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.
Asia Pacific smart home market, by application (USD Million) |
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.
Full
Research Report On Global Smart Homes Market Analysis:
www.grandviewresearch.com/industry-analysis/smart-homes-industry
www.grandviewresearch.com/industry-analysis/smart-homes-industry
Further
key findings from the report 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.
View more
reports of this category by Grand View Research at:
www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand View Research has segmented the lubricant additives market on the
basis of product, application and region:
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
View press
release of this research report by Grand View Research:www.grandviewresearch.com/press-release/global-smart-homes-market
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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