The global smart homes market is expected to
reach USD 47.61 billion by 2020, according to a new study by Grand View
Research, Inc. Emphasis on reduced carbon emission and energy conservation are
expected to be the key driving forces for the market over the forecast period.
Favorable regulatory initiatives for implementing smart homes owing to their
energy efficiency characteristics are further expected to positively impact the
global market over the next six years.
Increased aging population, which comprises a
majority of end-users of this technology, is also expected to boost market
growth. Introduction of smart grids, increased personal income in developing
economies, assistance of power line communication, and growth of consumer
electronics industry are factors expected to favorably impact market growth.
Need for standardization, skilled labor and high initial cost due to the
incorporation of advanced technologies such as IP and Bluetooth may pose a
challenge to industry growth.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/Smart-Homes-Industry
North America smart home market by application (USD Million), 2012 – 2020
Further
key findings from the study suggest:
- Security applications dominated the global market and accounted for over 20% of the overall market share in 2013. This is primarily owing to techniques such as security cameras, window sensor alarms and burglar alarms which notify users of a possible security breach. Energy management segment is expected to witness the fastest growth on account of growing awareness regarding energy efficiency coupled with the support of regulatory bodies for development of a smart grid and installation of smart electricity, water, and gas meters.
- North America is expected to remain the market leader over the forecast period, and accounted for 41.3% of the global market revenue in 2013. The market in Europe is expected to grow at a CAGR of 21.3% from 2014 to 2020, owing to growing adoption of smart home systems.
- Key industry participants include ABB Ltd., Siemens AG, Crestron Electronics, Inc., Honeywell, Emerson Electric Co., Schneider Electric S.A., Legrand S.A., Lutron Electronics, Inc., Ingersoll-Rand PLC, Tyco International Ltd., AMX and Control4 Corporation.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
For the purpose of this study, Grand
View Research has segmented the global smart homes market on the basis of
application and region:
Smart
Homes Application Outlook (Revenue, 2012 – 2020)
• Security
• Lighting
• Entertainment
• Energy Management
• HVAC
• Others
Smart
Homes Regional Outlook (Revenue, 2012 – 2020)
• North America
• Europe
• Asia Pacific
• RoW
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry
James
Corporate
Sales Specialist, U.S.A.
Grand
View Research, Inc.
United
States
Phone: 1-415-349-0058
Toll
Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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