Smart Home Market 2019 - Global Forecast to 2024: Market was Valued at USD 76.62 Billion in 2018 and is Expected to Reach USD 151.38 Billion by 2024

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Jan 28, 2019, 09:45 ET

DUBLIN, Jan. 28, 2019 /PRNewswire/ --

The "Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), Software & Services, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The smart home market was valued at USD 76.62 billion in 2018 and is expected to reach USD 151.38 billion by 2024, at a CAGR of 12.02% during the forecast period.

The market for entertainment and other controls was valued at USD 22.72 billion in 2018. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke. The increasing cost of electricity is a major concern for household consumers. These increasing costs are driving the households toward energy savings. Smart home appliances can communicate among themselves, and they have emerged as an effective solution to save energy. Thus, households are increasingly adopting smart home appliances to minimize their energy costs.

Moreover, the increasing popularity of smart plugs, smart hubs, and smart locks is also fueling the growth of the market for these products. The market for entertainment controls is driven by the increasing demand for audio and volume, and multimedia controls.

Leviton Manufacturing Co., Inc. (US), Control 4 Corporations (US), Elan Home Systems (US), and Crestron Electronics, Inc. (US), The ASSA ABLOY Group (Sweden), and Whirlpool Corporation (US) are a few of the major manufacturers of entertainment and other controls for smart homes.

The market for lighting control is likely to grow at a CAGR of 13.26% to reach USD 26.68 billion by 2024 from USD 12.64 billion in 2018, during the forecast period. Lighting controls reduce electricity consumption in homes during the day; the sensors adjust the intensity of artificial light according to the intensity of natural light at the daytime. As lighting accounts for high electrical loads in homes, lighting control products such as occupancy sensors, switches, and dimmers are widely preferred by the homeowners.

Market Dynamics

Drivers

Growing Number of Internet Users and Increasing Adoption of Smart Devices
Increasing Awareness About Fitness and Rise in Disposable Incomes in Developing Economies
Increasing Importance of Home Monitoring in Remote Locations
Rising Need for Energy-Saving and Low Carbon Emission-Oriented Solutions
Cost Reduction Measures Enabled By Smart Homes
Rapid Proliferation of Smartphones and Smart Gadgets
Large Number of Manufacturers Expanding Their Smart Home Product Portfolios
Growing Concern About Safety, Security, and Convenience Among People

Restraints

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 to Promote Green Buildings
Expected Incorporation of Lighting Controllers With In-Built Data-Connectivity Technology
Integration of Power Line Communication Technology in Smart Homes

Challenges

Linking Disparate Systems, Limited Functionality, and Lack of Open Standards
Risks of Device Malfunctioning

Value Chain Analysis

Supply Chain Analysis
Opportunities for Companies in Smart Home Value Chain

Key Industry Trends

Top Investors in Smart Home Market

Company Profiles

Key Players

Honeywell International
Siemens AG
Johnson Controls International
Schneider Electric SE
United Technologies Corporation
Amazon Inc.
Apple Inc.
Google
ADT
Robert Bosch GmbH
Assa Abloy
Legrand SA
ABB Ltd.
Ingersoll-Rand PLC
Comcast Corporation
Hubbell Inc.
Vivint

Other Key Companies

LG Electronics
Samsung Electronics
Sony
Lutron Electronics Co.
Crestron Electronics, Inc.
Buildingiq
Hitachi, Ltd.
Delta Controls
Control4
Lennox International
General Electric
Axis Communications AB
Distech Controls
Simplisafe
Armorax
Nest Secure
Notion
Canary
Scout
Cacoon

For more information about this report visit https://www.researchandmarkets.com/research/r4xlbj/smart_home_market?w=5

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