Smart Home Market - Snapshot
According to a new market research report published by Transparency Market Research titled ‘Smart Home Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ the global smart home market is projected to expand at a CAGR of 18.4% during the forecast period. According to the report, the market is likely to continue to be influenced by a range of macroeconomic and market-specific factors.
Growing advancements in Internet of Things (IoT), rising demand for energy-efficient solutions, and increasing adoption by consumers have driven the global smart home market.
Growth of the manufacturing industry to fuel the smart home market
Based on application, the global smart home market has been segmented into lighting control, security and access control, HVAC control, entertainment control, and others. Among these, the HVAC control segment accounted for the maximum share of the global market in 2017. Surging need for energy-efficient devices and growing concerns about optimizing the use of energy are likely to boost the demand for HVAC control systems during the forecast period. Increasing advancements in Internet of Things are estimated to drive the global smart home market during the forecast period. Smart home systems are being increasingly adopted with the introduction of high-speed Internet services, as a majority of appliances operate effectively with the help of wireless connectivity.
Moreover, rising demand for energy-efficient solutions is also expected to drive the smart home market during the forecast period.
North America to continue to hold a leading share of the global market
North America has emerged as a leading market for smart homes. It accounted for 41.9% share of the global market in 2017. Increasing demand for home health care in the region is boosting the smart home market in North America. North America is followed by Europe, which records higher consumption of smart homes compared to other regions. The Europe market for smart homes is driven by the rising demand for smart homes in the U.K., Germany, France, Italy, and Rest of Europe. Presence of a large number of industries in the region and growing concerns about reducing home energy consumption are augmenting the market in Europe. Asia Pacific, however, is expected to register a higher growth rate than other regions between 2018 and 2026. Countries in the region such as India, Japan, and China are likely to offer opportunities for growth of the smart home market in the region from 2018 to 2026. Changing lifestyle and rising need for energy-efficient devices, mobility, and comfort are propelling the smart home market in Asia Pacific.
The company profiling of key players operating in the global smart home market includes company overview, major business strategies adopted, SWOT analysis, and revenues for years from 2015 to 2017. Key players profiled in the report on the global smart home market are Honeywell International Inc., Siemens AG, Schneider Electric SE, and ABB Ltd., Johnson Controls Inc., Emerson Electric Company, Samsung Electronics Co., Ltd., LG Electronics Inc., United Technologies Corporation, and Crestron Electronics, Inc.
Smart Home Market - Overview
The ‘Smart Home Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ report provides analysis of the global smart home market for the period 2016–2026, wherein 2018–2026 is the forecast period and 2017 is considered the base year. Data for 2016 has been included as historical data. The report covers all trends expected to play a major role in growth of the global smart home market during the forecast period. It highlights drivers, restraints, and opportunities expected to influence the market during the forecast period. The study provides a holistic perspective on growth of the smart home market in terms of revenue (in US$ Bn) across different regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The report highlights key trends in the market on a global scale. Furthermore, region-wise prominent countries/sub-regions covered in the report include the U.S., Canada, Germany, France, the U.K., India, China, Japan, GCC, South Africa, and Brazil.
The report analyzes and forecasts the market for smart home at the global and regional levels. The report comprises detailed value chain analysis that offers a comprehensive view of the global smart home market. Porter’s Five Forces model has also been included to help understand the competition landscape of the market. The study encompasses attractiveness analysis of the smart home market, wherein application segments have been benchmarked based on their market value, growth rate, and general attractiveness.
Global Smart Home Market: Taxonomy
The report segments the smart home market based on application and region. Based on application, the market has been divided into lighting control, security and access control, HVAC control, entertainment control, and others.
Global Smart Home Market: Research Methodology
Secondary research sources that are typically referred for the study include, but are not limited to: company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, internal and external proprietary databases, relevant patent and regulatory databases, national government documents, statistical databases, market reports, news articles, press releases, and webcasts specific to companies operating in the market.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for analyzing each segment and sub-segment of the market across geographies. Primary interviews are conducted on an ongoing basis with market participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market trends, growth trends, competition landscape, and market outlook. These help validate and strengthen secondary research findings. They also help develop expertise and market understanding of the team of analysts.
Global Smart Home Market: Competition Scenario
Honeywell International Inc., Siemens AG, Schneider Electric SE, and ABB Ltd., Johnson Controls Inc., Emerson Electric Company, Samsung Electronics Co., Ltd., LG Electronics Inc., United Technologies Corporation, Crestron Electronics, Inc. are some of the major players operating in the global smart home market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other information pertaining to these players have been duly provided as a part of company profiling.
The global smart home market has been segmented as follows: