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.
A Transparency Market Research Study analyzes the global smart home market and predicts that the market would grow at an astounding CAGR of 18.4% during the forecast period. The global smart home market was valued at US$36.27bn in 2017, analysts at TMR cite in the report.
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.
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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.