The report “Smart Home Market by Product (Lighting Control (Timer, Daylight Sensor, Occupancy Sensor), Security & Access Control, HVAC, Entertainment, Home Healthcare and Smart Kitchen), Software & Service (Behavioral, Proactive), and Geography – Global Forecast to 2022”, The smart home market is expected to grow from USD 46.97 Billion in 2015 to USD 121.73 Billion by 2022, at a CAGR of 14.07% between 2016 and 2022.
The growth of the smart home market is attributed to factors such as significant advancements in the IoT market; increasing need of the consumer for convenience, safety and security; rising need for energy saving and low carbon emission-oriented solutions; and large number of manufacturers expanding their product portfolios.
The lighting control market is expected to grow at the highest rate during the forecast period
The market for lighting control in smart homes is expected to grow at a high CAGR during the forecast period as it reduces the electricity consumption in homes as the sensors adjust the intensity of artificial light according to the intensity of natural light. Lighting systems are among the largest consumers of electricity in homes. Over the years, the growing environmental concerns have helped spread awareness regarding the importance of smart homes and home energy management measures.
Smart meters held the largest share of the smart home market in 2015
Smart meters record the energy consumption at frequent intervals, usually an hour, and communicate this information back to the utility for billing and monitoring purposes. Energy suppliers use smart meters to achieve specific and automated billing. Smart meters in the residential application are integrated with communication protocols to transfer the energy flow information to the home owner. These meters help consumers reduce their energy bills and also help conserve energy. Thus, the smart home market for smart meters is expected to witness significant growth during the forecast period.
Asia-Pacific expected to grow at the highest CAGR for smart home market between 2016 and 2022
The APAC region is witnessing growth in the number of new residential projects and strengthening of building infrastructure at a significant rate. Moreover, a considerable demand for smart home devices is seen in established and emerging APAC countries such as Japan, South Korea, China, and in Rest of APAC (RoAPAC). Currently, South Korea is considered to be a huge market for smart homes because of the high demand for various control devices pertaining to lighting and entertainment control in this country.
The major companies in the smart home market that have been included in this report are Honeywell International Inc. (U.S.), Legrand (France), Ingersoll-Rand plc. (Ireland), Johnson Controls Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), ABB Ltd. (Switzerland), Acuity Brands, Inc. (U.S.), United Technologies Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Nest Labs, Inc. (U.S.), and Crestron Electronics, Inc. (U.S.).
The report describes the market dynamics including the key drivers, restraints, challenges, and opportunities with respect to the smart home market and forecasts the market till 2022. This global report provides a detailed view of the market segmented on the basis of product, software and service, and geography.