Smart Homes Market Expected to Grow at a CAGR of 25% - Exclusive Report by Mordor Intelligence

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HYDERABAD, India, Dec. 24, 2019 /PRNewswire/ -- According to new market research report by Mordor Intelligence, the market for Smart Homes is expected to grow at a CAGR of 25% during the forecast period. Globally, the increasing importance toward the need to counter security issues is anticipated to fuel up the demand growth for smart and connected homes. The smart home system requires a smartphone application or web portal as a user interface, to interact with an automated system. The scope of this study includes an analysis of the devices that can be controlled by switches, timers, sensors, and remote controllers, apart from other control devices.

Smart HVAC Systems is the among the Most Significant Contributors to the Market. Key Trends Include:

• The smart HVACR (heating, ventilation, air conditioning and refrigeration) systems are critical with respect to the environmental controls around the house. They comprise of smart thermites, sensors, control valves, smart actuators, air conditioning systems, and smart room heaters, among other systems. Across the globe, owing to the increasing government regulations across developed and developing countries, most of the new buildings need smarter heating and cooling systems, thus augmenting the growth of HVAC systems.
• However, modern-day customers want products without limitation of HVAC systems, but also demand integration of various solutions in the same suite. This particularly includes energy management. This trend implies that players in the market need to either implement functions that they previously considered out of their segment or at least provide the possibility to easily connect other products to the platform/ecosystem.
• The energy savings motive is mostly addressed by automated heater controls. The demand for efficient heating equipment has led to the increasing demand for automated heater controls, thereby making it one of the most significant contributors to the global HVAC equipment market. The heating equipment provides the required heating environment in a cost-effective manner.
• The introduction of innovative wireless technologies, including HVAC Controller, security and access regulators and entertainment controls, is expected to foster market growth.
• Furthermore, the recent advancements in Internet of Things (IoT) that resulted in price drops of sensors and processors are expected to encourage manufacturers to promote automation in the household sector.

Read full report on Smart Homes Market - Growth, Trends, and Forecasts

North America Leads in the Smart Homes Market:

• Smart homes are on the rise, with nearly 30 million U.S. households projected to add smart home technology in the near future. The products consumers are looking to add to their homes include connected cameras (highest demand), video doorbells (2nd highest demand), connected light bulbs, smart locks and smart speakers of late.
• Security-focused smart home products are in demand, as family safety was voted as a significant motivator for adopting smart home technology in a recent survey. However, the biggest driver for the market was, consumers adopting smart home technology like smart lighting solutions, energy management solutions to simplify their lives with greater convenience.
• In Jan 2017, Eero, a company based out of San Francisco, that offers Wi-Fi systems for smart homes and aiming to be the gateway to the entire connected future, released the Eero Beacon that plugs straight into an outlet. Along with Beacon, Eero released new routers that run twice as fast as the old ones in terms of connectivity and offering internet speeds, plus new software that lets the router control and secures all the connected devices in a smart home.
• One in six Americans now owns a smart speaker, a figure that's up 128% from January 2017. It is estimated that 16% of Americans own a smart speaker or around 39 million people. Customers use Amazon Echo for many purposes, with one-third using it as an information provider responding to questions and over 40% as an audio speaker for listening to streaming music according to a recent survey.

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Mordor Intelligence has segmented the Smart Homes Market on the basis of Product Type and geography:

• Product Type
• Security & Surveillance System
• Energy Management
• HVAC Control
• Lighting Systems
• Entertainment Control
• Other Products
• Geography
• North America
• United States
• Canada
• Europe
• United Kingdom
• Norway
• Denmark
• Sweden
• Germany
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• Rest of Asia-Pacific
• South America
• Brazil
• Mexico
• Rest of South America
• Middle East & Africa
• Saudi Arabia
• United Arab Emirates
• South Africa
• Rest of Middle East & Africa

Browse in-depth TOC of Smart Homes Market

Competitive Landscape

The Smart Homes market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.

• April 2019 - Honeywell announced a first-of-its-kind technology integration with Intel that will enable new artificial intelligence (AI) capabilities in its MAXPRO connected security platform. The new security platform, which will support MAXPRO Network Video Recorders (NVR) and Video Management Systems (VMS), will incorporate Intel Vision products that enable advanced analytics, deep learning and facial recognition capabilities. 

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About Mordor Intelligence

Mordor Intelligence, LLP. provides market intelligence and advisory services that empowers enterprises to shape their strategic decisions. With a strong team of in-house experts and a host of industry tie-ups, Mordor offers syndicated and custom market intelligence services that have helped more than 700 clients gain an edge over their competition. Mordor's expertise lies in niche analysis with a quick turnaround time, making it the preferred choice for startups as well as Fortune 500 organizations.

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SOURCE Mordor Intelligence