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
http://www.grandviewresearch.com/industry-analysis/Smart-Homes-Industry
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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