Global smart home market
The global smart home market was valued at around USD 24.10 billion in 2016 and is expected to reach approximately USD 53.45 billion in 2022, growing at a CAGR of 14.5% between.
The advance of technology allows devices to be connected and controlled, and this technology is being used in smart homes. Devices such as lighting, air conditioning, CCTV, TVs, washing machines and so on, can be controlled by remote or from a smartphone or tablet. Homeowners enjoy more convenience and comfort from security monitoring and customised access to windows, appliances, lighting, irrigation, entertainment systems and so on.
The main drivers of smart home adoption are:
- Energy efficiency.
- Home security.
- Entertainment.
- Convenience.
- Productivity.
- Health monitoring.
- Connectivity.
Wider influences include growing awareness among consumers about energy consumption, the aging population, rising disposable income in developing countries, and government initiatives. However, high prices coupled with long device replacement cycles are barriers preventing the market from moving from the early-adopter stage to the mass adoption stage.
Segmentation of smart home market is based on product and region.
The products involved in the market are categorised as:
- Smart kitchen.
- Home healthcare.
- Lighting control.
- HVAC control.
- Others.
Light control had the largest share in the market due to reduced electricity consumption. Lighting sensors adjust the intensity of artificial light according to the level of natural light thereby reducing power consumption.
North America held the largest share of the market due to the rise in demand for home healthcare and rising population. Government initiatives include remotely controlling gas, power meters, and a smart water grid. The ageing population, energy and cost savings, security, convenience, reduced carbon emissions and government initiatives are the major drivers of growth. Asia Pacific is also projected to see significant growth in the coming years.
The prominent players in the market are Legrand, Siemens AG, Johnson Controls Inc., Ingersoll-Rand plc, Schneider Electric SE, Acuity Brands, Inc., ABB Ltd., United Technologies Corporation, Samsung Electronics Co., Ltd., Nest Labs, Inc., Honeywell International Inc. and Crestron Electronics, among others.
[edit] Find out more
[edit] Related articles on Designing Buildings Wiki
- Engineering Smart Cities.
- European connected and smart home market.
- PAS 180:2014 Smart cities – Vocabulary.
- PAS 181:2014 Smart city Framework. Guide to establishing strategies for smart.
- PAS 182 Smart city data concept model.
- Smart buildings.
- Smart cities design timeframe.
- Smart cities.
- Smart city.
- Smart home.
- Smart home and light commercial market in 2017.
- Smart technology.
- The smart buildings market.
Featured articles and news
The current and future global market dynamics of boilers
Significant challenges but adaptation to sustain for longer.
Designing sustainability and performance into buildings
Specifying and selecting sustainable resilient timber products.
Modifying wood to improve resistance to decay and movement.
A last minute, long look for built environment professionals.
The architecture of creative reuse. Book review.
Installing solar panels on listed structures.
Sustainable development global goals, history in progress?
"Unless we act now, the 2030 Agenda will become an epitaph for a world that might have been."
Mike Kagioglou FCIOB named CIOB President
'Sustainable Development Goals must be focus for construction'
BSRIA training; a look at what's on offer
From energy management to compliance training.
TESP video warns to beware of rogue trainers.
Highlighting the slippery tactics of non-approved providers.
New Building Safety Wiki launched
Boosting awareness and understanding of the new fire safety regime.
New playbook on AI in construction published by CIOB
How to get to grips with, and the best from AI.
Digital Construction Report NBS
BIM, cloud, off-site, immersive tech, AI, twins and sustainability.