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Last edited 18 Jan 2021
The global smart homes market
A smart home is defined as a residence equipped with devices and software that allow its occupants to control its components remotely. The technology not only responds to user commands, but can also anticipate common scenarios to regulate the home’s functionality. Smart homes focus on the appeal of homeowners acquiring a fully-controlled environment that incorporates technology which can adapt to particular needs. There are many new initiatives found in this market, which is subject to little regulation.
The global smart home market will reach $53.45 Bn with a 14.5% CAGR annual increase by 2022.
Growing safety concerns and improvements in remote technology are the key driving factors in the smart homes market. Other factors include; an ageing population, government initiatives, and the move of top electronics brands such as Apple and Samsung into the market. Most smart homes market players aim to increase controllability and security, and provide time-saving and energy-saving alternatives to conventional devices.
The products involved in the smart home market are are segmented into: smart kitchen, home healthcare, lighting control, HVAC control and others. Light controls have the largest share in the smart home market due to reduced electricity consumption. Lighting sensors adjust the intensity of artificial light according to the intensity of natural light thereby reducing power consumption.
North America is the current leader in the smart homes market, followed closely by Europe and the Asia-Pacific region. The smart homes market is set to achieve double digit growth in developing countries over the next few years.
The top applications in the smart homes market include; lighting, entertainment, security, power management, and HVAC control. Government initiatives – especially in North America – include remotely controlling gas, water, and power meters. Security features include the use of sensors and alarms that intimate homeowner activity. Entertainment and utility features include remotely recording television programs and activating washing machines or dishwashers.
The market creates supplementary growth for related areas such as smartphones, tablets, PCs, and LED's.
The main 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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