According to a new market research report, "European Smart Homes Market - by Products (Security, Access, Lighting, Entertainment, Energy Management Systems, HVAC, and Ballast & Battery Pack), Services (Installation & Repair, Renovation & Customization) & Country - Analysis & Forecast (2013 - 2020)", published by MarketsandMarkets, the total market for European Smart Homes Market will be worth $13.81billion by 2020 at an estimated CAGR of 18.17%.
According to a new market research report, "European Smart Homes Market - by Products (Security, Access, Lighting, Entertainment, Energy Management Systems, HVAC, and Ballast & Battery Pack), Services (Installation & Repair, Renovation & Customization) & Country - Analysis & Forecast (2013 - 2020)", published by MarketsandMarkets, the total market for European Smart Homes Market will be worth $13.81billion by 2020 at an estimated CAGR of 18.17%.
Smart homes refers to a residence equipped with computing and information technology devices, which anticipate and respond to the needs of the residents; thus, working towards enhancing their comfort, convenience, security, and entertainment. The concept of smart homes has been in picture in Europe from a long time and, presently, a lot of development and regulatory initiatives are being witnessed in this market.
The European smart homes market covers the whole industry on the basis of products, services, and country. 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, the ‘security systems' are expected to have higher adoption rates with respect to the mass markets. The ‘services' section covers installation & maintenance, and renovation & customization. The ‘country' analysis consists of top countries in Europe, namely the U.K., France, Spain, Italy, and Rest of the Europe.
The major drivers for the European smart homes market are energy & cost saving, reduced carbon emissions, ageing population, security and convenience, government initiatives, and more. There are restraints in the market such as lack of standardization, high initial costs, and economic slowdown in the European region which is inhibiting the market growth. Assistance of power line communication and smart-grids are the key opportunities for the global smart homes market.
Some of the key players in this market include Siemens AG (Germany), Schneider Electric S.A. (France), ABB (Switzerland), Ingersoll-Rand PLC (Ireland), Tyco International (Switzerland), Legrand S.A. (France), Hager Holdings GmbH (Germany), Albrecht Jung GmbH& CO (Germany), Control4 (US), and Infineon Technologies AG (Germany). The U.K. will remain the leading market for the European smart homes throughout the forecasted period due to the high adoption rate and continuous development in this country.