MarketsandMarkets recently released a Smart Homes Market report. The growth of the market in the coming years is expected to be remarkable, with the revenue estimated to reach US$51.77 billion by 2020, at an estimated CAGR of 17.74%.
Smart homes refers to a residence equipped with computing and information technology devices that anticipate and respond to the needs of the residents; thus, working towards enhancing their comfort, convenience, security, and entertainment through the upgradation of technology within the home. The concept of smart homes has been in the picture for a long time; such homes have always been a dream of homeowners and, presently, a lot of developments and regulatory initiatives are taking place with regards to the same.
The growth of the market in the coming years is expected to be remarkable, with the revenue growth estimated to reach $51.77 billion by 2020, at an estimated CAGR of 17.74% from 2013 to 2020. The major players in this industry are Siemens AG (Germany), Schneider Electric S.A. (France), ABB (Switzerland), Ingersoll-Rand PLC (Ireland), Tyco International (Switzerland), Emerson Electric (U.S.), Legrand S.A. (France), Crestron Electronics (U.S.) , Lutron Electronics (U.S.), Control4 Corporation (US), and more.
The major drivers for the market include energy saving, increasing ageing population, regulatory initiatives by governments, and more. The introduction of smart meters to conserve energy is another growth opportunity for the market. Also, the smart electronic devices such as washing machine, refrigerators, air-conditioner, vacuum cleaner, smart TV, and the likes are going to drive the market. Moreover, major restraints like lack of standardization and high initial costs and their impact analysis are also covered under this report.
The report covers the market by products, services, and geography of the smart homes; it provides detailed analysis of the current market scenario and the estimation till the year 2020. The security control and entertainment systems are driving the market. The market is already progressing well in the developed countries, and is expected to grow well even in the developing nations due to the regulatory initiatives from the governments and the increased consumer interest in managing energy consumption.
This report describes the value chain for smart homes market by considering all the major stakeholders in the market and their role analysis. The report also provides a detailed scrutiny of the Porter's five force analysis for the market. All the five major factors in these markets have been quantified using the internal key parameters governing each of them.
North America, currently, leads the market share as this region has the maximum adoption of smart homes systems. Europe is estimated to grow at highest growth rate amongst all the geographic regions owing to faster economic recovery. It is estimated that the Europe market will increase at a CAGR of 18.17% from 2013 to 2020.
This report covers recent developments in the industry, such as; ABB (Switzerland) acquired Newron System S.A. (France) in August 2013, and Legrand S.A. (France) acquiring NuVo Technologies (U.S.) in November 2012. Several other recent developments and updated information about acquisitions, mergers, and new product launches and agreements conducted recently are also discussed in the report.
This report profiles companies that are the major players, and active in this market. The report provides the competitive landscape of the players, which covers the key growth strategies followed by all the major players.