Smart Home Market to Gain Higher Value by 2022
MarketsandMarkets reported that the global smart home market is expected to grow from $46.97 billion last year to $121.73 billion by 2022. This will have an estimate of compound annual growth rate (CAGR) of 14.07 percent from this year until 2022.
According to TheNews, some of the significant factors that affect the growth of the smart home market include the increasing need of consumers for convenience, safety, security and the increasing number of manufacturers expanding their product categories. There is also a need for rising energy saving and low carbon emission-oriented solutions.
The lighting control market is said to be the category that will have the highest rate within the forecast period. The other categories that are anticipated to post better revenue include security and access control, home health care, smart kitchen, and HVAC.
In 2015, smart meters had the largest share of the smart home market. Smart meters register or record energy consumption at certain intervals and transmit the details to the utility for billing and monitoring purposes. Smart meters are widely used by energy suppliers in order to generate specific and automated billing.
Communication protocols are integrated with the smart meters in the residential application so that it can transfer the energy flow details to the homeowner. These meters aid consumers in conserving energy and reducing their energy bills. Because of these benefits, the market for smart meters is anticipated to continue its growth within the forecast period.
In terms of the region segment of the report, the Asia-Pacific (APAC) region is expected to have the highest CAGR for smart home products in six years. Significant demands for smart home devices will be experienced in established and rising APAC countries such as China, South Korea, Japan, and the rest of APAC.
The smart home market is categorized into segments such as protocols, standards, wireless communication technologies, and network technologies.
The report describes the market dynamics including the key drivers, restraints, challenges, and opportunities with respect to the smart home market and forecasts the market till 2022. This global report provides a detailed view of the market segmented on the basis of product, software and service, and geography.