In a recent published report, Global Smart Home Market report for till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Smart Home Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
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.
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.
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.
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.
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.
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.
Report ContentsRegional AnalysisReport Highlights
Global Market segments
Global Market Drivers, Restraints and Opportunities
Global Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Global Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Estimated Market Sizing in terms of volume and value
Recent trends in market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
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