The global smart
homes market is expected to reach USD 47.61 billion by 2020,
according to a new study by Grand View Research, Inc. Emphasis on reduced
carbon emission and energy conservation are expected to be the key driving
forces for the market over the forecast period. Favorable regulatory
initiatives for implementing smart homes owing to their energy efficiency
characteristics are further expected to positively impact the global market
over the next six years.
Increased aging population, which comprises a majority
of end-users of this technology, is also expected to boost market growth.
Introduction of smart grids, increased personal income in developing economies,
assistance of power line communication, and growth of consumer electronics
industry are factors expected to favorably impact market growth. Need for
standardization, skilled labor and high initial cost due to the incorporation
of advanced technologies such as IP and Bluetooth may pose a challenge to
industry growth.
Browse full research report on Smart Home Market: https://www.grandviewresearch.com/industry-analysis/smart-homes-industry
Further
key findings from the study suggest:
- Security applications dominated the global market and accounted for
over 20% of the overall market share in 2013. This is primarily owing to
techniques such as security cameras, window sensor alarms and burglar
alarms which notify users of a possible security breach. Energy management
segment is expected to witness the fastest growth on account of growing awareness
regarding energy efficiency coupled with the support of regulatory bodies
for development of a smart grid and installation of smart electricity,
water, and gas meters.
- North America is expected to remain the market leader over the
forecast period, and accounted for 41.3% of the global market revenue in
2013. The market in Europe is expected to grow at a CAGR of 21.3% from
2014 to 2020, owing to growing adoption of smart home systems.
- Key industry participants include ABB Ltd., Siemens AG, Crestron
Electronics, Inc., Honeywell, Emerson Electric Co., Schneider Electric
S.A., Legrand S.A., Lutron Electronics, Inc., Ingersoll-Rand PLC, Tyco
International Ltd., AMX and Control4 Corporation.
Browse more reports of this category
by Grand View Research:
https://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand
View Research has segmented the global smart homes market on the basis of
application and region:
Smart
Homes Application Outlook (Revenue, 2012 - 2020)
- Security
- Lighting
- Entertainment
- Energy
Management
- HVAC
- Others
Smart
Homes Regional Outlook (Revenue, 2012 - 2020)
- North America
- Europe
- Asia Pacific
- RoW
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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