New York, NY, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “ Smart Home Market (Smart Kitchen, Security & Access Control, Lighting Control, Home Healthcare, HVAC Control and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022 ”.
According to the report, the global smart home market was valued at around USD 24.10 billion in 2016 and is expected to reach approximately USD 53.45 billion by 2022, growing at a CAGR of slightly above 14.5% between 2017 and 2022.
The advanced technology has enabled various devices to be connected and controlled by one device and this technology is used by smart homes. In smart homes, various devices such as lighting, AC, CCTV cameras, smart TV, washing machine, etc., can be controlled by either a remote or a smartphone or tablet. These devices can be switched on or off from a different location even if the device controlling them gets a signal for the same. Homeowners are enjoying more convenience and comfort from basic security monitoring and customized access to window coverings, appliances, lighting, irrigation, entertainment systems and many others. Prominent drivers of smart home adoption are energy efficiency, home security, entertainment, convenience/productivity, remote health monitoring and connectivity.
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Smart home refers to a residential extension of building automation and involves automation of lighting, ventilation, heating, air conditioning, and security as well as home appliances such as washer and dryers, ovens or refrigerators that use WiFi for remote monitoring. At present many new homes are being built with the additional wiring and controls which are required to run advanced home automation systems.
Rising need for consumer convenience, safety, and security, energy consumption is the major driver of the smart home market. The real estate industry is expected to spur the demand of the smart home market. However, in a few regions, home automation products have reached saturation level which is the major restraints for the smart home market. Another factor which is hindering the smart home market growth is its high installation cost and lack of standardization. Furthermore, low awareness about home automation is hampering the growth of the smart home market. Nonetheless, high-end devices coupled with technologically advanced features will escalate the smart home market demand over the forecast period. cloud-based solutions also provide new opportunities to impel the demand of smart home market over the forecast period.
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The smart home market is segmented into the product, software, and region. By product the smart home market is segmented smart kitchen, security access control, lighting control, home healthcare, HVAC control and others. among this product, light control is dominating the smart home market owing to reduced electricity consumption in homes. The software is used in the smart home are proactive and behavior.
At present, North America is dominating the smart home market. Europe is witnessing significant growth due to increased demand for home appliances such as fitness band, wireless devices, and others. The major players in the smart home market in Europe are Siemens AG, ABB Ltd., Schneider Electric S.A., Ingersoll-Rand Plc, Tyco International Ltd., Legrand S.A. Asia Pacific is expected to show the highest growth over the forecast period due to reducing constraints of the high installation cost of smart home appliances through continuous investment in R&D activities. Asia-Pacific region is witnessing significant growth due to a number of new residential projects and efforts for strengthening building infrastructure at a significant rate. Latin America is also expected significant growth due to economically developing countries.
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The smart home market is classified on the basis of product and software. The products involved in smart homes are the smart kitchen, home healthcare, lighting control, HVAC control, security and access control. From these segments, lighting control is expected to grow at highest CAGR as it reduces electricity consumption. On the basis of software, the smart home market is segmented into behavior and proactive software.
North America held the largest share of the smart home market due to a rise in demand for home health care and population. Europe is another leading smart home market as it follows North America. In North America, government initiatives include remotely controlling gas, power meters, and water to fall into the smart grid with ease. Aging population, energy & cost saving, security, and convenience, reduced carbon emissions, government initiatives are the major factor which is driving the smart home market growth over the forecast period. The Asia Pacific is also projected significant growth in upcoming years.
Browse the full " Smart Home Market (Smart Kitchen, Security & Access Control, Lighting Control, Home Healthcare, HVAC Control and Others): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2016 - 2022 " report at https://www.zionmarketresearch.com/report/smart-home-market
The prominent players in the smart home are Legrand, Siemens AG, Johnson Controls Inc., Ingersoll-Rand plc, Schneider Electric SE, Acuity Brands, Inc., ABB Ltd., United Technologies Corporation, Samsung Electronics Co., Ltd., Nest Labs, Inc., Honeywell International Inc. and Crestron Electronics, among others.
The report segments global smart home market as follows: Global Smart Home Market by Product Segments
- Smart Kitchen
- Security & Access Control
- Lighting Control
- Home Healthcare
- HVAC Control
- Others
Global Smart Home Market by Software Segments
- Behavior
- Proactive
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