Smart Homes Market (2018 – 2023) report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The Smart Homes market report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
“Smart Homes Market report is anticipated to register a CAGR of 26.9% over a five years forecast period (2018 – 2023).”
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List of Major Key players operating in the Global Smart Homes Market are –
- ABB Ltd.
- Emerson Electric Corporation
- Honeywell International Inc.
- Schneider Electric
- Siemens AG
- Cisco Systems Inc.
- Ingersoll Rand Plc.
- General Electric
- IBM Corporation
- Legrand SA.
The global smart homes market was valued at USD 35.7 billion in 2017 and is expected to reach a value of USD 150.6 billion by 2023 at a CAGR of 26.9%, over the forecast period (2018 – 2023).
The threat of climate change, fluctuating energy prices and energy security and supply concerns have necessitated new ways of producing, delivering and consuming energy. In this regard, smart homes have gained increased attention in both policies and government regulations across the globe.
Europe To Witness The Fastest Growth
Evolving energy policies such as Energiewende and changing consumer preferences have led to a fundamental shift in grid operations to distributed energy resources (DER), with the target to reduce primary energy consumption by 20% by 2020, is driving the deployment of smart grids and smart home infrastructure in Germany. The UK government mandates energy suppliers to install smart meters in 26 million homes with the aim that every household in England, Wales and Scotland to have a smart meter by 2020.
The accelerating smart meter roll-out, growing awareness of the energy crisis coupled with the European directive to reduce 80% of carbon emission by 2050, the UK smart home market is expected to see significant growth over the forecast period. Italy, Russia, France, and Germany are expected to lead the market for HVAC systems, owing to increasing awareness, high per capita income and purchasing power of consumers. However, the lack of understanding of user’s needs, device compatibility issues as well as consumer concerns for privacy and security are expected to hamper the adoption of smart home devices and solutions.
Energy Management Systems To Witness An Increased Adoption
As the population in across the globe increases, so will the energy demand and per-head consumption. There are costs associated with maintenance and upgradation of aging infrastructure, due to high demand. This is driving resilience in energy management systems. Smart energy management technologies help utilities and distributors to anticipate and manage loads better, reduce the requirement for costly infrastructure development, and improve service quality and customer satisfaction. Energy management in smart homes mainly comprises of smart meters, smart appliances, energy management system for devices, and home power generation, all functioning on smart grids. Smart meters are unleashing the potential of power demand management across the world by measuring and smartly managing resources. An instance of this trend is the ongoing process of voluntary replacement of standard meters with smart meters in high volumes in Europe in the recent years.
Growing Trend Towards Sustainability
Smart homes are a significant step on the evolutionary ladder for residential spaces, and their primary aim is to make living more comfortable, convenient, secure, entertaining and sustainable. Powered by gadgets and computing technologies, smart homes were the prerogative of the very rich in the past – but no more. With technological advances in voice control and artificial intelligence, the intelligent assistant is now a viable control center for the connected home. Tech giants and startup attackers have developed solutions delivered through both existing devices and new, stand-alone products. The supply of mobile entities, the improvement of wireless Internet, the emergence of cloud services, the sophistication of low-energy high-performance energy technologies, and other forms of convergence technologies based Internet of Things (IoT) have opened a new era for smart home technology. IoT-oriented smart home aims to collect human-machine interaction, then analyze, predict, and utilize information in solving life problems. Based on this, smart Home is shifting to Smart Space, a paradigm that addresses potential personal and societal issues and further provides new value to the world. There are ongoing various research developments on the subject of Smart Space, and new business models and service platforms are emerging.
The key players in this market include ABB Ltd., Emerson Electric Corporation, Honeywell International Inc., Schneider Electric, Siemens AG, Cisco Systems Inc., Ingersoll Rand Plc., General Electric, IBM Corporation and Legrand SA.
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Scope of the Report:
The report analyses Smart Homes market, which includes –
- Analysis of the growth of Smart Homes market in global and regional level including Asia-Pacific, Americas, and EMEA.
- The report provides Smart Homes market analysis for key countries including the US, Canada, Chile, China, India, Japan, the UK, Germany, France, and Italy.
- The report offers country level Smart Homes market volume and value by end-user segment for the period 2012-2023.
- Qualitative analysis of key market drivers and restraints, and analysis of their impacts on Smart Homes market are discussed.
- The report provides competitive landscape at country level for the year 2018. It also covers key policies and initiatives, key deals, and key upcoming projects.
Highlighted points of Smart Homes Market Report:
- Varying dynamics of the Smart Homes industry.
- Prospective changes in sales volumes and worldwide share growth in upcoming years (2018-2023).
- Smart Homes market report recognizes the key drivers of growth and challenges of the key industry players.
- Competitors profiles along with product description, overview, and business data.
- A complete analysis of market risks, opportunities, limitations, and growth of the market.
- Market driving and restraining factors.
- Delivers information on the historical and current market size and the future potential of the market.
- Smart Homes market report provides a comprehensive analysis of the market with respect to market dynamics, competitive analysis, and upcoming trends of the market.
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Reasons to Purchase Smart Homes Market Report:
- The report analyses how stringent emission control norms will drive the global Smart Homes market.
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Smart Homes market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
In this study, the years considered to estimate the market size of Smart Homes:
History Year: 2013-2017
Base Year: 2017
Estimated Year: 2018
Forecast Year 2018 to 2023
Look into Table of Content of Smart Homes Market Report @ https://www.360marketupdates.com/TOC/12883702#TOC
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