It Is Estimated That the Global Smart Home Market Will Grow to 135.3 Billion US Dollars by 2025

According to markets and markets â„¢ According to the released Market Research Report, the global smart home market is expected to grow from US $78.3 billion in 2020 to US $135.3 billion in 2025, with a CAGR of 11.6% in the forecast period.

The growth of the market is driven by many factors, such as the increase in the number of Internet users, the growth of consumers' disposable income in developing economies, the increasing importance of household monitoring in remote areas, the growing demand for energy-saving and low-carbon emission oriented solutions, and the rapid popularization of smart phones and smart gadgets, A large number of participants expanded the smart home product portfolio, and more and more people began to pay attention to security and convenience.

Impact of covid-19 on smart home market

The covid-19 pandemic has seriously affected the growth of the global smart home industry. According to the process of virus transmission, global sales are expected to decline by 5-10% in this fiscal year. Covid-19 has a negative impact on major markets such as the United States and China, because China's supply chain disruption has led to a decline in China's demand for smart home systems. The reduction in the number of new projects and the temporary closure of production facilities are some factors hindering the growth of the Chinese market.

Compared with other countries in the Americas, the US market is expected to achieve higher growth. However, in the short term, the limited adoption of smart home system and the continuous trade war with China are expected to affect the growth of smart home market in North America.

Market dynamics

Driving factors: more and more Internet users and more intelligent devices adopt

Internet of things (IOT) is becoming more and more popular among residential consumers because it benefits from connecting household products to the Internet. The Internet of things connects products, software algorithms, services and end users to achieve smooth data flow and make real-time decisions.

Smart home has proved its efficiency and improved the quality and consistency of automation system. Many large, medium-sized and small enterprises around the world are investing heavily in the Internet of things industry. As most enterprises shift their traditional practices to the Internet of things, they are expected to enter many application fields such as lighting, HVAC, security, healthcare and entertainment.

Consumers' increasing preference for video doorbell, voice assisted technologies (such as Alexa and Google home) and monitoring systems is expected to greatly promote the growth of the smart home market.

The increase in the adoption rate of consumer Internet of things is due to the increasing popularity of the Internet, the growing use of smart phones and the expansion of social networking platforms. Due to the increasing popularity of intelligent devices with Internet functions such as radio frequency identification (RFID), bar code scanner and mobile computer, it is expected that the continuous growth of the number of global Internet users will promote the growth of the whole Internet of things market.

Limiting factor: the switching cost of existing smart device consumers is very high

The shipment of smart home products depends on the utilization and requirements of homeowners. Consumers usually prefer products that provide convenience and energy efficiency. The concept of home automation is no stranger in economically developed countries in North America and Europe. Most residences in North American countries are already equipped with smart devices. Many residents have been using smart thermostats, smart meters, HVAC control and lighting control for a long time.

Due to the high conversion cost of these products, consumers will not replace them immediately after installation. Even European countries, such as Britain and Germany, have a considerable number of smart homes. Therefore, in the past three years, the market penetration of household automation products is very high, and the growth rate is expected to slow down in the forecast period.

Market opportunity: combining lighting controller with built-in data connection technology

In the past few years, there has been considerable growth in the lighting control market. The market includes a large number of products, such as dimmers, timers, occupancy sensors, daylight sensors and relays. These products can be used alone or in an integrated form. They can be integrated with home automation systems through wired and wireless technologies. In order to realize its automatic operation, the lighting controller must be integrated with the communication protocol externally.

However, lighting control manufacturers are now manufacturing products with built-in data connectivity. These controllers can operate directly without external communication protocols and connections. It is expected that this will generate a large demand for such products, creating opportunities for participants operating in the smart home market.

Future challenges: equipment failure and compatibility

Smart home system widely depends on equipment interconnection standards, communication protocols and network technology. The whole operation of smart home products depends on the interoperability of all devices. Smart home ecosystem includes hardware, software and services. In order to make each product run efficiently and reliably, the smooth and centralized operation of these three parts is very important. In terms of cost and technical complexity, the failure or disconnection of any of the three may lead to some complexity for the homeowner.

Therefore, for smart home solution providers, eliminating the risk of equipment failure and ensuring its smooth operation is a major challenge. However, smart home device manufacturers are signing cooperation or partnership agreements with software and connectivity technology providers to design innovative products for specific markets, which can help them overcome interoperability challenges and reduce the chance of device failure.

"In the forecast period, entertainment and other control fields will occupy the largest share of the smart home market."

Entertainment has become an indispensable part of life, because entertainment can make people relax and rejuvenate. The multi room entertainment control system allows the user to centralize all connected devices, and then listen to, watch and control the devices simultaneously or independently from each room in the house. The main control systems used in smart home are audio, volume and multimedia room control. The growth of the audio, volume and multimedia room control market is driven by the convenience provided by managing and controlling the entertainment system in the house.

The progress of wireless communication technology is the main factor to promote the growth of home theater system control market, which drives the overall smart home market of entertainment and other control. The huge market share of this segment can be attributed to the high penetration of products such as smart meters and smoke detectors. The rising cost of electricity is the main problem to promote household consumers to achieve energy conservation.

In addition, the increasing popularity of smart sockets, smart hubs and smart locks is promoting the adoption of control systems.

"Behavioral software and services account for the largest market share in the forecast period."

The smart home market of software and services by product service type has been subdivided into behavioral and active solutions and services. Due to the increasing awareness of emission reduction, the competition for software and services in the smart home market is very fierce, which is due to the development of technologically advanced and user-friendly software solutions and the provision of improved energy consumption real-time services within the home to customers.

In addition, in most countries, whether developed or developing, the environmental regulations implemented by government agencies are further increasing the installation of smart homes. The software and service industry receives high income from the installation and marketing of smart home, and also provides services to customers. All these factors are expected to lead to high growth in the market during the forecast period. It is expected that the behavioral software and service market will occupy the largest market share by 2025

"The Asia Pacific market is expected to grow at a significant rate during the forecast period."

It is expected that the smart home market in the Asia Pacific region will grow at the fastest rate in the forecast period. Factors driving market growth in the region include strong economic growth, population growth, improved living standards and accelerated urbanization, resulting in improved infrastructure.

China will occupy the largest smart home market in the Asia Pacific region in 2019. However, with the growth of smart home industry and the large-scale implementation of hardware and software solutions in smart home in China and Japan, these countries are expected to grow at a higher rate in the forecast period. The Asia Pacific region is considered to be a huge market for smart home because of the high implementation rate of various products such as lighting control, HVAC control, security and access control.

Major players in the market

The traditional smart home market is mainly dominated by traditional well-known brand enterprises such as Johnson Controls, Schneider Electric, Honeywell, Siemens and Legrand. However, China's smart home enterprises are also developing rapidly and moving towards the international market. Some strategies adopted by these participants in the smart home market competition include innovative product development, partnership and M & A.

Recent market trends

In December 2019, Amazon, apple, Google and ZigBee alliance cooperated to form a new working group, which will develop and promote the adoption of new connectivity standards to improve the compatibility and security between smart home products.

In May 2019, Amazon launched the latest product of echo show product series - echo show5. With its compact design, 5.5-inch display, rich audio performance, high-definition camera and built-in camera shutter, echoshow 5 includes an updated smart display. Home controls, customizable morning and evening routines, new privacy features and more visual content.

In October 2018, Johnson Controls acquired lux Products Corporation (USA), a leading provider of household thermostats and intelligent products. Lux mainly sells residential and commercial products, from timers to smart home thermostats, including Kono and Geo.

In July 2018, Siemens added new features to the Synco IC cloud platform for remote heating, ventilation and air conditioning (HVAC) control. Therefore, Synco IC now includes remote meter reading for energy bills, remote monitoring of energy key performance indicators (KPIs) and remote intervention to reduce energy consumption.

It Is Estimated That the Global Smart Home Market Will Grow to 135.3 Billion US Dollars by 2025 1

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