smart homes market. As concerns about environmental sustainability and energy conservation continue to escalate, consumers are increasingly seeking ways to reduce their energy consumption and carbon footprint.
Smart home technologies offer an effective solution by providing real-time monitoring, control, and automation of various household systems such as heating, cooling, lighting, and appliances. These systems can optimize energy usage based on user preferences and occupancy patterns through data analytics and intelligent algorithms, leading to substantial energy savings and cost reductions over time. The appeal of lower utility bills and the ability to contribute to a greener future motivate homeowners to embrace smart home solutions, accelerating the adoption of these technologies and driving the growth of the APAC smart homes market. For instance, devices like Nest Thermostat or Ecobee utilize sensors and learning algorithms to regulate home temperatures based on occupancy patterns and user preferences. They can automatically adjust heating and cooling to optimize energy usage, reducing energy bills without sacrificing comfort.
The APAC smart homes market is segmented by product type (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), protocols & standards (wireless protocols, wired protocols, and hybrid protocols), and country. The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on product type, the APAC smart homes 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 APAC smart homes market. This segment's large market share is driven by a rising sense of safety & security among the residents.
Smart security and monitoring systems offer a wide range of benefits for both residential and commercial settings. These systems leverage modern technology, such as IoT (Internet of Things), sensors, cameras, and automation, to enhance security, safety, and convenience. A significant reduction in the cases of home break-ins and burglary owing to smart security & monitoring systems is also encouraging consumers to incorporate such systems, driving the segment's growth. A significant reduction in the cases of home break-in and burglary owing to smart security & monitoring systems is also encouraging hesitant consumers to incorporate such systems, driving the growth of the segment.
Based on protocols & standards, the APAC smart homes market is segmented into wireless protocols, wired protocols, and hybrid protocols. In 2023, the wireless protocols segment is expected to account for the largest share of the APAC smart homes market. The large market share of this segment is attributed to its reliability compared to other protocols & standards, offering fast and protected platforms to ensure network connectivity and compatibility with a wide range of devices. Wireless protocols typically comprise ZigBee, WI-FI, Bluetooth, Z-Wave, Infrared, Enocean, and Thread. Among these, ZigBee is the most preferred wireless protocol used for modern-day smart home systems owing to its multiple connections simultaneously as it has a large number of nodes.
Based on country, the APAC smart homes market is segmented into China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific. In 2023, China is expected to account for the largest market share owing to the presence of many local players in this market that are increasingly launching consumer-focused and affordable smart home devices for the consumers in the country and strong penetration of technologies including AI, internet of things (IoT) and smartphones which is a basic requirement for the proliferation of smart home devices.
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The major players in this market are Sony Corporation (Japan) Amazon.com, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Apple, Inc. (U.S.), Siemens AG (German), Axis Communications AB (Sweden), Honeywell International Inc. (U.S.), Johnson Controls International plc (U.S.), Schneider Electric SE (France), LG Electronics Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY (Sweden), Emerson Electric Co. (U.S.), and Legrand S.A. (France), among others.
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