DUBLIN--(BUSINESS WIRE)--The "European Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment & Other Control, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), Software & Services - Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The European smart home market is expected to grow from USD 22.8 billion in 2018 to USD 44.0 billion by 2024 at a CAGR of 11.58%.
A smart home refers to a residence equipped with computing and information technology devices, which anticipate and respond to the needs of residents; these homes ensure owners' comfort, convenience, security, and entertainment through upgraded technologies within homes. The concept of smart homes has been in existence for a long time; presently, this market is characterized by a number of developments and regulatory initiatives pertaining to smart homes.
Smart homes include automated devices for applications such as security and access control, lighting control, HVAC control, entertainment control, home healthcare, smart kitchen, home appliances, and smart furniture. Smart homes could be of 2 types: retrofit and newly built. Existing homes can be retrofitted to turn them into smart homes, without much brickwork. Newly built apartments can be made into smart homes by deploying different applications.
Smart home products have applications in almost all areas, including HVAC, lighting, entertainment, home appliances, kitchen, and healthcare, within a house. Lighting controllers such as dimmers, timers, switches, and sensors enable the homeowners to keep a check on the lightings within the household.
Energy management products such as HVAC controls, smart thermostats, smart meters, and smart plugs enable consumers to check the electricity consumption within the household using different mediums. The smart home industry has also been successful in providing automated features for entertainment and security devices within the household.
The European smart home market is dominated by players such as Johnson Controls International (Ireland), Schneider Electric (France), Honeywell International (US), Siemens AG (Germany), and United Technologies Corporation (US).
A few of the major strategies adopted by these players to compete in these European smart home market include product launches and developments, partnerships, and mergers and acquisitions.
Market Dynamics
Drivers
- Rising Need for Energy Saving and Low-Carbon Emission-Oriented Solutions
- Rapid Proliferation of Smartphones and Smart Gadgets
- Large Number of Manufacturers Expanding Their Smart Home Product Portfolios
- Increasing Importance of Home Monitoring in Remote Locations
- Growing Concern About Safety, Security, and Convenience Among People
Restraints
- High Initial Cost
- More Convenience-Driven Market Rather Than Being Necessity-Driven Market
- High Cost of Switching for Existing Smart Device Consumers
- Issues Related to Breach in Security and Privacy
Opportunities
- Favorable Government Regulations
- Expected Incorporation of Lighting Controllers With In-Built Data-Connectivity Technology
Challenges
- Retrofitting Existing Homes
- Linking Disparate Systems, Limited Functionality, and Lack of Open Standards
Company Profiles
Key Players
- Honeywell International
- Siemens AG
- Johnson Controls International
- Schneider Electric SE
- United Technologies Corporation
- Amazon Inc.
- Apple Inc.
- ADT
- Robert Bosch GmbH
- Assa Abloy
- Legrand SA
- ABB Ltd.
- Ingersoll-Rand PLC
- Comcast Corporation
- Hubbell Inc.
Other Key Companies
- General Electric
- LG Electronics
- Samsung Electronics
- Sony
- Lutron Electronics Co.
- AXIS Communications AB
- Crestron Electronics, Inc.
- Hitachi, Ltd.
- Delta Controls
- Control4
- Lennox International
- Nest Secure
- Canary
-
Cacoon
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