Smart Home Market Recent Study including Growth Factors, Applications, Regional Analysis, Top Vendor
Smart homes are incorporated with advanced automated systems that control lighting, temperature, multi-media, security, thermostats, entertainment systems, window and door operations that can be controlled by the user through smartphones and computers. The appliances used in the smart home are connected through the internet which allows the user to control and monitor the home appliances remotely using a mobile or other network connected device. Use of the Internet of Things (IoT) in smart homes encourage manufacturers to promote automation in the household sector. Smart homes systems are often featured as wireless and wired. Wireless systems are easy to install, are cost efficient and are portable, whereas wired systems need professional installer, are expensive and are difficult to move.
The key players in the Smart Home Market are Siemens AG (Germany), United Technologies Corporation (US), General Electric Company (US), Schneider Electric (France), Honeywell International, Inc. (US), Samsung Electronics Co., Ltd. (South Korea) and others. Siemens AG is one of the prominent players in the smart home market. It offers various products like electrical installation systems, home automation, and security systems. Honeywell International is one of the key players in smart home market which provides safety and security devices, heating and cooling devices, as well as home air cleaning and purifying devices which are installed in smart home.
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Key players
The prominent players in the market of smart home are Siemens AG (Germany), United Technologies Corporation (U.S.), General Electric Company (U.S.), Schneider Electric (France), Honeywell International, Inc. (U.S.), Ingersoll-Rand PLC (Ireland), Johnson Controls, Inc. (U.S.), ABB Ltd. (Switzerland), Legrand S.A. (France), Samsung Electronics Co., Ltd. (South Korea).
Other players in the market include Acuity Brands, Inc. (U.S.), Lutron Electronics Co. Inc. (U.S.), and Leviton Manufacturing Company, Inc. (U.S.).
Segmentation
By Components, the market is segmented into software and services. The software segment is further segmented into behavioral and proactive. By services, the market is segmented into managed & professional service.
By Application, the market is segmented into lighting control, security & access control, HVAC control, entertainment & other control, home healthcare, smart kitchen and home appliances. The lighting control segment is further segmented into relays, occupancy sensors, daylight sensors, timers, dimmers, switches, accessories and other products. Security & access control is categorized as video surveillance and access control. Video surveillance is further segmented into hardware, software, and services. HVAC control is segmented into smart thermostats, sensors, control valves, heating and cooling coils, dampers, actuators, pumps & fans and smart vents. Entertainment & other control is further bifurcated into entertainment controls and other controls. Entertainment controls is further divided into audio, volume, & multimedia room controls, home theater system controls and touchscreens and keypads. Home healthcare is further bifurcated into health status monitors and physical activity monitors. Smart kitchen is bifurcated into smart refrigerators, smart coffee makers, smart dishwashers, smart cooktops and others. The home appliances segment is segmented into smart washers, smart dryers, smart water heaters, and smart vacuum cleaners.
Regional analysis
The global smart home market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smart home market is studied for North America, Europe, Asia Pacific, and the rest of the world. North America is estimated to hold the largest market size, owing to the presence of major players, rising demand for home healthcare and high disposable income. Asia Pacific is expected to dominate the smart home market owing to an increase in urbanization and demand for smart home projects. The main driving factors for the demand of smart home market in Asia Pacific is due to the adoption of cloud technologies, increase in awareness related to safety & security, rising standard of living, and increasing government investment in smart cities.
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