The smart home market was valued at USD 76.62 billion in 2018 and is expected to reach USD 151.38 billion by 2024, at a CAGR of 12.02% during the forecast period.
The market for entertainment and other controls was valued at USD 22.72 billion in 2018. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke. The increasing cost of electricity is a major concern for household consumers. These increasing costs are driving the households toward energy savings. Smart home appliances can communicate among themselves, and they have emerged as an effective solution to save energy. Thus, households are increasingly adopting smart home appliances to minimize their energy costs.
Moreover, the increasing popularity of smart plugs, smart hubs, and smart locks is also fueling the growth of the market for these products. The market for entertainment controls is driven by the increasing demand for audio and volume, and multimedia controls.
Leviton Manufacturing Co., Inc. (US), Control 4 Corporations (US), Elan Home Systems (US), and Crestron Electronics, Inc. (US), The ASSA ABLOY Group (Sweden), and Whirlpool Corporation (US) are a few of the major manufacturers of entertainment and other controls for smart homes.
The market for lighting control is likely to grow at a CAGR of 13.26% to reach USD 26.68 billion by 2024 from USD 12.64 billion in 2018, during the forecast period. Lighting controls reduce electricity consumption in homes during the day; the sensors adjust the intensity of artificial light according to the intensity of natural light at the daytime. As lighting accounts for high electrical loads in homes, lighting control products such as occupancy sensors, switches, and dimmers are widely preferred by the homeowners.
Growing Number of Internet Users and Increasing Adoption of Smart Devices
Increasing Awareness About Fitness and Rise in Disposable Incomes in Developing Economies
Increasing Importance of Home Monitoring in Remote Locations
Rising Need for Energy-Saving and Low Carbon Emission-Oriented Solutions
Cost Reduction Measures Enabled By Smart Homes
Rapid Proliferation of Smartphones and Smart Gadgets
Large Number of Manufacturers Expanding Their Smart Home Product Portfolios
Growing Concern About Safety, Security, and Convenience Among People
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
Favorable Government Regulations to Promote Green Buildings
Expected Incorporation of Lighting Controllers With In-Built Data-Connectivity Technology
Integration of Power Line Communication Technology in Smart Homes
Linking Disparate Systems, Limited Functionality, and Lack of Open Standards
Risks of Device Malfunctioning
Value Chain Analysis
Supply Chain Analysis
Opportunities for Companies in Smart Home Value Chain