NEW YORK, 20 October 2021 / PRNewswire / – Zion Market Research has released a new research report titled “Smart Home Market – By Product (Smart Kitchen, Security and Access Control, Lighting Control, Home Health Care, HVAC Control, etc.): Global Industry Outlook, Full Analysis and forecast, 2020-2026 “. According to the report, the smart home market the size should reach $ 137.9 billion by 2026 from $ 85.6 billion in 2021, at a CAGR of 10.4% over the forecast period.
Increased user awareness of energy consumption to boost the smart home market
According to analysts at Zion Market Research, the main growth driver of the smart home market includes user awareness of energy consumption, increasing disposable income in developing countries, growing aging population and government programs, among others. Apart from this, the growing demand for home care is fueling the development of the smart home market. On the other hand, long device replacement cycles and high costs associated with restricted user demand are the major challenges preventing the smart home market from moving into mass adoption from the market. early adoption stage.
Nevertheless, new product launches by market players increase rivalry, thus boosting the development of the smart home market. For example, in august 2018, Philips Hue announced a number of new smart lamps that boost the development of the global smart home market.
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Light control segment to boost the smart home market during the forecast period
Smart home market segmentation is done on the basis of region and product. The product segments in the smart home market are home health care, smart kitchen, HVAC control, lighting control, and others. Light control has taken over the biggest share of the smart home market due to the decline in electricity consumption in homes. Lighting sensors regulate the intensity of artificial light according to the intensity of natural light, thereby reducing energy consumption and boosting the smart home market.
Reducing carbon emissions to boost the smart home market by North America
North America has grabbed the largest share of the smart home market due to increasing population and increasing demand for home health care. Europe is one of the major smart home markets as it pursues North America. Government initiatives in North America include remote control of electricity, gas and water meters for easy access to the smart grid. Energy and cost savings, aging population, convenience, security, government initiatives and reduction of carbon emissions are the main drivers for the development of the smart home market in the years to come. Asia Pacific is also expected to show notable development in the smart home market in the coming years.
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Leading companies in the smart home market are Siemens AG, Legrand, Ingersoll-Rand plc, Johnson Controls Inc., Acuity Brands, Inc., Schneider Electric SE, United Technologies Corporation, ABB Ltd., Nest Labs, Inc., Samsung Electronics Co., Ltd., Crestron Electronics, and Honeywell International Inc., among others. These players are believed to increase the global smart home market.
The global smart home market is segmented as follows:
- Smart Kitchen
- Security and access control
- Lighting control
- Home care
- HVAC control
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- Great Britain
- Rest of Europe
- South Korea
- South East Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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