Smart home market by Product (Sensors, User Interface Devices, Controllers, Actuators, Networking Products, Others), Application (Security and Surveillance System, Energy Management, HVAC Control, Lighting Systems, Entertainment Control, Others); Global Market Size Estimates and Forecast (2019-2030)
The market is expected to cross US$ 56.89 billion in 2022 and is projected to hit US$ 165.32 billion by 2030, recording a CAGR of 12.6% during the forecast period.
Rising significance of the Internet of Things (IoT) to promote the global smart home market growth.
The internet has projected its power beyond computers and smartphones and made a huge impact as a term Internet of Things (IoT). The IoT has allowed things to communicate by making them collect, send/receive information, and act as prescribed. IoT devices have also become a prominent global economic driver changing diverse sectors, including healthcare, industrial, commercial, and residential platforms. The smart home is a small-scale application of this enormously growing technology. Thus, the IoT will propel the growth of the global smart home market over the forecast period.
The rapid deployment and rising usage of smart home devices have enabled various government bodies and organizations to take steps in energy development solutions. For instance, in October 2019, the European Union introduced new Commission Regulation (EU) 2019/2020 regulations that redefined the eco-design of light sources and labeling of energy efficiency. It is expected to significantly impact the smart home industry growth over the forecast period.
Within the report, the market is segmented into product, application, and geography. By product, the market is segmented into sensors, user interface devices, controllers, actuators, networking products, others. Based on application, the market is segmented into security and surveillances system, energy management, HVAC control, lighting systems, entertainment control, others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Adopting power line communication technology in smart homes will create lucrative growth opportunities for the market over the forecast period.
Power line communication is a technology that allows power lines to be used for data communication by transferring data over existing power lines. Thus, it removes the need for different networks for power and data; the same lines that carry 110V/240V and 50Hz/60Hz signals are also used to carry data signals. Thus, it declined to retrofit costs and installation time and greater flexibility. The rapid adoption of gadgets and smartphones, coupled with technological advancements in power line technology, is boosting the adoption of smart products capable of performing at the push of a button. The advanced smart devices are also available with enhanced and never-before features that make them suitable for various applications, such as temperature control and lighting control. Furthermore, the advent of high-speed internet broadband, Wi-Fi, and Bluetooth has widened the application areas for the smart home market.
Rising number of Internet users and the increasing adoption of smart devices is Another Major Factor Accelerating the Smart home market Growth.
The rising Internet users and the rising adoption of smart devices are the key factors driving the market's growth. A smart home helps homeowners to control appliances, thermostats, lights, and other devices remotely with the help of a smartphone or tablet with an internet connection. Smart home appliances or systems used in homes are based on the Internet of things (IoT) technology, sensors, and services connected with the communication network. It can be accessed, monitored, and controlled remotely. For example, home thermostats, lights, locks, TVs, security cameras, audio, and appliances or systems are all connected to a common system, which can be controlled via a smartphone or a mobile touchscreen device. Moreover, as energy costs continue to rise, one of the persistent demands of smart home consumers is to lower utility bills.
Recent Strategic Developments in smart home market
The smart home market has undergone several significant developments, and a few of these have been mentioned below:
- In Dec 2020, ASSA ABLOY Entrance Systems and LG partnered to develop an innovative and effective solution, a transparent OLED automatic sliding door, combining LG's industry-leading OLED display technology with ASSA ABLOY's best-selling automatic sliding doors.
- In November 2020, Honeywell developed its holistic Healthy Buildings Air Quality offering to improve and measure commercial buildings' indoor air quality by launching Honeywell Electronic Air Cleaners with UV Systems and a new line of indoor air quality sensors.
The smart home market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ABB Ltd., Acuity Brands, Inc., Crestron Electronics, Inc., Honeywell International Inc., Hubbell Incorporated., Johnson Controls International PLC., Legrand SA., Samsung Electronics Co Ltd., Schneider Electric SE., Siemens AG, are among the prominent players operating in the market.
Target audience for the report:
- Smart home devices manufacturers
- Smart home solution 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 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
- Sensors
- User interface devices
- Controllers
- Actuators
- Networking Products
- Others
- Application
- Security and Surveillance System
- Energy Management
- HVAC Control
- Lighting Systems
- Entertainment Control
- Others
- Region
- North America
- US
- Canada
- Mexico
- Europe
- Asia Pacific (APAC)
- Middle East & Africa
- South America
- North America
- Companies profiled
- ABB Ltd.
- Acuity Brands, Inc.
- Crestron Electronics, Inc.
- Honeywell International Inc.
- Hubbell Incorporated
- Johnson Controls International PLC
- Legrand SA
- Samsung Electronics Co Ltd
- Schneider Electric SE
- Siemens AG
Companies profiled
- ABB Ltd.
- Acuity Brands, Inc.
- Crestron Electronics, Inc.
- Honeywell International Inc.
- Hubbell Incorporated
- Johnson Controls International PLC
- Legrand SA
- Samsung Electronics Co Ltd
- Schneider Electric SE
- Siemens AG