Northbrook, IL -- (SBWIRE) -- 12/20/2018 -- [230 Pages ] The global smart home market is expected to be valued at USD 137.91 billion by 2023, growing at a CAGR of 13.61% between 2017 and 2023. The significant advancements in the IoT market, increasing need for convenience, safety and security, and rising demand for energy saving and low carbon emission-oriented solutions are some of the major factors driving the growth of the market. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2023.

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Lighting control to lead the global smart home market

The growth of this market can be attributed to the capability of lighting control to reduce electricity consumption in homes as the sensors adjust the intensity of artificial light according to the intensity of natural light. One of the largest electrical loads in a home is that of lighting. However, 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 growing environmental concerns have helped spread awareness regarding the importance of smart home market and home energy management measures.

Increasing adoption of entertainment and other control, lighting control, and home appliances driving the growth of the smart home market

Entertainment and Other Control

The most important feature of an entertainment control is its ability to integrate multi-room entertainment systems. Audio and video systems can be integrated through wires or wirelessly with personal computers/laptops, CD/DVD players, smartphones, satellite radios, or portable music players to enable access to videos/movies and audio collection from any part of the smart home market. There are a host of controllers that are used to control and regulate the entertainment systems at homes.

The other controls include smart meters, smart plugs, smart hubs, smart locks, and smoke detectors. These products are used by smart home market owners to reduce the energy consumption within the household. Smart locks and smoke detectors are also used for safety purposes.

Lighting Control

In a smart home market, lighting controllers enable a lighting system to check the occupancy and natural light in an area. The system can determine these aspects and adjust its luminosity according to the amount of natural light present, or switches off automatically if the area is unoccupied. Lighting controls are essential components of energy-efficient lighting systems, which combine sources of electric light with daylight to create a pleasant ambience, while saving energy and costs. Thus, it helps meet the demand for energy saving and environmental sustainability.

Home Appliances

With the help of smart home market appliances, consumers are able to shift their energy consumption to off-peak periods and can optimize their energy use. Consumers nowadays prefer energy-efficient smart home appliances due to rising energy prices. Increased government regulations regarding energy consumption is also one of the factors driving the growth of the smart home appliances market.

Some of the major companies profiled in the report are Siemens AG (Germany), United Technologies Corporation (US), General Electric Company (US), Schneider Electric (France), Honeywell International, Inc. (US), Ingersoll-Rand PLC (Ireland), Johnson Controls, Inc. (US), ABB Ltd. (Switzerland), Legrand S.A. (France), Samsung Electronics Co., Ltd. (South Korea), Acuity Brands, Inc. (US), Lutron Electronics Co. Inc. (US), and Leviton Manufacturing Company, Inc. (US).

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