Dallas, TX -- (SBWIRE) -- 03/13/2014 -- 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)’, the total market for the Global smart homes market will be worth $51.77 billion by 2020 at an estimated CAGR of 17.74%.
Browse 112 market data tables and 83 figures spread through 448 pages and in-depth TOC on “Smart Homes Market”.
Smart homes systems are commonly used to define a residence that integrates various home automation systems, which allows these systems to communicate with one another through a home controller.The smart homes system encompasses communications, entertainment, security, convenience, and information systems.
The global smart homes market covers the entire industry on the basis of products, services, and geography. The products section covers security & access control, entertainment systems, lighting control, HVAC control, and home health systems; along with their current and future estimations. Of all the major products, security systems are expected to have the higher adoption rates for the mass markets. The services section covers installation & maintenance, and renovation & customization. The geographical analysis covers Americas, Europe, APAC, and ROW.
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The major drivers for the global smart homes market are energy & cost saving, reduced carbon emissions, ageing population, security and convenience, government initiatives, and many more.There are restraints in the market such as lack of standardization, high initial costs, and economic slowdown in the European region which are inhibiting the market growth.Assistance of power line communication (PLC) and smart-grids are the key opportunities for the global smart homes market.
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.
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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.
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