Smart Homes Market Is Expected to Grow at a CAGR of 13.61% Between 2017 and 2023

The smart home market in APAC is expected to grow at a high rate between 2017 and 2023.


Northbrook, IL -- (SBWIRE) -- 08/14/2018 -- The growing significance of intelligent devices to enable consumers to get remote access and control over their homes has resulted in the growth of the smart home industry. The smart home market players from the Americas, Europe, and APAC are significantly investing in different segments of the smart home industry including hardware, technology, software, and service segments. Honeywell International Inc. (U.S.), Legrand (France), Ingersoll-Rand plc. (Ireland), Johnson Controls Inc. (U.S.), Samsung Electronics (South Korea), and Schneider Electric SE (France) are some of the major companies in the smart home market.

The smart home industry has witnessed a considerable number of new product launches, partnerships, and agreements carried out by the market players between 2014 and 2016. There were also a significant number of mergers and acquisitions during this period.

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In 2015, the lighting control, security & access control, HVAC control, entertainment control, home healthcare and smart kitchen constituted the major hardware products in the smart home market. The lighting control market is expected to grow at a significant rate during the forecast period. Cooper Lighting (U.S.), Koninklijke Philips N.V. (Netherlands), Lumetric Lighting, Inc. (U.S.), Acuity Brands Lighting, Inc. (U.S.), Lutron Electronics Co., Inc. (U.S.), and Leviton Manufacturing Co., Inc. (U.S.) dominated the lighting control market for smart home in 2015. The home healthcare market is also witnessing a considerable growth and is expected to grow exponentially during the forecast period. Increasing fitness concern and ageing population are the major factors driving the home healthcare market.

Honeywell International Inc. (U.S.) offers smart home products and solutions under its automation and control solutions segment. It offers controls and displays for heating, cooling, indoor air quality, ventilation, humidification, combustion, lighting, and home automation. The company also offers advanced software applications for home control and optimization. The company has largely adopted strategies of new product launches, collaborations, and acquisition to retain its dominance in the smart home hardware sector. In March 2016, Honeywell acquired privately held RSI Video Technologies (RSI), a leading provider of intrusion detection systems for commercial and residential security applications under the brand Videofied, for approximately USD 123 million.

This acquisition is expected to enhance Honeywell's ability to meet the increasing global customer need for video verification, and also developing a unique do-it-yourself (DIY) offering combined with professional monitoring. Moreover, in February 2016, the company also acquired Xtralis, a leading global provider of aspirating smoke detection along with advanced perimeter security technologies and video analytics software for USD 480 million. This acquisition is expected to help the company cater more effectively to the growing security and fire business.

Legrand (France) offers multiple solutions for automation and control of lighting and temperature such as automatic switches, BUS lighting management systems, room thermostats, and multi-zone systems which automatically set the temperature according to the use of each zone. The company is focusing on acquisition strategy to strengthen its foothold into the smart home market. On April 2016, Legrand acquired Luxul Wireless, leading IP networking provider to cater the custom integration industry. This acquisition is expected to help the company to provide end-to-end services in the smart home market. In December 2015, Legrand acquired QMotion (U.S.)—a player in natural light control systems manufacturing for residential buildings, and entered into partnership with Nest Inc. (U.S.) for supporting the Internet of Things (IoT) application in Legrand's product offerings. With these activities, Legrand is expected to rise as a significant player in the global market for smart homes.

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