Smart Homes Market Outlook 2031:
The global smart homes market size was valued at USD 114.50 Billion in 2022 and is projected to reach USD 302.53 Billion by 2031, expanding at a CAGR of 11.4% during the forecast period 2023 - 2031. The growth of the market is attributed to increasing consumer interest towards optimum resource utilization and energy efficiency.
The smart home can be described as home automation, which involves the usage of internet-connected devices to monitor and manage several home appliances and systems. It is a cutting-edge technology that makes the functioning of a variety of home appliances more convenient and energy efficient.
This in further employing wireless technology to control all of the electronic equipment in the home. It provides end-users with comfort, energy efficiency, security, and convenience by allowing them to operate all electronic appliances via a smart home app on their smartphones or other networked devices.
The outbreak of COVID-19 pandemic had a negative influence on the market. Manufacturing and supply chain units have had to suspend output as a result of the global lockdown enforced by governments, which is likely to impede the demand for smart homes. The market is expected to quickly recover, since various industries have restarted operations as COVID-19 instances have gradually reduced around the world.
Smart Homes Market Trends, Drivers, Restraints, and Opportunities
- Growing importance related to home-security by owners is one of the key factors driving the smart homes market growth.
- Rising innovative wireless technology including security, access regulators, and entertainment controls is expected to boost the market growth in the coming years.
- Lack of skilled labor to perform the applications and services is projected to hinder the smart homes market expansion during the forecast period.
- Lack of standardization along with high installation costs presents a major challenge. This is anticipated to hamper the smart homes market growth in the projected period.
- Increasing importance of consumer durables and electronics is projected to create significant growth opportunities for the market in the near future.
Scope of Smart Homes Market Report
The report on the global smart homes market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Homes Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 – 2012
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Forecast Period
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2023 – 2031
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Segmentation
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Applications (Lighting, Entertainment, Security, Energy Management, and HVAC)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Control4 Corp.; Emerson Electric Co.; Honeywell International Inc.; ABB Ltd.; Lutron Electronics Co.; Tyco International plc; Legrand S.A.; Siemens AG; Schneider Electric SE; and Crestron Electronics, Inc.
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Smart Homes Market Segment Insights
Security segment to grow at a rapid pace
Based on applications, the global smart homes market is divided into lighting, entertainment, security, energy management, and HVAC. The security segment is expected to grow at a rapid pace during the forecast period owing to the growing requirement for energy-efficient solutions across the sector.
However, the entertainment segment is anticipated to hold a key share of the market in the coming years due to the flexibility it offers, such as to control distantly media, audio, and video access devices.
North America to constitute a key market share
In terms of regions, the global smart homes market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to the increasing product adoption across the region.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the growing demand for new technological advancements and rising consumer awareness in the region.
Segments
The global smart homes market has been segmented on the basis of
Applications
- Lighting
- Entertainment
- Security
- Energy Management
- HVAC
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Control4 Corp.
- Emerson Electric Co.
- Honeywell International Inc.
- ABB Ltd.
- Lutron Electronics Co.
- Tyco International plc
- Legrand S.A.
- Siemens AG
- Schneider Electric SE
- Crestron Electronics, Inc.
Competitive Landscape
Key players competing in the global smart homes market are Control4 Corp.; Emerson Electric Co.; Honeywell International Inc.; ABB Ltd.; Lutron Electronics Co.; Tyco International plc; Legrand S.A.; Siemens AG; Schneider Electric SE; and Crestron Electronics, Inc.
As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
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