European Smart Home Market: Overview
The steadily stabilizing economic climate is giving birth to opportunities vendors in the European smart home market. Smart homes offer significant potential to allow the smart grids to offer new energy efficiency services and capabilities. Early smart home systems tended to be independent solutions focused on "lifestyle" requirements, like entertainment and lighting solutions, but currently versions generally include energy management and are accessible via the internet. Lighting controls are thus the main application for such systems in Europe, with the second largest environmental monitoring system, as consumers are increasingly worried about their energy bills and the need to cut their energy consumption. The European smart home market is still at a preliminary stage, and thus offers a wide berth of opportunities for growth.
European Smart Home Market: Notable Developments
The European smart home market is expected to find undeterred growth in the coming years. The financial crisis in the region now averted, several developments are expected to impact the European smart home market, such as:
- Assisted Living in Netherlands
With financial support from the government, houses offering assisted living are an important market in the Netherlands. The Health, Welfare and Sport Ministry encourages older people to develop home automation and is subsidizing the common European Environmental Assistance (EEA) programme. The objective of the AAL programme, using ICTs for care tailored to individual needs, is to improve the quality of life and independence of older people. Between now and 2021, the Netherlands will require an additional 44,000 houses for the elderly every year. However, there are fewer new homes being built since the economic crisis. Instead, existing homes must be adjusted.
- Adaptation with Leading Global Products
Lyric Cameras and a software upgrade to Lyrical Security Systems, made the system compatible with Apple's HomeKit, were launched in January 2017 by Honeywell International, Inc. (US). Honeywell's Lyric C1 and C2 indoor Wi-Fi cameras are coupled with the Lyric application for live broadcast, recorded events, and inactivity alert smoke / CO detectors. These features will assist in the future in the development of the product on the European smart home market.
The European smart home market is marked by the presence of vendors such as Deutsche Telekom Verisure, and eQ-3. Other leading vendors include Google, Amazon, Haier, Sonos, Siemens AG, and Johnson Controls.
European Smart Home Market Dynamics
As whole house systems, traditional home automation systems and solutions for Do-It-Yourself are more common in Europe. In the last decade technology has come a long way, allowing many devices to be connected alone to a single device. With the introduction and increased use of smartphones and tablets, penetration in this region is increasing. These equipment are portable and use modern technology. Today's architects take this concept into account for future homes. These factors are expected to amplify sales in the European smart home market to a large extent.
The economic climate in Europe is such that electricity costs are a major concern. These rising costs drive households to save energy. Moreover, the growing popularity of intelligent plugs, intelligent hubs and intelligent locks also stimulates market growth for these products. A growing demand for multimedia, audio, and video controls drives the entertainment control segment in this sector. This is expected to further fuel the European smart home market in the coming years.
Growing Urbanization to Boost Growth in Germany
In the European smart home market, the UK is expected to hold a lion’s share of the market revenue. This could be on account of increasing penetration of smart devices, such as smartphones and tablets in the country. Germany is expected to demonstrate high growth prospects, due to the country’s growing urban population. The need for a sophisticated infrastructure are expected to further boost the industry in the country, giving a nod to the European smart home market.
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