According to a new market research report from MarketsandMarkets, “Smart Homes Market - by Products (Security, Access, Lighting, Entertainment, Energy Management Systems, HVAC, and Ballast & Battery Pack), Services - Analysis & Forecast (2013–2020)’’, the total market for the Global smart homes market will be worth $51.77 billion by 2020 at an estimated CAGR of 17.74%.
According to a new market research report from MarketsandMarkets, “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 Global smart homes market will be worth $51.77 billion by 2020 at an estimated CAGR of 17.74%.
Smart homes systems are commonly used to define a residence that integrates various home automation systems, which allows these systems to communicate with one another through a home controller. The smart homes system encompasses communications, entertainment, security, convenience, and information systems.
The global smart homes market covers the entire industry on the basis of products, services, and geography. 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 geographical analysis covers Americas, Europe, APAC, and ROW.
The major drivers for the global smart homes market are energy & cost saving, reduced carbon emissions, ageing population, security and convenience, government initiatives, and many more. There are restraints in the market such as lack of standardization, high initial costs, and economic slowdown in the European region which are inhibiting the market growth. Assistance of power line communication (PLC) and smart-grids are the key opportunities for the global smart homes market.
The major companies involved in the global 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.), Control4 Corporation (US), and more.. The U.S. will remain the leading market for the Americas smart homes throughout the forecasted period due to its high adoption rate and continuous development.