iCrowdNewswire Jan 7, 2021 1:00 AM ET
Smart Home refers to a comfortable home setup fitted with lighting, heating, and electronic devices that, using a smartphone or other networked computer, can be operated remotely from any Internet-connected location in the world. A smart home has its systems interconnected through the internet, enabling the user to perform various functions such as home security access, temperature setting, lighting, and home theatre. Smart home appliances are fitted with self-learning skills that help to change the device automatically according to the schedule of the homeowner. A smart home provides consumers with impressive advantages, such as being highly cost-effective, improving protection, reducing energy consumption, and helping to easily manage daily household tasks. Any of the smart appliances used in the homes include Smart TVs, Smart locking systems, Smart surveillance cameras, and Smart Entertainment systems.
Global Smart Homes Market to surpass USD 289.42 billion by 2030 from USD 63.12 billion in 2018 at a CAGR of 27.13% throughout the forecast period, i.e., 2019-30.
The growing need for smart energy management, the rapid growth in the adoption of technologies such as IoT, the advent of cost-effective automated solutions such as wireless lighting sensors, substantial operating cost savings, and the use of automation technologies are key factors responsible for significant market development. In addition, the rising significance of safety concerns is also a key factor expected to fuel demand growth for smart and connected homes over the forecast period.
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Global Smart Homes Market is segmented by product into lighting Control, Security and Access Control, HVAC Control, Entertainment and Other Controls, Others. The greater market share in 2019 was accounted for Home Entertainmentsegment as it has become an essential part of life as it provides relaxation and rejuvenation. The HVAC system due to its usage in environmental controls around the building, the HVAC control systems are important. They include, among other systems, smart thermometers, sensors, control levers, smart actuators, air conditioning systems and smart room heaters. Many new buildings around the globe need smarter heating and cooling systems due to growing government regulations in developed and developing countries, thereby growing the growth of HVAC systems.
Global Smart Homes Market is segmented by Technology into Wi-Fi, Bluetooth, GSM/GPRS, RFID, and Others. Based on technology, GSM/GPRSheld the largest share in 2018 in terms of revenue on account of the large presence of cellular networks throughout the globe. Wireless communication technologies are gaining worldwide momentum and are projected to rise at a substantial CAGR during the forecast period.
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Due to rising knowledge and understanding among consumers of the advantages and value of installing automated and energy-efficient electrical appliances in residences, the smart home market is growing rapidly. Consumers are able to minimize energy consumption by automatic temperature settings, operations, and scheduled programmable operations by adopting intelligent, energy-efficient home appliances. Other factors are also driving the growth of the smart home industry, such as a large increase in demand for smart home healthcare solutions, the acceptance of digital technologies such as IoT in households, and the rising need for less carbon-emitting solutions globally.
The growth of the smart home market is expected to drive developments in connected devices and data transmission technologies, such as near-field communication (NFC), Wi-Fi, and Bluetooth. The rapid rise in demand for residential Wi-Fi technology is expected to further support the demand for smart home solutions, including Wi-Fi connected lighting control systems, protection & threat control, entertainment systems, and the operation of wireless home appliances.
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Smart home product shipments rely on the use and specifications of homeowners. Typically, consumers favor goods offering convenience and energy efficiency. For a long time, many people have been using intelligent thermostats, smart meters, HVAC controls, and lighting controls. Consumers do not replace them soon after installation, as the switching cost of these items is high. Even European countries have a large number of smart homes, such as the UK and Germany. The demand for home automation devices, which has had a strong penetration rate over the past three years, is therefore projected to rise at a slower pace over the forecast period.
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Top Market Players
- Honeywell International Inc
- Siemens AG
- Johnson Controls International
- Schneider Electric SE
- United Technologies Corporation
- Amazon Inc.
- Robert Bosch GmbH
- Samsung Electronics
- LG Electronics
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Keywords: Smart Homes Market, Smart Homes Industry, Smart Homes Market Size, Smart Homes Market Share, Smart Homes Market 2020, Smart Homes Market 2030