European $44 Bn Smart Home Market to 2024

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Apr 15, 2019, 11:15 ET

DUBLIN, April 15, 2019 /PRNewswire/ -- The "European Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment & Other Control, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), Software & Services - Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The European smart home market is expected to grow from USD 22.8 billion in 2018 to USD 44.0 billion by 2024 at a CAGR of 11.58%.

A smart home refers to a residence equipped with computing and information technology devices, which anticipate and respond to the needs of residents; these homes ensure owners' comfort, convenience, security, and entertainment through upgraded technologies within homes. The concept of smart homes has been in existence for a long time; presently, this market is characterized by a number of developments and regulatory initiatives pertaining to smart homes.

Smart homes include automated devices for applications such as security and access control, lighting control, HVAC control, entertainment control, home healthcare, smart kitchen, home appliances, and smart furniture. Smart homes could be of 2 types: retrofit and newly built. Existing homes can be retrofitted to turn them into smart homes, without much brickwork. Newly built apartments can be made into smart homes by deploying different applications.

Smart home products have applications in almost all areas, including HVAC, lighting, entertainment, home appliances, kitchen, and healthcare, within a house. Lighting controllers such as dimmers, timers, switches, and sensors enable the homeowners to keep a check on the lightings within the household. Energy management products such as HVAC controls, smart thermostats, smart meters, and smart plugs enable consumers to check the electricity consumption within the household using different mediums. The smart home industry has also been successful in providing automated features for entertainment and security devices within the household.

The European smart home market is dominated by players such as Johnson Controls International (Ireland), Schneider Electric (France), Honeywell International (US), Siemens AG (Germany), and United Technologies Corporation (US). A few of the major strategies adopted by these players to compete in these European smart home market include product launches and developments, partnerships, and mergers and acquisitions.

Market Dynamics

Drivers

Rising Need for Energy Saving and Low-Carbon Emission-Oriented Solutions
Rapid Proliferation of Smartphones and Smart Gadgets
Large Number of Manufacturers Expanding Their Smart Home Product Portfolios
Increasing Importance of Home Monitoring in Remote Locations
Growing Concern About Safety, Security, and Convenience Among People

Restraints

High Initial Cost
More Convenience-Driven Market Rather Than Being Necessity-Driven Market
High Cost of Switching for Existing Smart Device Consumers
Issues Related to Breach in Security and Privacy

Opportunities

Favorable Government Regulations
Expected Incorporation of Lighting Controllers With In-Built Data-Connectivity Technology

Challenges

Retrofitting Existing Homes
Linking Disparate Systems, Limited Functionality, and Lack of Open Standards

Company Profiles

ABB Ltd.
ADT
Amazon Inc.
Apple Inc.
Assa Abloy
AXIS Communications AB
Cacoon
Canary
Comcast Corporation
Control4
Crestron Electronics, Inc.
Delta Controls
General Electric
Google
Hitachi, Ltd.
Honeywell International
Hubbell Inc.
Ingersoll-Rand PLC
Johnson Controls International
Legrand SA
Lennox International
LG Electronics
Lutron Electronics Co.
Nest Secure
Robert Bosch GmbH
Samsung Electronics
Schneider Electric SE
Siemens AG
Sony
United Technologies Corporation

For more information about this report visit https://www.researchandmarkets.com/r/fx8scm

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