Global Smart Homes & Buildings Market Report, published by Variant Market Research, forecast that the global market is expected to reach $146.1 billion by 2025 from $15.7 billion in 2017; growing at a CAGR of 32.1% from 2017 to 2025. By geography, Asia-Pacific, and RoW are expected to grow at a CAGR of 36.5% and 35.9%, respectively, during the forecast period. Smart homes & buildings uses variety of technology including Zigbee, Bluetooth, RFID, GSM/GPRS, and Wi-Fi. Its applications includeenergy management, lighting control, appliance & entertainment control, HVAC control, safety & security, and home healthcare & child safety.
Smart Homes & Buildings Market (By Product: Safety & Security Products/Devices, Controllers, and Home Appliance & Entertainment Controllers; By Technology: Bluetooth, Zigbee, RFID, GSM/GPRS, and Wi-Fi; By Application: Energy Management, Lighting Control, HVAC Control, Appliance & Entertainment Control, Safety & Security, and Home Healthcare & Child Safety; By End User: Residential Users, Commercial Users, and Government Organizations;By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Increasing energy expenses to drive the growth of the global market
The factors supporting growth of the global smart homes & buildings market are increasing concern about security, safety, cumulative requirement about energy conservation, and increasing energy expenses. However, huge initial investment cost may act as a restraint for the growth of the market. Yet, high inclination towards smart cities would provide several growth opportunities for the market in the future years.
Product, technology, application, end user, and geography are the major segments considered in the global smart homes & buildings market. By product, the market is bifurcated into safety & security products/devices (surveillance cameras, door locks, smoke detectors & fire sprinklers), controllers (light sensors, motion sensors, CO2 sensors, dimmers, timers, and energy efficient lights), and home appliance & entertainment controllers (thermostats, remote controls, & smart plugs and energy monitors). By technology, the market is categorized into Bluetooth, Zigbee, RFID, GSM/GPRS, and Wi-Fi. Application includes energy management, lighting control, HVAC control, appliances & entertainment control, safety & security, and home healthcare & child safety. End user comprises residential users (individual homes, residential buildings & housing societies), commercial users (corporate offices, industrial production units, healthcare facilities, retail outlets and convenient stores, & hotels & restaurants), and government organizations.
By geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America covers the U.S., Canada, and Mexico. UK, Russia, Germany, France, Italy, and Rest of Europe are analyzed under the European market. China, Japan, India, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific Market While RoW is bifurcated into South America, Middle East, and Africa.
Controllers accounted for the largest market share in theproduct segment
Controllers accounted for the largest market share in 2017, in the product segment, and are expected to continue its dominance during the forecast period 2017 – 2025. The growth is attributed to the capabilities of controllers such as lower electricity consumption in homes by means of sensors adjustment of the intensity of artificial light as per the intensity of natural light.
Wi-Fi accounted for the largest market share in thetechnologysegment
Wi-Fi accounted for the largest market share in 2017, in the technology segment. The growth is attributed to the high demand of Wi-Fi, high-quality wireless & smart home facilities along with the fact that smart home technology performs finest with Wi-Fi.
HVAC control accounted for the largest market share in theapplication segment
HVAC control accounted for the largest market share in 2017, in the application segment. The growth is attributed to the high rate of implementation of HVAC control application in the smart homes & buildings around the world.
North America dominated the global market with highest market share over the forecast period
North Americadominated the global market with largest market share of 39.3% in 2017 and expected to continue its dominance during the forecasted period. The growth is attributed to improved home security levels, high demand about dependable home energy management systems, as well as rising popularity of incorporation of smart devices like smartphones & tablets in smart home solutions.
The major players operating in the market are Honeywell International Inc., Siemens AG, Cisco Systems, Inc., Schneider Electric, Smarthome, Inc., Emerson Electric Co., Delta Controls, Control4 Corporation, Hitachi, Ltd., and Ingersoll-Rand plc, among others.