Increasing concern to reduce the energy consumption is expected to favor the smart homes market. Rising demand for light emitting diodes is expected to drive the market over the forecast period. Expansion of smart lighting technology in smart cities is further anticipated to boost the market growth over the next six years. This smart light technology which can be used in smart homes is expected to gradually replace the traditional method of using incandescent lamps which in turn likely to fuel the market growth in near future. Increasing government initiatives towards implementation of smart homes are expected to favor the market over the forecast period. Technological advancements in consumer electronics and sensor technology are expected to be a key factor for the wireless sensor market. Evolution of wireless technology is expected to provide positive avenues to the smart home market. Smart homes use technologies such as Bluetooth and IP. Rising demand of electricity, changing demographics, need for push button control, mobility and convenience, and save environment are some of the factor which is expected to fuel the market demand over the foreseeable period.
Increasing demand for smart lightning solutions in residential buildings and organizations is further expected to drive the market growth over the forecast period. Growing usage of internet enabled smart lighting devices is also expected to drive the market. Additionally, increasing disposable income of consumers is further expected to affect the market demand positively. High investment is anticipated to have negative impact on the smart homes market over the forecast period. Introduction to assistance of power line communication, smart grids, and growing consumer electronics sector are expected to provide new opportunities to the market in coming years.
Lighting, security, energy management, HVAC and entertainment are the major applications of smart homes systems. Increasing awareness of energy efficiency is expected to drive the market. Government has been encouraging the growth of smart grid over the recent past. This trend is likely to boost the market demand over the foreseeable future. Furthermore, consumers can manage devices effectively, thereby decreasing electricity expenses, for which technologies like ZigBee and Wi-Fi are used. Security monitoring systems afford techniques like security cameras, burglar alarms and window sensor alarms to alert the user when there is a security breach. Major applications of entertainment enable customers to control video, audio and other media devices remotely. TV programs recorded from a remote location by an IP based platform is another major application of smart homes systems. Increasing repair and installation services are estimated to boost the market over the forecast period.
North America market is expected to grow at significant rate. Europe smart homes market is also expected to show lucrative growth over the foreseeable period owing to fast recovery of economy. Asia Pacific is expected to grow considerably over the forecast period. Technological advancements are estimated to favor market in Asia Pacific region. Increasing consumer awareness, consumer income and favorable government rules and regulations are expected to drive the smart homes market in India over the forecast period.
Key players in the market have been concentrating on developing and launching of new product and updating the existing products. Market participants enter into mergers & acquisitions to sustain in the market. Some key players in the market include Siemens AG (Germany), Control4 Corporation (US), Honeywell (U.S.), Tyco International Ltd. (Switzerland), Schneider Electric S.A. (France), Crestron Electronics, Inc. (U.S.), Lutron Electronics, Inc. (U.S.), ABB Ltd. (Switzerland), Legrand S.A. (France), Emerson Electric Co. (U.S.), Ingersoll-Rand PLC (Ireland) and AMX among others. Siemens AG has major market share due its strong network and distribution channels, technical expertise and wide range of smart home devices.
Research Support Specialist, USA