Home networking devices
The global home networking device market is expected to reach a value of US$23.24 bn by 2023. The market is estimated to expand at a CAGR of 7.0 % between 2015 and 2023. In terms of volume, the home networking device market stood at 444.8 Mn Units in 2014 and is expected to increase at a CAGR of 10.1% from 2015 to 2023.
Increasing demand for connected devices among end users is expected to support the demand for home networking devices. The high demand for wireless home networking devices can be attributed to the popularity of Wi-Fi based devices among end users. There is an increasing demand to replace wired with wireless home networking devices in North America and Europe. Home networking device manufacturers are increasingly focusing on partnerships with service providers and dealers in order to expand their market share across different geographic regions. Manufacturers are focusing on product innovations based on the requirement to increase internet bandwidth and thereby enhance user ergonomics.
In 2014, Asia Pacific was the largest market for home networking devices, accounting for a share of around 28.9%. Asia Pacific has a high adoption rate due to increases in the number of fixed broadband subscribers.
Wireless home networking devices held the largest market share of around 62.6% in 2014. Wi-Fi, ZigBee and Z-Wave based home networking devices are expected to contribute to the growth of the wireless home networking device market in the coming years. The network line sub-segment is expected to take a higher market share owing to its popularity in developing nations. Wi-Fi based home networking devices are expected to grow at a consistent rate during the forecast period from 2015 to 2023.
By component, routers were the largest segment of the home networking device market, accounting for approximately 34% of the total market in 2014. Increasing adoption of Wi-Fi based home networking devices is expected to support the growth of routers, extenders, and adapters in the coming years. The application of powerline based home networking devices is expected to decline in the coming years owing to limited market exposure in the North American and Europe. The ZigBee and Z-Wave segment is expected to register high growth due to the increasing adoption of ZigBee and Z-Wave enabled smart lighting and security systems.
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