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Smart Home Market by Product, Software & Service, and Geography - Global Forecast to 2023

Smart Home Market: Global Forecast until 2023

  • July 2017
  • 232 pages
  • ID: 3833625
In this report:
The market for physical activity monitors is expected to register a shipment of ##.## million units by 2023, growing at the highest CAGR of ##.##% during the forecast period, owing to the increasing popularity of smart wearable devices worldwide.
The market for home healthcare in APAC is expected to register a shipment of ##.## million units by 2023, growing at the highest CAGR of ##.##% during the forecast period.

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"Smart home market forecasted to grow at a CAGR (Compound annual growth rate) of ~13.6 percent between 2017 and 2023"

The overall market for smart homes was estimated at ~$55.0B in 2016 and is likely to reach ~$137.9B by 2023, at a compound annual growth rate (CAGR) of ~13.6 percent between 2017 and 2023. The significant advancements in the IoT market, growing need for convenience, safety and security, and increasing demand for energy saving and low carbon emission-oriented solutions are some of the main factors driving the increase of the smart home market.

"Lighting control held the most important share of the smart home market in 2016"

Lighting control held the biggest share of the smart home market in 2016. The increase of this market can be accredited to the capability of lighting control to minimize electricity consumption in homes as the sensors adjust the intensity of artificial light according to the intensity of natural light. One of the most important electrical loads in a home is that of lighting. Nevertheless, lighting appliances and devices consume lesser energy compared with other electric appliances in a home, which often leads to negligence of its energy-saving potential. Over the years, the increase environmental concerns have helped spread appreciation concerning the importance of smart homes and home energy management measures.

"The sector for timers to grow at the maximal level rate during the outlook period"

The industry for timers is anticipated to rise at the highest level rate, among all other lighting control products, during the estimate period. The use of timer in lighting control reduces the unnecessary use of electricity in areas including underground parking and staircases. Once the lights are switched on, they remain in the same state for a defined time period and are switched off automatically after the pre-specified time. Timers are primarily used for timed on/off control of energy-consuming loads including indoor & outdoor lighting, heat lamps, hot tubs, pool filters, and attic fans.

Acuity Brands Lighting, Incorporated, Lutron Electronics Co., Incorporated, and Intermatic Inc. are some of the main players offering timers for controlling the usage of lighting in the residential market.

"North Americas and Asia-Pac considered as the main sectors for smart homes"

North America continent held the biggest share of the overall smart home market in 2016, due to the Elements such as rising demand for reliable home energy management systems, enhanced home security levels, and increasing popularity of integration of smart devices including tablets and smartphones in smart home solutions. The smart home market in Asia Pacific (APAC) is anticipated to grow at the maximal rate during the outlook period. Elements such as the strong economic increase, growing population and improving standards of living, and quick urbanization leading to a sophisticated infrastructure are driving the increase of the market in this area.

Breakdown of the profiles of primary members taking part:

• By Organization: Tier 1 = 10 %, Tier 2 = 30.0 percent, and Tier 3 = 60.0 percent

• By Description: C-suite executives = 50.0 percent, Directors = 25.0 percent, and Others = 25.0 percent

• By Area: North America (NA) = 60.0 percent, EU = 20.0 percent, Asia-Pacific = 10.0 percent, and RoW = 10.0 percent

• Honeywell International, Incorporated

• Ingersoll-Rand PLC

• Johnson Controls, Incorporated

• ABB Ltd.

• Legrand S.A.

• Samsung Electronics Co., Limited

• Acuity Brands, Incorporated

• Lutron Electronics Co. Inc.

• Leviton Manufacturing Company, Incorporated

Segment Research

In this business report, the smart home market has been split on the basis of product, application, and area. The smart home market, on the basis of product, has been broken down into lighting control, security and access control, HVAC control, entertainment and other controls, home healthcare, smart kitchen, and home appliances. The market research also includes the sector in four main regions: North America continent, Europe (EU), Asia-Pac, and RoW.

Why acquiring this study can help you

The analysis would benefit the top players/new sector entrants in this sector in these ways.

1. This document breaks down the smart home market comprehensively and offers closest approximations of the global market size and that of the sub-segments across several verticals and localities.

2. The market research would benefit partners distinguish the pulse of the sector and offer them with the info on key market drivers, market restraints, opportunities, and alternatives.

3. This industry report would benefit partners comprehend their players better and acquire additional insights to improve their rank in the industry. The competitive outlook section includes competitor landscape, launches of new product and advancements, alliances, and mergers and acquisitions carried out in the sector.

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