European Smart Home Market by Product (Lighting Controls, Security & Access Controls, HVAC Controls, Smart Speakers, Smart Kitchens, Home Appliances, Home Healthcare), Software & Services (Proactive, Behavioral): Global Market Size Estimates and Forecast (2019-2030)

Code: BMIRE00026969 | Pages: 100 | Industry: Electronics and Semiconductor | Date: Oct 2022 | Type: Global

The market is expected to cross US$ 23.81 billion in 2022 and is projected to hit US$ 56.20 billion by 2030, recording a CAGR of 7.95% during the forecast period.

Growing safety, security, and convenience offered by smart home products are propelling the market growth.

The benefits provided by smart home products and services let smart home inhabitants live a more comfortable life. The most basic and prominent smart house specification is environmental control. Additionally, the capacity to remotely regulate or automatically schedule house components such as thermostats, ventilators, lighting equipment, kitchen appliances, and different domestic appliances in environmental control. It provides simple administration of home surroundings, significantly lowering domestic work and providing occupants with comfort. Furthermore, smart home safety services might help people control their house's security and prevent threats. For example, security services monitor movements in the home to identify prospective burglars or to warn of open doors and windows.

Moreover, the need for smart security systems is expanding with the growing urbanization, globalization, and crime rates. The occurrence of burglary is a significant factor that paved the demand for security devices. Additionally, security cameras, door locks, smoke sensors, and motion sensors are examples of smart home security devices that are digitally connected. Furthermore, unlike traditional security systems, smart home devices can be controlled remotely with the help of smartphone applications. It will alert quickly if a possible danger is recognized and then take steps to limit the damage.

Within the report, the market is segmented into product, device type, vertical, and geography. By technology, the market is segmented into Lighting Controls, Security & Access Controls, HVAC Controls, Smart Speakers, Smart Kitchens, Home Appliances, Home Healthcare. Based on software & services, the market is segmented into Proactive, Behavioral. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, and rest of the world.

Increasing importance of home monitoring is another factor driving the market growth.

Smart homes can perform complex tasks such as automatically lighting up evacuation routes for a fire alarm and basic operations such as turning off lights, dimming lights, and shutting curtains. Additionally, connectivity has become a high-end novelty in various household equipment, including security cameras and utility or smart meters, which record electric energy consumption and communicate information to the user and thermostats. Furthermore, in the forecast period, connectivity is expected to become a more prevalent trend, where connectivity will become an incorporated standard in practically every household gadget and equipment.

Favorable government regulations create ample growth opportunities for market growth.

According to the EU’s strategic energy technology plan, smart homes are one of the ten core areas. The commission’s objective is to encourage innovative solutions that help consumers and governments improve their energy use by utilizing smart grid services through smart system. Designing any green building involves balancing homebuilding and a sustainable environment. As it reduces energy consumption and the proliferation of environmental wastes, governments worldwide have supported the concept of green buildings via various initiatives. Additionally, the governments of European countries have also been coming up with initiatives to adopt energy efficiency measures across the region. As a part of the EU Green Deal, the European Commission has set a goal to make Europe a climate-neutral continent by 2050. Furthermore, to achieve the goal, the EU focuses on sustainable building and building energy performance to lower the carbon footprint. Moreover, the EU also issued a directive to member states, the “New Energy Performance in Building,” to promote sustainable buildings.

Recent Strategic Developments in Near-Eye Display market

The European Smart Home market has undergone several significant developments, and a few of these have been mentioned below:

  • In April 2022, Siemens launched the PXC7 to its Desigo line to provide the optimum operation of small and medium-sized buildings.
  • In April 2022, Johnson Controls owned Security Enhancement Systems, a provider of mobile-based, keyless access control solutions used in critical infrastructure, including telecommunication towers.
  • In March 2022, ASSA ABLOY owned JOTEC Service & Vertriebsges. mbH, for JOTEC's strong offering of entrance automation, a well-developed service business, and a large customer base, will benefit ASSA ABLOY.

The European Smart Home market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Honeywell, Siemens, Johnson Controls, Schneider Electric, ASSA ABLOY, Amazon, Apple, ADT, Robert Bosch, ABB, and Axis Communications, are among the prominent players operating in the market.

Target audience for the report:

  • Smart Home manufacturers
  • Raw material providers
  • Smart Home providers
  • Smart Home -related service providers
  • Smart Home -related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Electronics component suppliers
  • Smart Home and devices distributors and sales firms
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Product
    • Lighting Controls
    • Security & Access Controls
    • HVAC Controls
    • Smart Speakers
    • Smart Kitchens
    • Home Appliances
    • Home Healthcare
  • Software & Services
    • Proactive
    • Behavioral
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • Rest of World
  • Companies profiles
    • Honeywell
    • Siemens
    • Johnson Controls
    • Schneider Electric
    • Amazon

The List of Companies

- Honeywell
- Siemens
- Johnson Controls
- Schneider Electric
- Amazon

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