According to the report, 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 by 2022, growing at a CAGR of slightly above 14.5% between 2017 and 2022.
The advanced technology has enabled various devices to be connected and controlled by one device and this technology is used by smart homes. In smart homes, various devices such as lighting, AC, CCTV cameras, smart TV, washing machine, etc., can be controlled by either a remote or a smartphone or tablet. These devices can be switched on or off from a different location even if the device controlling them gets a signal for the same. Homeowners are enjoying more convenience and comfort from basic security monitoring and customized access to window coverings, appliances, lighting, irrigation, entertainment systems and many others.Prominent drivers of smart home adoption are energy efficiency, home security, entertainment, convenience/productivity, remote health monitoring and connectivity.
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The major growth driver for the smart home market includes growing awareness among consumers about energy consumption, growing the aging population, rising disposable income in developing countries, and government initiatives among others.In addition, rising demand for home healthcare is fueling the growth of the smart home market. However, high prices coupled with limited consumer demand and long device replacement cycles are top barriers preventing the smart home market from moving from the early-adopter stage to the mass adoption stage.
Segmentation of smart home market is done on the basis of product and region. The products involved in the smart home market are the smart kitchen, home healthcare, lighting control, HVAC control and others. Light control held the largest share in the smart home market due to reduced electricity consumption in homes. Lighting sensors adjust the intensity of artificial light according to the intensity of natural light thereby reducing power consumption.
North America held the largest share of the smart home market due to rise in demand for home health care and population. Europe is another leading smart home market as it follows North America. In North America, government initiatives include remotely controlling gas, power meters, and water to fall into the smart grid with ease. Aging population, energy & cost saving, security, and convenience, reduced carbon emissions, government initiatives are the major factor which is driving the smart home market growth over the forecast period. The Asia Pacific is also projected significant growth in upcoming years.
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The prominent players in the smart home 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.