According to a new research report by MarketsandMarkets, the total market for the APAC smart home market will be worth US$9.28 billion by 2020, at an estimated CAGR of 16.73%. "Smart home" is defined as a home consisting of quality electronics which are designed for selective and particular applications so as to provid
According to a new research report by MarketsandMarkets, the total market for the APAC smart home market will be worth US$9.28 billion by 2020, at an estimated CAGR of 16.73%. "Smart home" is defined as a home consisting of quality electronics which are designed for selective and particular applications so as to provide the homeowner total comfort, convenience and complete control of his/her house.
Major drivers that are boosting the APAC market are perseverance of energy consumption and energy management, increase in percentage of aging population across APAC countries, pursuit of a secured, comfortable and convenient lifestyle, government initiatives and more. There are restraints in the market such as lack of awareness, relatively high system prices, and complexity of systems which are inhibiting more explosive market growth.
Products covered include security and access control, entertainment systems, lighting control, HVAC control and home health systems, along with their current and future estimations. Of all the major product categories, security systems are expected to have the higher adoption rates for the mass markets. Major companies surveyed include Siemens, Schneider Electric, ABB, Ingersoll-Rand, Tyco International, Emerson Electric, Legrand, Crestron Electronics, Lutron Electronics, Honeywell International and more. China will remain the leading market for the APAC region throughout the forecasted period, thanks to several factors such as high economic growth, strong consumer base, and high acceptance and adoption rates of the smart home concept.