Market Scenario
A smart appliance is defined as a sophisticated version of conventional appliances that are operated through connected devices such as smartphone, tablet or computer, to provide more information and control. The advanced smart appliances are developed and operated in such a way that it sends notifications and alerts the user to switch off or on depending on the user’s requirements. For instance, the end-user can get the notifications when the laundry is done, and even the microwave oven notifies when the food is ready to be served. The smart appliances are manufactured with energy efficient features which enable the end-user to operate the appliances conveniently with low power consumption.
Technology plays a crucial role in operating the smart appliances. There is a constant encouragement by the market players to integrate wireless networks with the connected devices such as electric meters, wearable devices, and smart appliances that enable the devices to consume nominal bandwidth but needs a continuous and high power connection. Numerous networks such as Sigfox and LoRaWan are constantly implementing low cost, low power and long-range connectivity, which is driving the implementation of connected devices. Developed and emerging countries such as South Korea and the Netherlands have already adopted this technology, whereas countries such as Australia and New Zealand are at the burgeoning stage to implement LPWAN networks.
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However, the major driving factors for the global smart appliances market are the surging energy prices and abundance of wireless solutions. On the flipside, increased internet penetration results in the risk of privacy theft, which is presumed to hinder the growth of the market over the forecast period.
Global Smart Appliances market is expected to have around 17% CAGR over the forecast period 2017-2027.
Key Players:
The key players in the market of Smart Appliances are- Samsung (South Korea), Panasonic Corp. (Japan), Whirlpool Corp. (U.S.), Haier Co. Ltd. (China), Electrolux AB (Sweden), BSH Hausgerate GmbH (Germany), LG Inc. (South Korea), General Electric Co. (U.S.), Miele & Cie. KG (Germany), Philips N.V. (Netherlands), Groupe SEB (France) among others.
Segmentation
The Smart Appliances Market is segmented into component, technology, and end-user.
By component, the market is classified as products and services. Furthermore, the product segment is categorized into dishwasher, washing machine, air conditioner, refrigerator, security devices, lighting devices and others. Services segment is classified as professional and managed services. The professional services are categorized into consulting, repairs & maintenance, system integration, and others.
Based on technology, the market is divided into Wi-Fi, Zigbee, Bluetooth, RFID, cellular technology, NFC, Z-Wave, and others.
Lastly, the smart appliances market are sub-segmented into end user which include residential, government, and commercial.
Regional Analysis
Geographically, the smart appliances market is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of World.
North America is presumed to have significant growth in the smart appliances market. The United States and Canada are leading countries in the region, due to the increasing adoption rate of IoT devices. Asia Pacific is also anticipated to be the fastest growing region in the smart appliances market over the forecast period. South Korea, India, Japan, and China are the leading countries in the smart appliances market. This is attributed to the rising disposable income among the middle-income population, driving the growth rate of the smart appliances market.
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Target audience
- Raw material suppliers
- Electronic design automation (EDA) & design tool vendors
- Fabrication, wafer, & foundry process equipment vendors
- Various smart appliances manufacturing companies
- Research and development organizations
- Technology providers and investors
- Associations working on smart appliances
- Sensor provider Sensors chip traders & distributors
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