BSRIA Says Smart Home/Light Commercial Market Expected to Post High CAGR by 2021
A new study published by the Building Services Research and Information Association (BSRIA) presents a forecast that the smart home/light commercial market will have a 20 percent growth worldwide. The UK market is expected to post the highest increase with a growth rate of 29 percent. The new report categorized the smart home/light commercial industry into stand-alone products and whole home products and determines the value of system integration, service, and maintenance.
AchrNews reported that the total value of this particular industry in 2017 is expected to be $15.8 billion, and the U.S. market will dominate with 29 percent of the overall market value.
The report included reports per country such as France, China, Netherlands, Germany, United Kingdom, and North America. Reports from these countries show a rapid increase in sales for both products and system integration. However, because of the fact that this industry is somewhat new, a lower level of sales for service and maintenance is predicted.
Luxury villas are the largest individual segment under this market posting an estimate of 25 percent of the market value. Offices and hotels segments follow with a combined total of 23 percent of the market. The reports also provided information and forecasts until 2021 including the total worth of the global smart home/light commercial market at $29.8 billion.
The Operations Manager of BSRIA Worldwide Market Intelligence Division Zoltan Karpathy said, “The sales of smart home products and the associated services are forecast to grow at a high compound annual growth rate (CAGR). This is in part due to the infancy of certain markets, and in part due to the increased awareness and expectations of the end users. The key drivers for the growth are subtly different in each country, ranging from a drive to improve energy efficiency to improved security. But a trend that is gaining momentum is the use of smart home equipment in light commercial applications, and it is forecast that this trend will accelerate.”
With over 200 locations in 23 states, each Baker Distributing Sales Center is staffed by the most knowledgeable and customer service oriented people in the industry. With a complete inventory of HVAC/R products and technical assistance, Baker Distributing’s Sales Centers can provide you with the products and information you need to make your job more efficient. For more information, visit www.bakerdist.com or download the Baker Assist App on your mobile devices such as tablets, laptops, and cellphones via Google Play and Apple App Store.