Northbrook, IL 60062 -- (SBWIRE) -- 12/06/2022 -- Smart appliances market size is estimated to be USD 33.8 billion in 2021 and projected to reach USD 76.4 billion by 2026, at a CAGR of 17.7% during the forecast period.
Smart appliances market has experienced significant growth, primarily due to the increasing demand for smartphones, and the availability of wireless solutions is also expected to significantly boost the market in the near future. These factors will drive market growth through the end of the forecast period. Moreover, intensifying consumer focus on convenience, cost reduction, and energy conservation will drive the demand of smart appliances in the near future.
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Driver: Rising availability of wireless connectivity solutions
Wireless solutions not only reduce the usage of wires but also help to avoid the reconstruction of existing homes, thereby offering flexibility to end users. A variety of new wireless protocols have been developed to improve the working of smart appliances. The advent of ZigBee and Z-Wave, apart from the existing technologies such as Bluetooth and Wi-Fi, is likely to bring about major technological advancements in the smart appliances market. ZigBee alliance control ZigBee protocol is a lower power specification based on the IEEE 802.15.4 standard for personal area networks. It uses less power and provides better coverage. Z-Wave can be used for all kinds of wireless applications. It can be used to connect sensors in security systems, locks, smoke detectors, and other smart appliances in the house.
Opportunity: Integration of new technologies, such as AI, with smart appliances
AI technologies make products think like humans. They help to understand how the human brain thinks, learns, decides, and works. AI has become very popular in today's world. It has applications in different industries like healthcare, manufacturing, banking, and automotive. Smart appliances companies are working to in-build AI in products to make them more personalized and convenient for consumers.
By End-User Industry,
LG Electronics (South Korea),
Samsung Electronics (South Korea),
Koninklijke Philips (Netherlands),
BSH Hausgerate (Germany),
Haier Smart Home (China), and
Miele & Cie. KG (Germany)