Global smart homes market will be worth $51.77 billion by 2020 at an estimated CAGR of 17.74%.
Dallas, TX -- (SBWIRE) -- 03/25/2014 -- According to a new market research report “Smart Homes Market - by Products (Security, Access, Lighting, Entertainment, Energy Management Systems, HVAC, and Ballast & Battery Pack), Services (Installation & Repair, Renovation & Customization) and Geography - Analysis & Forecast (2013–2020)".
Browse 112 market data tables and 83 figures spread through 448 pages and in-depth TOC on “Smart Homes Market”.
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The real estate industry has been witnessing a massive transformation since the last couple of years with innovative concepts such as the Smart Homes. Strong impetus from the smart home product manufacturers and concerns related to security and comfortable living for aging and disabled people have become of prime importance in the smart homes market. Smart homes device manufacturers are coming up with innovative technologies across different sectors, which include security control, access control, entertainment control, lighting control, energy management systems, home health systems, and HVAC control to name a few. Traditional home automation devices were designed to control the systems within the house and within a limited range of connectivity; but with the recent developments across the different areas of connectivity of appliances and devices, these systems enable the users to monitor and control them even when they are on the move. This includes mobile connectivity features, an integral component of smart homes provided by the device manufacturers; and compatible communication protocols and technologies based products offered by the Internet Service Provider (ISP) service providers. The smart home market revolves around the green home solutions which include smart energy management systems; and follow a minimal usage of energy and monitoring of appliances. With the increasing awareness about energy efficiency and the effective use of the same, a majority of the home owners are driven towards the smart home concept that not only offers better energy management but also provides security, convenience, and comfort factors. The various smart home associations which conduct R&D in the field of devices and technologies, and protocols & standards related to smart homes include Custom Electronic Design and Installation Association (CEDIA), Consumer Electronics Association (CEA), European Committee for Electrotechnical Standardization (CENELEC), Digital Living Network Alliance (DLNA), Massachusetts Institute of Technology-Age Lab (MIT Age Lab), Continental Automated Buildings Association(CABA), and China Smart Home Industry Alliance (CSHIA). Many multinational companies such as Siemens AG (Germany), ABB Ltd. (Switzerland), Control4 Corporation (U.S.), Legrand S.A. (France), Ingersoll Rand Plc. (Ireland), Schneider Electric S.A. (France), and Creston Electronics, Inc. (U.S.) are investing more and more into acquisitions and R&D activities to bring about more innovations and product development with respect to the smart homes products and technologies.
The report revolves around the different types of smart homes products and technologies deployed in the Smart Homes. The paradigm shift by the home owners from the traditional automation devices to the highly energy efficient and comfort based products has resulted in the adoption of modern and advanced technologies by the global smart homes market. Of the smart homes market products, the security control and the entertainment control are the major products, contributing around 65% to the overall market, in 2012, which accounts for a revenue worth $9.3 billion.
Market dynamics of the smart homes market is provided in this report, which comprises the drivers, restraints, and opportunities for the global smart homes market. The market dynamics for individual smart homes products are also covered. The driving factors for the smart homes market include reduced carbon emissions and energy bills, investment from private and public sectors, changing demographics; and the need for push-button convenience, control and mobility which are expected to drive the smart homes sales in the next seven years.
Early buyers will receive 10% customization on this report.
The major restraints for the smart homes market are the lack of standard guidelines and awareness, high cost of installation, unethical technology breaches, and the impact of the global construction industry. Assistance of power-line communication, introduction to smart-grids, growing interest in the consumer electronics industry, rising personal income, and the growing middle class in emerging economies are the key opportunities for the smart homes market. This report also throws light on the burning issues and winning imperatives for the global smart homes market.
The agenda for the briefing includes discussion on key high growth markets, thereby marking the growth trend in the global smart homes market by products and services. Furthermore, a briefing will be conducted on the competitive scenario and geographic trends and opportunities in the macro- and micro-markets with respect to Americas, Europe, Asia-Pacific, and ROW.
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