Global smart home market
The global smart home market was valued at around USD 24.10 billion in 2016 and is expected to reach approximately USD 53.45 billion in 2022, growing at a CAGR of 14.5% between.
The advance of technology allows devices to be connected and controlled, and this technology is being used in smart homes. Devices such as lighting, air conditioning, CCTV, TVs, washing machines and so on, can be controlled by remote or from a smartphone or tablet. Homeowners enjoy more convenience and comfort from security monitoring and customised access to windows, appliances, lighting, irrigation, entertainment systems and so on.
The main drivers of smart home adoption are:
- Energy efficiency.
- Home security.
- Entertainment.
- Convenience.
- Productivity.
- Health monitoring.
- Connectivity.
Wider influences include growing awareness among consumers about energy consumption, the aging population, rising disposable income in developing countries, and government initiatives. However, high prices coupled with long device replacement cycles are barriers preventing the market from moving from the early-adopter stage to the mass adoption stage.
Segmentation of smart home market is based on product and region.
The products involved in the market are categorised as:
Light control had the largest share in the market due to reduced electricity consumption. Lighting sensors adjust the intensity of artificial light according to the level of natural light thereby reducing power consumption.
North America held the largest share of the market due to the rise in demand for home healthcare and rising population. Government initiatives include remotely controlling gas, power meters, and a smart water grid. The ageing population, energy and cost savings, security, convenience, reduced carbon emissions and government initiatives are the major drivers of growth. Asia Pacific is also projected to see significant growth in the coming years.
The prominent players in the market are Legrand, Siemens AG, Johnson Controls Inc., Ingersoll-Rand plc, Schneider Electric SE, Acuity Brands, Inc., ABB Ltd., United Technologies Corporation, Samsung Electronics Co., Ltd., Nest Labs, Inc., Honeywell International Inc. and Crestron Electronics, among others.
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