Smart Home Market Size Worth $537.01 Billion by 2030: Grand View Research, Inc.

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Jun 14, 2022, 09:00 ET

SAN FRANCISCO, June 14, 2022 /PRNewswire/ -- The global smart home market size is projected to reach USD 537.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 27.0% from 2022 to 2030. The rising focus on energy conservation and reduced carbon emissions are anticipated to drive market growth during the forecast period.

Key Insights & Findings from the report:

The security and surveillance application segment dominated the global market and accounted for the highest revenue share of around 31.0%. This is owing to the rising demand for smart home devices such as burglar alarms, window sensor alarms, and security cameras, which inform users of a potential threat or security breach.
The energy management segment is anticipated to witness substantial growth due to increasing awareness regarding energy-efficient devices, coupled with the support of regulatory bodies for developing a smart grid and installing smart electricity, water, and gas meters.
During the pandemic, many customers adopted smart home gadgets, out of health safety concerns and to curb the spread of the virus. Consumers used smart devices such as robotic cleaners to keep the home tidy, video doorbells for reducing hand contact, and innovative security cameras for safety purposes.
Increased penetration of smart digital assistants, such as Alexa and Google Assistant, among households for easy communication and entertainment has led to significant market growth.

Read 300-page market research report, "Smart Home Market Size, Share & Trends Analysis Report By Application (Security & Surveillance, Lighting, Entertainment, Energy Management, HVAC, Smart Kitchen, Home Fitness & Wellness), By Region And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Smart Home Market Growth & Trends

The improved regulatory initiatives by governments for deploying smart home devices to save energy are encouraging people to adopt these products, thereby significantly impacting the market growth.

For instance, in June 2020, the government of the U.K. released new plans to deploy smart meters in homes across the region, guaranteeing that consumers may continue to save money on their energy bills and carbon emissions once the coronavirus pandemic-induced lockdown is removed. The growing elderly population is expected to significantly impact the market growth for smart homes due to an increasing demand for smart devices to monitor and control their health and set reminders for their medicines and appointments with physicians.

Increasing awareness regarding smart grids, higher personal income in developing economies, power line communication assistance, and the rise of the consumer electronics industry are factors likely to impact market growth positively. In developed and developing countries, smart home devices pose significant potential in the overall smart home industry.

Increased adoption of IoT has led to a faster deployment of smart devices, such as control lights, thermostats, heating equipment, door locks, and others, to streamline the control and management of basic household chores. Furthermore, the growing need for a luxurious lifestyle in developing nations owing to increased disposable income and preference among consumers for energy-efficient devices is propelling the market growth.

Smart Home Market Segmentation

Grand View Research has segmented the global smart home market on the basis of application and region:

Smart Home Application Outlook (Revenue, USD Billion, 2018 - 2030)

Security & Surveillance
Lighting
Entertainment
Energy Management
HVAC
Smart Kitchen
Home Fitness & Wellness

Smart Home Regional Outlook (Revenue, USD Billion, 2018 - 2030)

North America

U.S.
Canada
Mexico

Europe

U.K.
Germany

Asia Pacific

India
China
Japan
South Korea

South America

Brazil

Middle East & Africa

List of Key Players of Smart Home Market

Honeywell International Inc.
LG Electronics, Inc.
Lutron Electronics Co., Inc.
Google Nest
NETGEAR Inc.
Ring LLC
Robert Bosch GmbH
Samsung Electronics Co., Ltd.
Schneider Electric SE
Philips Lighting B.V.

Check out more related studies published by Grand View Research:

Smart Home Services Market - The global smart home services market size is estimated to reach USD 11.7 billion by 2028 and is expected to expand at a CAGR of 11.2% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing demand for cognitive systems at smart homes is surging the adoption of installation and maintenance of smart home devices.
Smart Home Platforms Market - The global smart home platforms market size is expected to reach USD 60.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.9% from 2022 to 2028. Improved experience gained by the users owing to the integration of smart home platforms is the key factor fueling the growth of the market.
Smart Home Automation Market - The global smart home automation market size is expected to reach USD 130.0 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for the convenience of remote and real-time operation of smart home automation system has increased the growth and penetration of the smart home automation.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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