Smart home market expected to grow at a CAGR of 13.61% between 2017 and 2023
The global market for smart homes was valued at USD 54.97 billion in 2016 and is likely to reach USD 137.91 billion by 2023, at a CAGR of 13.61% between 2017 and 2023. The significant advancements in the IoT market, increasing need for convenience, safety and security, and rising demand for energy saving and low carbon emission-oriented solutions are some of the major factors driving the growth of the smart home market.
I. Lighting control held the largest share of the smart home market in 2016
Lighting control held the largest share of the smart home market in 2016. The growth of this market can be attributed to the capability of lighting control to reduce electricity consumption in homes as the sensors adjust the intensity of artificial light according to the intensity of natural light. One of the largest electrical loads in a home is that of lighting. However, lighting appliances and devices consume lesser energy compared with other electric appliances in a home, which often leads to negligence of its energy-saving potential. Over the years, the growing environmental concerns have helped spread awareness regarding the importance of smart homes and home energy management measures.
II. The market for timers to grow at the highest rate during the forecast period
The market for timers is expected to grow at the highest rate, among all other lighting control products, during the forecast period. The use of timer in lighting control reduces the unnecessary use of electricity in areas such as underground parking and staircases. Once the lights are switched on, they remain in the same state for a defined time period and are switched off automatically after the pre-specified time. Timers are mainly used for timed on/off control of energy-consuming loads such as indoor & outdoor lighting, heat lamps, hot tubs, pool filters, and attic fans.
Acuity Brands Lighting, Inc. (US), Lutron Electronics Co., Inc. (US), and Intermatic Inc. (US) are some of the major players offering timers for controlling the usage of lighting in the residential sector.
III. North Americas and Asia Pacific considered as the major markets for smart homes
North America held the largest share of the global smart home market in 2016, owing to the factors such as increasing demand for reliable home energy management systems, enhanced home security levels, and growing popularity of integration of smart devices such as tablets and smartphones in smart home solutions. The smart home market in Asia Pacific is expected to grow at the highest rate during the forecast period. Factors such as the strong economic growth, increasing population and improving standards of living, and rapid urbanization leading to a sophisticated infrastructure are driving the growth of the market in this region.
IV. Breakdown of the profiles of primary participants:
- By Company: Tier 1 = 10 %, Tier 2 = 30%, and Tier 3 = 60%
- By Designation: C-Level Executives = 50%, Directors = 25%, and Others = 25%
- By Region: North America = 60%, Europe = 20%, APAC = 10%, and RoW = 10%
V. The major players profiled in this report are as follows:
- Siemens AG (Germany)
- United Technologies Corporation (US)
- General Electric Company (US)
- Schneider Electric (France)
- Honeywell International, Inc. (US)
- Ingersoll-Rand PLC (Ireland)
- Johnson Controls, Inc. (US)
- ABB Ltd. (Switzerland)
- Legrand S.A. (France)
- Samsung Electronics Co., Ltd. (South Korea)
- Acuity Brands, Inc. (US)
- Lutron Electronics Co. Inc. (US)
- Leviton Manufacturing Company, Inc. (US)
- Vivint Smart Home (US)
- Select Comfort Corporation (US)
- Switchmate Inc. (US)
- LIFX (US)
In this report, the smart home market has been segmented on the basis of product, application, and geography. The smart home market, on the basis of product, has been segmented into lighting control, security and access control, HVAC control, entertainment and other controls, home healthcare, smart kitchen, and home appliances. The study also covers the market in four major regions: North America, Europe, APAC, and RoW.
Reasons to buy the report
The report would help the key players/new entrants in this market in the following ways.
1. This report segments the smart home market comprehensively and provides closest approximations of the overall market size and that of the subsegments across different verticals and regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem, product launches and developments, partnerships, and mergers and acquisitions carried out in the market.
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