Smart Home Market 2021: SWOT Analysis, Key Development Areas, Financial Overview

Smart Home Market 2021: SWOT Analysis, Key Development Areas, Financial Overview

A smart home is a resident where smart devices like appliances, lightings, computers, air conditioner, smart TV, video system and camera are linked internally that are capable to communicate with one another and controlled remotely. This technology is also referred as home automation where the devices can be operated by computing devices (mobile phone, computer or tabs) for owner’s comfort and convenience.

Global Smart home technology Market comprises of monitors and sensors; these are connected with internet of things (IoT), which enables devices to operate together sharing resident’s data among themselves to automate the actions.

A basic smart home consists of smart lighting and automated thermostat, whereas advanced smart home consists devices such as smart blinds, smart refrigerator and other, smart blinds can be programmed in a way that it will open slowly in the morning to wake up resident in natural light.

Smart home implements progressive safety and security features like gas leakage sensors and fire detection systems in the house also growing awareness of energy efficiency due to rising energy cost and increasing disposal income as there is increase in the number of working individuals’ with good pay so residents are capable of adopting for a smart home solution, which is driving the smart home market. Likewise, advancements in technology like IoT and cloud are also some significant factors which outcomes in the growth of the smart home market. Though, high initial cost coupled lack of technical standardization of the devices can be the major restraints of smart home market.

The hasty development in the field of internet of things (IoT) has condensed the price of processors and sensors which is encouraging manufacturers to develop smart devices.

The smart home market is divided based on application and region. By application, the smart home market is divided into lighting control, HVAC control, security and access control, entertainment control. Growing demand for energy efficiency and necessity for energy efficient devices are the major factors for the growth of HVAC control system in the coming years. Followed by HVAC control system, lighting control system will dominate the smart home market as there is need to reduce the consumption of light and power, the lighting system can control the intensity of the light based on available natural light, the lights can be turned off at late night to reduce the usage of light.

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On the basis of region, the market is divided into North America, Latin America, Europe, Asia Pacific and rest of the world. North America is likely to dominate the market in the forthcoming year as there is rising demand for smart appliances and devices for home in this region. Followed by North America, Europe is expected to hold major share of the market. Asia Pacific market is also expected to grow in the forthcoming year as there are new residential projects and strengthening of building infrastructure at higher rate.

Top players of the smart home market are Honeywell International Inc., Schneider Electric SE, ABB Ltd., Johnson Controls Inc., Siemens AG, Samsung Electronics Co., United Technologies Corporation, Emerson Electric Company, Ltd., LG Electronics Inc., and Crestron Electronics, Inc.

 

Key developments of players:

  • Honeywell planning to introduce Smart Home Security System, which is a all-in-one security solution; it is simple to set up and allows consumers to be aware of what’s happening in and around their homes.
  • ABB-free@home® has been installed in a large number of private homes in Denmark.
  • Consumer Technology Association (CTA) has awarded Johnson control’s GLAS smart thermostat for design and engineering excellence with CES Innovation Award.

The smart home market is segmented

By Application:

  • Lighting control
  • HVAC control
  • Security and access control
  • Entertainment control

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Rest of the world

Market By Geography

  • North America

o U.S.

o Canada

o Mexico

  • Europe

o UK

o Germany

o France

o Rest of Europe

  • Asia-Pacific

o China

o Japan

o India

o Australia

o Rest of Asia-Pacific

  • Latin America

o Brazil

o Chile

o Rest of Latin America

  • Middle East and Africa (MEA)

o South Africa

o Saudi Arabia

o Rest of MEA

 

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