The latest report on APAC smart homes market published by MarketsandMarkets indicates that the market is projected to reach a value of $9.28 Billion by 2020. South East Asia countries are the emerging market for smart homes and are poised for the highest growth rate amongst all the countries.
Key players – APAC Smart Homes industry are Siemens AG (Germany), Schneider Electric S.A. (France), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), Tyco International Ltd. (Switzerland), Emerson Electric Co. (U.S.)
According to a new market research report, “APAC Smart Homes Market – By Products (Security, Access, Lighting, Entertainment, Energy Management Systems, HVAC, and Ballast & Battery Pack), Services (Installation & Repair, Renovation & Customization) and Geography – Analysis & Forecast (2013-2020)”, the total market for the APAC smart homes market will be worth $9.28 billion by 2020 at an estimated CAGR of 16.73%.
“Smart home” is technically defined as the home consisting of combination of multiple high end products which are designed for selective and particular application so as to provide the homeowner total comfort, convenience and complete control of his/her house.
The APAC Smart Homes Market covers the entire smart home industry operating in the across APAC countries such as China, India, South Korea, Japan and others inclusive of South East Asian countries, namely Indonesia, Malaysia, Thailand and Vietnam on the basis of products, services, and country-wise split. The products section covers security & access control, entertainment systems, lighting control, HVAC control, and home health systems – along with their current and future estimations. Of all the major products, security systems are expected to have the higher adoption rates for the mass markets. The services section covers installation & maintenance, and renovation & customization. The country-wise analysis covers major economies in the APAC region.
The major reasons that are boosting the APAC Smart Homes Market are perseverance of energy and energy management & consumption, increase in percentage of ageing population across APAC countries, secured, comfort and convenient lifestyle, government initiatives, and many more. There are restraints in the market such as lack of awareness, high price of systems, and complexity of systems which are inhibiting the market growth.
The major companies involved in the APAC Smart Homes industry are Siemens AG (Germany), Schneider Electric S.A. (France), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), Tyco International Ltd. (Switzerland), Emerson Electric Co. (U.S.), Legrand S.A. (France), Crestron Electronics, Inc. (U.S.), Lutron Electronics, Inc. (U.S.), Honeywell International, Inc. (U.S.), and more.. These companies shave setup and established strong market share through its subsidiaries across the APAC countries. China will remain the leading market for the APAC Smart Homes Market throughout the forecasted period due to several factors such as high economic growth, strong consumer base and high acceptance & adoption rate of Smart Home concept.