Smart Ceiling Fan Market: Introduction
Smart ceiling fans are equipped with smart technologies to make the fan spin and keep the air still according to the needs of the user. A smart ceiling fan can be programmed at a preset temperature for it to adjust or schedule within which the fan can operate. Smart ceiling fans operate via Wi-Fi or Bluetooth. This means it can be remotely controlled and programmed to operate within a given setting and schedule even while one is away from home. Consumers can operate a smart ceiling fan through smartphones and voice commands.
Key Drivers of the Smart Ceiling Fan Market
Growing preference for convenient residential products coupled with changing lifestyle of consumers are expected to be major factors driving the market. Rising adoption of smart household appliances including smart ceiling fans which can be monitored with the help of Wi-Fi and Bluetooth is anticipated to propel the market growth. Buyers can effortlessly operate these devices through compatible applications such as Alexa and Google Assistant on their smartphones and operate the smart ceiling fans. Moreover, these products come with advanced features including humidity control, dust and aerial microorganism free air and high ventilation, climate control, and energy saver, which is set to boost market growth. Furthermore, smart ceiling fans with LED lights are projected to create a new avenue in the smart ceiling fan market.
New technology of killing coronavirus via smart fans creating opportunities in the smart ceiling fan market
New technologies are creating new opportunities for the product in the market. For example, Haiku UV-C from Big Ass Fans makes use of UV light to kill pathogens as it circulates air. Now safety scientists indicate that it is helpful against COVID-19. Kentucky-based manufacturer Big Ass Fans introduced the Haiku UV-C, a luxurious smart ceiling fan with disinfecting ultraviolet lights. As mentioned, the fan circulates air throughout the room, and UV lights kill airborne pathogens that cross their path. "With regards to the aerosol testing we saw approximately a 48% reduction [of airborne SARS-CoV-2] above the fan at 5 minutes and approximately an 86% reduction above the fan at 10 minutes," reads the cover letter to a testing report written by Kevin Noble, COO of Innovative Bioanalysis, the California lab that tested the fan against the coronavirus. "It can be concluded that between 10 and 20 minutes there was an overall reduction of 99.99% or greater."
Increased complexity and high maintenance cost - restraints of the smart ceiling fan market
Maintenance expense is high, which may limit the growth of the smart ceiling fan market in the future. Further, increased complexity and changes in material cost are likely to hamper the market. Besides, certain government regulations are estimated to negatively affect the growth of the smart ceiling fan market.
Asia Pacific the dominant region
China and Japan are the largest markets for smart ceiling fans. Rising adoption of smart household appliances including smart ceiling fans that can be controlled through internet and smartphones, is anticipated to drive the growth of the market. These factors are likely to impart a strong momentum to the expansion of the smart ceiling fan market in the next few years and create new opportunities for the product in the market.
Key Players Operating in the Global Market
Companies are working on product innovation and development to expand their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the smart ceiling fan market are:
- Emerson Electric Co.
- Havells India Ltd.
- Hunter Fan Co.
- LG Electronics, Inc.
- Minka Lighting, Inc.
Smart Ceiling Fan Market: Research Scope
Smart Ceiling Fan Market, by Application
Smart Ceiling Fan Market, by Distribution Channel
Smart Ceiling Fan Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the smart ceiling fan market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players 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.