European Smart Home Market worth $29.24 billion by 2029 - Exclusive Report by MarketsandMarkets™

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Oct 22, 2024, 06:55 ET

DELRAY BEACH, Fla., Oct. 22, 2024 /PRNewswire/ -- The European smart home market was valued at USD 22.11 billion in 2024 and is projected to reach USD 29.24 billion by 2029; it is expected to register a CAGR of 5.7% during the forecast period according to a new report by MarketsandMarkets^™. The European smart home market is being fueled by the several determinants such as the various government incentives to increase energy efficiency. For instance, the Green Homes Grant in the UK, which encourages people to incorporate smart technologies in their homes. Moreover, the demographic trends suggest that there will be a high demand for the solutions which allow the elderly to be more self-sufficient thus relieving some pressure from the health care systems. To some extent, the smart home technologies will help the elderly to reside within their homes in a secure manner. There has been a mix of factors such as the advancement in various technologies, the desire by most consumers to be more energy efficient, the increasing levels of security threats and the encouraging policies from the governments.

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Browse in-depth TOC on "European Smart Home Market"
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220 – Pages

European Smart Home Market Report Scope:

Report Coverage	Details
Market Revenue in 2024	$ 22.11 billion
Estimated Value by 2029	$ 29.24 billion
Growth Rate	Poised to grow at a CAGR of 5.7%
Market Size Available for	2020–2029
Forecast Period	2024–2029
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product, Software, Service and Region
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge	Cybersecurity concerns of smart homes
Key Market Opportunities	Incorporation of lighting controllers with in-built data connectivity technology
Key Market Drivers	Ongoing proliferation of smartphones and smart gadgets

By Installation type: new installations segment to account for the larger market share in the forecasted year.

The new installation segment accounted for the larger share of the European smart home market in 2029. New installations involve the installation of state-of-the-art lighting systems with modern LED drivers and ballasts, sensors, switches, dimmers, and gateways. While retrofit installations do not, new installations entail complete replacement of a traditional lighting system by phasing out an existing conventional lamp and its associated controls and fixtures and the introduction of new lamps and associated controls and fixtures. A new installation transforms the whole system, resulting in an entirely different setup.

By Sales Channel: Indirect sales accounted for a larger market share in the forecasted year.

Indirect sales channels or third-party distributors hold a major share of the European smart home market in 2029. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales include the sales of smart home products through both online and offline modes. The offline sales channel comprises third-party cellular network carriers, wholesalers, retailers, and value-added resellers, whereas the online sales channel involves sales through e-commerce platforms and third-party retailers.

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By Country: UK is expected to hold the second-largest share of the European smart home market during the forecast period.

UK is expected to hold the second largest share of the total European smart home Industry in 2029. The UK government's target of reaching net-zero carbon emissions by 2050 further drives the use of smart home technologies that help minimize energy consumption and carbon emissions. Cities such as London, Birmingham, Manchester, Edinburgh, Leeds, etc. got high adoption rate due to local smart city projects and emerging interest in smart home technologies. In terms of adoption towards smart home, it has been London in UK that has been leading, with ~50% of the household having access to smart home devices.

Key Players-

The key companies in European smart home companies include Johnson Controls Inc. (Ireland), Honeywell International Inc. (US), Schneider Electric (France), Siemens (Germany), ASSA ABLOY (Sweden), Amazon.com, Inc. (US), Apple Inc. (US), Resideo Technologies Inc. (US), Robert Bosch (Germany), ABB (Switzerland).

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