Smart Homes Market Overview
The smart homes market was valued at USD 79.13 billion in 2020, and it is expected to reach USD 313.95 billion by 2026 and register a CAGR of 25.3% over the forecast period (2021 – 2026). Globally, the increasing importance of the need to counter security issues is anticipated to fuel the demand for smart and connected homes over the forecast period. Moreover, innovative wireless technologies, including security and access regulators, entertainment controls, and HVAC controllers, are expected to foster market growth.
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Smart Homes Market – Geographical Overview
North America holds the largest market share in the smart homes market
Smart homes are on the rise, with nearly 30 million US households projected to add smart home technology shortly. The products consumers are looking to add to their homes include connected cameras (highest demand), video doorbells (2nd highest demand), connected light bulbs, smart locks, and smart speakers of late.
According to the US Department of Energy, the buildings sector accounted for about 76% of the electricity used, resulting in a considerable amount of associated greenhouse gas (GHG) emissions, thereby making it necessary to reduce energy consumption in buildings to comply with the national energy and environmental challenges and decrease costs to building owners and tenants. According to the New York State Energy Research and Development Authority (NYSERDA), enabling smart technologies and real-time energy management systems can decrease costs by an average of 15% and improve the bottom line by creating an ecosystem that reduces energy waste.
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Key Highlights of the Smart Homes Market
- The smart homes market is highly competitive and moderately fragmented. The companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
- With the advent of new government regulations regarding efficiency, the usage of HVAC systems is expected to rise. This has opened a gateway to the smart HVAC control systems for the most advanced heating and air conditioning units in buildings.
- In August 2021, ABB India has introduced a new switch line. ISI-certified Millenium and Zenit switches provide consumers with control, functionality, and comfort in smart buildings and premises that can be readily upgraded with the most up-to-date smart home automation systems.
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List of Key Players in the Smart Homes Market
- ABB Ltd.
- Schneider Electric SE
- Honeywell International Inc.
- Emerson Electric Co.
- Siemens AG
- LG Electronics Inc.
- Cisco Systems Inc.
- Google Inc.
- Microsoft Corporation
- General Electric Company
- IBM Corporation
- Legrand SA
- Lutron Electronics Co. Inc.
- United Technologies Corporation
- Smart home Inc.
- Control4 Corporation
- Shenzhen Zhuohao Intelligent Electronic Development Co., Ltd (ACTOP)
*List Not Exhaustive
Mordor Intelligence has segmented the global smart homes market on the basis of product and geography:
- Product Type (Market Size & Forecast (2019-2026) in USD billion)
- Comfort and Lighting
- Control and Connectivity
- Energy Management
- Home Entertainment
- Smart Appliances
- Geography (Market Size & Forecast (2019-2026) in USD billion)
- North America
- United States
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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