According to a new market report published by Stratistics Market Research Consulting, the Global Smart Homes Market is accounted for $26.3 billion in 2015 and is expected to reach $80.89 billion by 2022 growing at a CAGR of 17.41% from 2015 to 2022. The smart homes market has been witnessing remarkable growth, mainly driven by its eco friendly nature, Machine-2-Machine communications, and product growth in Internet of Things (IOT). Energy management, safety and security and lighting control offer great investment opportunities for players in the market.
Global Smart Homes Market is segmented by product into security & access control, energy management system, HVAC control, and entertainment control. Further, energy management systems divide into lighting control, smart devices, and others. There is a huge demand for energy efficient products to cut down electricity consumption, mitigate greenhouse gas (GHG) emission. Among all energy management systems, lighting control segment dominates the market due to its characteristics of regulating lighting according to the natural light.
Global Smart Homes market is segmented by protocol & technologies into cellular network, communication network, and smart home protocols. Among the technology segment, cellular network is expected to command the market in forecast period. Technology plays pivotal role to connect with homes by a smart device. Broad usage of cellular network technologies, sophisticated devices enabled with latest features are fuelling cellular network to be a major segment. However, smart home protocols segment is expected to grow at the highest CAGR during the forecast period.
Browse the full report at “Global Smart Homes Market Outlook”
This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific, and Rest of the World. North America accounted for the largest market share, led by the maximum adoption of smart homes systems. The U.S. is likely to remain as the key market for smart homes throughout the forecast period driven by its high adoption rate and development. Cost effectiveness of these products is increasing the demand for smart homes market in both developed and developing regions. The Asia-Pacific smart homes market is anticipated to grow at the highest CAGR amongst all regions, backed by its resilient GDP growth and the growing real estate market.
Some of the major players in the global market include ABB Ltd., Cisco Systems, Inc., Control4 Corporation, Crestron Electronics, Inc., Emerson Electric Co., Honeywell International, Inc., Ingersoll-Rand PLC, Legrand S.A., Leviton MFG. Company Inc., LG Electronics Inc, Lutron Electronics, Inc., Schneider Electric SA, Siemens AG., Smarthome, Inc., and United Technologies Corporation.
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