According to the new research report “Smart Home Market by Product
(Lighting Control, Security & Access Control, HVAC, Entertainment
& Other Control, Home Healthcare, Smart Kitchen, and Home
Appliances), Software & Service (Behavioral, Proactive), and
Geography – Global Forecast to 2023″, the smart home market is expected
to be valued at USD 137.91 Billion by 2023, growing at a CAGR of 13.61%
between 2017 and 2023. The growth of the smart home market can be
attributed to the significant advancements in the IoT market; increasing
need for convenience, safety, and security; and rising demand for
energy saving and low carbon emission-oriented solutions.
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Browse 81 Market Data Tables and 65 Figures spread through 230 Pages
and in-depth TOC on “Smart Home Market – Global Forecast to 2023″
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The market for home appliances is likely to grow at a high rate between 2017 and 2023.
The increasing cost of electricity is a major concern for household
consumers. These increasing costs are influencing the households to save
energy. Smart home appliances can communicate among themselves and have
emerged as an effective solution to save energy. Thus, households are
increasingly adopting smart home appliances to minimize their energy
costs. The smart home market for home appliances is expected to grow at a
high rate between 2017 and 2023 owing to the advancements in
electronics and communication technologies. Factors such as rising
purchasing power and changing lifestyles of people are driving the
demand for smart home appliances worldwide.
Smart meters held the largest share of the smart home market in 2016.
Smart meters enable end users to calculate their real-time energy
consumption levels on a daily basis. They provide information regarding
the use of energy at different times during the day, enabling them to
take appropriate steps to cut down their energy costs. Thus, smart
meters are expected to hold a major share of the smart home market by
2023.
The smart home market in APAC is expected to grow at a high rate between 2017 and 2023.
The smart home market in APAC is expected to grow at a high rate
between 2017 and 2023, owing to the rising number of new residential
projects and the increasing initiatives to strengthen the building
infrastructure in the region. The presence of a huge end-user base in
advanced economies such as Japan and South Korea and the growing demand
for energy management systems are also expected to fuel the growth of
the smart home market in this region.
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The major companies operating in the smart home market include Siemens
AG (Germany), United Technologies Corporation (US), General Electric
Company (US), Schneider Electric (France), Honeywell International, Inc.
(US), Ingersoll-Rand PLC (Ireland), Johnson Controls, Inc. (US), ABB
Ltd. (Switzerland), Legrand S.A. (France), Samsung Electronics Co., Ltd.
(South Korea), Acuity Brands, Inc. (US), Lutron Electronics Co. Inc.
(US), and Leviton Manufacturing Company, Inc. (US).
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