European Smart Home Market

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.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

• Market segments and sub-segments
• Market trends and dynamics
• Supply and demand
• Market size
• Current trends/opportunities/challenges
• Competitive landscape
• Technological breakthroughs
• Value chain and stakeholder analysis

The regional analysis covers:

• North America (U.S. and Canada)
• Latin America (Mexico, Brazil, Peru, Chile, and others)
• Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
• Eastern Europe (Poland and Russia)
• Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
• Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

• A complete backdrop analysis, which includes an assessment of the parent market
• Important changes in market dynamics
• Market segmentation up to the second or third level
• Historical, current, and projected size of the market from the standpoint of both value and volume
• Reporting and evaluation of recent industry developments
• Market shares and strategies of key players
• Emerging niche segments and regional markets
• An objective assessment of the trajectory of the market
• Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.