Global Smart Shade Devices Market Forecast to Showcase a CAGR of 90% Through 2021: Technavio

Technavio has published a new report on the global smart shade devices market from 2017-2021. (Graphic: Business Wire)

LONDON--()--Technavio analysts forecast the global smart shade devices market to grow at a CAGR of close to 90% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global smart shade devices market for 2017-2021. The study considers revenue generated from the business-to-consumer (B2C) and business-to-business (B2B) of smart shade devices to individual customers in the global market to calculate the market size.

Region wise, North America leads the market, holding a share of almost 50% in the market (2016 figures). The region is currently witnessing an increased adoption of smart homes and related devices, owing to the benefits associated with their use. Additionally, consumers are increasingly adopting window covering products that can be controlled automatically or by the intervention of electronic remote control equipped with wireless technology or by smartphones and tablets. These factors are impacting the high penetration rates of smart shades in the market segment.

By technology, this market can be segmented into Wi-Fi, Bluetooth low energy (BLE), and others like Z-Wave, X-10, and ZigBee technologies. Among these, smart shade devices powered by Wi-Fi wireless technology are the most popular, with more than two-fifth of the global market's revenue being controlled by this segment. The share is likely to increase during the forecast period to reach half of the total market’s revenue, driven by features like ease of accessibility and high range of compatibility.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global smart shade devices market:

  • Demand for smart homes
  • Increase in acceptance of motorized shades
  • Energy savings and home security

Demand for smart homes

Home automation involves the automation and control of lighting, air conditioning, ventilation, heating, and security that use Wi-Fi for remote monitoring. A smart home system is also capable of integrating the automation of smart shades for windows and other places inside the home. Modern smart home systems consist of a central hub or gateway that links multiple sensors and switches placed around the house,” says Poonam Saini, one of the lead analysts at Technavio for retail goods and services research.

With the presence of competing technology vendors operating in the market, combined with a lack of industry standards for these technologies, the home automation space is heavily fragmented. The manufacturers often prevent independent implementations of various technologies like Wi-Fi, BLE, ZigBee, and other technologies by withholding documentation and by taking legal action against individuals or organizations.

Increase in acceptance of motorized shades

The demand for shades operated by motorized mechanisms is expected to increase for both residential and commercial use during the forecast period. Motorized shades integrate technologies such as BLE or Bluetooth Smart, Wi-Fi, and other wireless technologies to communicate with the motor mechanism and automate the movement of such shades. Consumers in developed markets such as the UK, Germany, the US, Canada, and Japan are increasingly adopting these motorized shades.

The devices that are used to motorize shades can control multiple windows from one mobile app. Users also have the ability to set daily or weekly schedules to automate each room of the house. Additionally, the devices can also be operated using smart touch interfaces instead of through an app, which is a common feature that many users prefer. These factors have been encouraging people toward investing in motorized shades.

Energy savings and home security

Smart window shades can contribute to energy savings as a part of a smart home or home automation system. On an average, families in the US spends at least USD 2,000 per year on their home's utility bills, with cooling and heating systems accounting for a majority share. Smart systems help minimize loss of energy due to poor insulation and aids in cutting bills by up to 50%,” says Poonam.

Smart shades also aid in home security as they are integrated with equipment that automates the opening and closing of windows. They also have features to allow for automated lighting, which gives the impression that the house is occupied even when it is not, thereby deterring burglars.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global smart shade devices market to grow at a CAGR of close to 90% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com