Wednesday, 9 March 2022

Compound Semiconductor Market expected to grow $43.4 billion by 2025

 

The report "Compound Semiconductor Market with COVID-19 Impact Analysis by Type (GaN, GaAs, SiC, InP), Product (LED, RF Devices, Power Electronics), Application (Telecommunication, General Lighting, Automotive, Power Supply), and Geography - Global Forecast to 2025", size is expected to grow from USD 32.0 billion in 2020 to USD 43.4 billion by 2025, at a CAGR of 6.3%. The increasing use of compound semiconductors in LED applications has fueled the demand for compound semiconductors. The growing demand and implementation of GaN and SiC in the semiconductor industry is expected to play a vital role in the growth of the compound semiconductor market.

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The compound semiconductor market includes major Tier I and II players like Nichia, Samsung Electronics, ams, Qorvo, and Skyworks. These players have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, and RoW. COVID-19 has impacted their businesses as well. Multiple manufacturing facilities of players have shut down due to COVID-19. We expect that the semiconductor industry would decline significantly globally in 2020 due to COVID-19. This also translates into a snowballing effect on the compound semiconductor market. This could lead to lower research expenditure related to compound semiconductors.

Increasing use of GaN in LED and RF devices is expected to result in the segment occupying majority of the compound semiconductor market share

GaN is estimated to have the largest market share by value. GaN has been increasingly used in LED, semiconductor power devices, and radiofrequency (RF) devices. GaN LEDs are used in applications such as general lighting, consumer devices, commercial, and automotive. GaN is mostly used in LED applications owing to its wide-bandgap properties. LED contributes to the largest share of the GaN market. GaN is used to make white LEDs. Increasing demand for GaN LEDs in various applications, such as general lighting, signage, and automobiles, is expected to drive the growth of the GaN market.

GaN is also finding importance in RF devices as GaN devices have the ability to combine high RF power output over broad bandwidths at high frequencies. As industry shifts towards the adoption of 5G networks for >6GHz, band silicon will not be able to meet various requirements of networks as silicon devices operate well below 3GHz. In the higher frequencies being utilized for 5G, such as 3.5 GHz, GaN is more efficient than LDMOS/Silicon devices. Hence GaN will gain traction for 5G applications, particularly for base station power amplifiers

Telecommunication application segment is estimated to be the largest market

Telecommunication application is estimated to be the largest segment in the compound semiconductor market. 5G is providing a huge opportunity for compound semiconductors for telecom applications. The growth of telecommunication application is mainly driven by increasing demand for RF devices. Rapid advancements in the telecom sector are witnessed by developed and emerging countries across the world. The technological shift from 3G to 4G/LTE and now into 5G has increased the network traffic through mobile devices and resulted in increased network interferences across the communication channels. As industry shifts towards the adoption of 5G, RF content used per smartphones expected to increase, this would drive the growth of the market during the forecast period. To meet all the requirements for 4G and 5G, including saturated and linear efficiency, it is necessary to use a power amplifier manufactured with compound semiconductor technology, which is expected to drive the market growth during the forecast period.

APAC likely to emerge as the largest compound semiconductor market

APAC is estimated to be the largest market for compound semiconductors during the forecast period. The rapid market penetration of GaN and SiC in power devices, where GaN and SiC devices are increasingly replacing silicon counterparts, is predominant across several application segments in APAC. For power devices, the growing number of GaN and SiC power applications creates huge revenue potential in this region. This attracts several industry players to mass-commercialize GaN and SiC power devices for several power applications, which, in turn, are increasing the revenue potential of the compound semiconductor market in this region.

Major players in the compound semiconductor market include Nichia (Japan), Samsung Electronics (South Korea), ams (Austria), Qorvo (US), Skyworks (US), Cree (US), GaN Systems (Canada), Infineon (Germany), Mitsubishi Electric (Japan), NXP (Netherlands), and ON Semiconductor (US).

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Tuesday, 8 March 2022

COVID-19 Impact Analysis of UV Disinfection Equipment Market worth $9.2 billion by 2026

 

The report "UV Disinfection Equipment Market with COVID-19 Impact Analysis by Component (UV Lamps, Reactor Chambers), Power Rating (High, medium, low), Application (Water and Wastewater, Surface), End-user (Municipal, Residential), Geography - Global Forecast to 2026", size is projected to reach USD 9.2 billion by 2026 from an estimated USD 4.8 billion in 2021, at a CAGR of 14.0% from 2021 to 2026. The increasing demand for UV disinfection equipment to combat COVID-19 pandemic is among the factors driving the growth of the UV disinfection equipment market.

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UV lamps segment to projected to register the highest CAGR between 2021 to 2026

The UV lamps segment is expected to register the highest CAGR during the forecast period. UV disinfection equipment can employ single or multiple UV lamps depending on the function of the equipment. The decreased operating cost of UV disinfection equipment due to the adoption of UV LED has fueled the growth of the market.

High-power UV disinfection equipment segment held the largest share of the market in 2020

In 2020, high-power UV disinfection equipment held the largest share of the UV disinfection equipment market. Market growth can be attributed to the huge demand for high-power UV disinfection equipment from municipal corporations. These equipment are suitable for municipal water and wastewater treatment applications as they can be used for disinfecting large amounts of water in less time.

By application, water and wastewater disinfection application is projected to grow at highest CAGR during forecast period

The UV disinfection equipment market for water and wastewater disinfection application is projected to record the highest CAGR during the forecast period. Market growth can be attributed to the rising concern regarding water and wastewater treatment among governments across the world. Also, regulations are imposed on wastewater discharge in the large water bodies by the government of different countries across the world.

By end user, municipal segment is projected to grow at highest CAGR during forecast period

The municipal segment is expected to witness the highest CAGR during the forecast period. The surging demand for water and wastewater disinfection in this sector is primarily responsible for the market growth. The increasing concern toward preserving natural resources by using an environmentally friendly disinfection solution for the treatment of water and wastewater in rivers and natural springs is among the main reasons driving the growth of the UV disinfection equipment market in the municipal segment.

By region, APAC UV disinfection equipment market estimated to grow at highest CAGR throughout the forecast period

The UV disinfection equipment market in APAC is projected to grow at the highest CAGR during the forecast period. Successful projects such as the Clean Ganga project in APAC are contributing to the growth of the market in the region. Moreover, the high adoption rate of UV technology in countries such as China, Japan, South Korea, and India, along with the increasing number of startups dealing in UV technology, drives the growth of the UV disinfection equipment market in APAC.

Xylem Inc. (US), Trojan Technologies (Canada), Halma Group (UK), Kuraray Co., Ltd. (Japan), Atlantic Ultraviolet Corporation (US), Evoqua Water Technologies LLC (US), Advanced UV, Inc. (US), American Ultraviolet (US), Atlantium Technologies Ltd. (Israel), and Hoenle AG (Germany),  are some of the key players in the UV disinfection equipment market.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Smart Home Market is projected to reach $138.9 billion by 2026

 

The report "Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region - Global Forecast to 2026", is projected to grow from  USD 84.5 billion in 2021 and is projected to reach USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4 % from 2021 to 2026.

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The increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for increased demand of smart home systems. In addition to this, factors such as increasing importance of home monitoring in remote locations and growing concern with regards to safety, security and convenience among general population is driving the growth of the smart home market.

“Entertainment and other controls to hold the largest share of the smart home market during the forecast period”

The entertainment and other controls segment is expected to account for the largest share of the smart home market during the forecast period.  The growth of the audio, volume, and multimedia room control market is driven by the convenience offered by these controls for managing as well as controlling entertainment systems within a house. The advancements in wireless communication technologies are a major factor boosting the growth of the home theater system control market, thereby driving the smart home market for entertainment control. The market growth of the other controls segment can be attributed to the high demand for smart meters and smoke detectors as well as the increasing popularity of smart plugs, smart hubs, and smart locks.

“Behavioral type software and services segment to hold larger market share during the forecast period”

The smart home market for software and services segment, by type, has been sub-segmented into behavioral and proactive type solutions and services. The behavioral type software and services help analyze energy-related data and forward it to the end users. However, this category is restricted to transmitting and receiving data and does not perform intelligent actions, unlike the proactive type. Behavioral type solutions provide direct feedback to the end users, providing basic information regarding real-time energy consumption data, along with historical data reflecting energy usage. Behavioral type software and services are increasingly being leveraged in smart homes as they help enhance the energy efficiency of these homes and minimize energy bills based on behavioral type data analysis. Behavioral type software and services possess the ability to learn user behavior and accordingly render a smarter control of appliances, leading to an increase in its demand. As this type of software and algorithm is the most widespread due to its initial adoption and low cost, this segment is expected to account for a larger share of the smart home market during the forecast period.

“Indirect sales channel to dominate the smart home market during the forecast period”

The indirect sales channel segment is expected to account for the larger share of the smart home market and is expected to grow at a higher CAGR from 2021-2026. Indirect sales channels or third-party service providers hold a major share of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales channels involve the sale of smart home products through both online and offline modes. Offline sales channels comprise third-party cellular network carriers, wholesalers, retailers, and value-added resellers. Online sales channels involve sales through e-commerce platforms. The COVID-19 pandemic has also resulted in a further rise in the use of indirect sales channels in the smart home market. Due to lockdowns in various countries across the world, people have started using online mode frequently. The demand for online channels has increased during the pandemic. Companies offer product setup and installation services that help users to buy products online without any hesitation. Moreover, third-party delivery providers have started undertaking extra precautions in order to encourage consumer to buy without reservations of getting infected. Thus, the online sales channel segment is expected to grow during the forecast period.

“North America to hold the largest share of smart home market throughout forecast period”

North America is expected to account for the largest share of the smart home market during the forecast period.  The factors driving the smart home market in the US include the high per capita income, the increasing demand for reliable home energy management systems, enhanced home security levels, improved device standards, and the growing popularity of integration of smart devices such as tablets, smartphones, and standalone voice assistants in homes are driving the growth of the North American smart home market. Furthermore, this region has a strong presence of some of the key players in the global smart home ecosystem, such as Honeywell (US), ADT (US), Control4 (US), Simpisafe (US), Comcast (US), Lutron (US), Vivint (US), Ooma (US), Simplisafe (US) and Crestron Electronics (US), which has led to availability of a wide range of smart home offerings at economical prices. Additionally, various grants from the US Government towards green energy projects are also driving the smart home market growth in this region.

Key players in the smart home market include Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these, Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), Lutron (US)  are among a few emerging companies in the  smart home market.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Monday, 7 March 2022

Submarine Cable Systems Market is projected to grow from USD $22.7 billion by 2026

 

The report "Submarine Cable Systems Market by Application (Communication Cable and Power Cable), Component (Dry Plant Products and Wet Plant Products) Offering, Voltage, Type (Single Core and Multicore), insulation, End User and Geography - Global Forecast to 2026",is projected to grow from USD 13.8 billion in 2021 to USD 22.7 billion by 2026 it is expected to grow at a CAGR of 10.5%from 2021 to 2026.

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The key factors fueling the growth of the market include increasing penetration of internet and collaboration among tier-1 vendors, expanding offshore wind power capacity, growing demand for bandwidth due to emergence of 5G, and increasing network of submarine power cable systems. Moreover, increasing investments by content delivery and streaming partners to create abundant opportunities in pacific region.

The power cables segment is projected to hold a larger share of the submarine cable systems market from 2021 to 2026 and is projected to grow at a higher CAGR than the communication cables segment during the forecast period.

The ongoing and proposed offshore wind capacity installations in many countries and the increased demand for intercountry & island connections are the key factors driving the growth of the power cables segment. The increasing demand for renewable energy from islands, coupled with the disproportional costs of maintaining local electricity production plants, has led to increased demand for laying power cables to transfer electricity from the mainland to the islands. Thus, the requirement to connect new renewable sources of energy to the main grids to ensure a reliable and continuous supply of power to isolated islands is fueling the demand for submarine power cables globally.

The Resin Impregnated Synthetics (RIS) segment of the submarine cable systems market is expected to grow at the highest CAGR during the forecast period.

RIS is the most recent technology in the market. It is similar to resin-impregnated paper technology, except that the bushings core is coiled using synthetic textiles instead of traditional paper as a spacer between the capacitive layers. They also have the same great fire-resistance, explosion-proof properties, and other benefits as typical dry/RIP bushings. Hitachi Energy is one of the prominent suppliers of RIS-insulated submarine cables.

The offshore wind power generation segment of submarine cable systems market is expected to hold the biggest market share in 2026 alongside growing at the highest CAGR during the forecast period.

The GWEC expects an increase in offshore wind power installations in Asia during the forecast period, followed by North America. According to GWEC, the annual global offshore installations are expected to reach 6 GW or more soon.

Asia Pacific region is expected to hold the largest share in the market during the forecast period.

Increasing government spending across countries including China and Korea to proliferate the demand for submarine power cable systems market.

The key players operating in the submarine cable systems market include Alcatel-Lucent Enterprise (France), SubCom LLC (US), NEC Corporation (Japan), NEXANS (France), and Prysmian Group (Italy).

Don’t miss out on business opportunities in Submarine Cable Systems Market. Speak to our analyst and gain crucial industry insights that will help your business grow.


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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Routing Market size is estimated to be valued at USD $22.9 billion by 2027

According to a research report "Routing Market with COVID-19 Impact, by Type (Wired, Wireless), Placement (Edge, Core, Virtual), Application (Datacenter, Enterprise), Vertical (BFSI, Healthcare, Education, Residential, Media & Entertainment) and Region - Global Forecast to 2027" published by MarketsandMarkets, the routing market size is estimated to be valued at USD 15.1 billion in 2022 and reach USD 22.9 billion by 2027, at a CAGR of 8.6% from 2022–2027.

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Key players operating in the routing market are Cisco (US), Huawei Technologies Co., Ltd. (China), Juniper Networks, Inc. (US), Hewlett Packard Enterprise Development LP (US), Arista Networks, Inc. (US), ASUSTeK Computer Inc. (Taiwan), New H3C Technologies Co., Ltd. (Taiwan), NETGEAR (US), Nokia (Finland), Xiaomi (China), Acelink Technology Co., Ltd. (Taiwan), ADTRAN (US), Allied Telesis, Inc. (Japan), Belkin International, Inc. (US), D-Link Corporation (Taiwan), EERO LLC (US), EKINOPS S.A. (France), Extreme Networks (US), Linksys USA, Inc. (US), MikroTik (Latvia), Peplink (US), Raymar Information Technology, Inc. (US), Sierra Wireless (Canada), Synology Inc. (Taiwan), and TP-Link Corporation Limited (China).

The growing requirement for bandwidth in data centers and rising adoption of connected devices in the healthcare and education sectors are projected to create lucrative opportunities for the market players during the review period.

The routing market includes major Tier I and II players like Cisco (US), Huawei Technologies Co., Ltd. (China), Juniper Networks, Inc. (US), Hewlett Packard Enterprise Development LP (US), Arista Networks, Inc. (US), and others. These players have a strong market presence for Routing across various countries in North America, Europe, APAC, and RoW.

High demand for cloud services

The growth of the routing market is exclusively driven by cloud services and cloud-based infrastructure with the increasing number of cloud service providers. Cloud is also driving the adoption of SDN, ensuring scalable, flexible, and differentiated network governed and achieved by SDN. This is further fueling the adoption of data center switches. SDN works on 3 different layers: application, control, and infrastructure; switches play an important role in handling the data traffic and supporting SDN controllers in all three layers. Technological advancements in routing are leading to rapid adoption of routers for cloud-based services. Improved features, such as high bandwidth of 25 Gbps to 100 Gbps, high scalability, and high performance allow quick data access, encouraging the adoption of these routers for cloud computing.

Wireless routers is expected to hold the highest market share during the forecast period

Wireless router is expected to be the leading segment, by type, in the routing market during the forecast period. The growing need for high-speed internet connectivity and the rising adoption of smart devices such as smartphones, tablets, and smart TVs are driving the demand for wireless routers with effective connectivity. The increasing demand for internet-based devices and expansion of cloud networking, coupled with the rising adoption of virtualized technologies, are expected to propel the growth of the global wireless router market during the forecast period.

BFSI vertical to hold the largest market size of routing market during the forecast period

The increasing implementation of IoT in this vertical is fueling the growth of the connected devices market and consequently the growth of the routing market. IoT enables financial institutions to track customers’ activities, events, and needs with the help of the data generated by sensors. With IoT devices, banks can provide holistic and connected banking solutions for customer finances in real-time. IoT-enabled connected banking solutions help banks fulfill customers’ needs and facilitate financial decisions through the data collected from various smart devices. The data also enables banks to provide value-added services, financial assistance, and customized products to individual customers.

Routing market in APAC to hold the highest market share during the forecast period

APAC is also witnessing an increase in the adoption of technologies such as cloud, IoT, connected devices, SDN, and NFV. The growing adoption of these technologies, along with the next-generation communication requirements, can create challenges for the existing networks. APAC has the largest mobile subscribers across the world, and the number is expected to increase in the coming years. Moreover, with a rise in the number of digitalization initiatives, countries in APAC are moving toward digital transformation. Most countries in the APAC region, such as Singapore and India, are experiencing high economic growth, fueled by the rapid expansion of domestic enterprises. Also, companies such as AWS, Microsoft, Google, and IBM are the leading cloud service providers in the region that are fueling the growth of the data center applications for the routing market. Both Amazon and Microsoft sell their cloud services through their data centers in China. Google is also planning to open its first data center in China by 2023.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Underfloor Heating Market is expected to grow $7.0 billion by 2027

 

The report "Underfloor Heating Market with COVID-19 Impact Analysis by Offering (Hardware, Services), Product Type and Component (Hydronic, Electric), Installation Type (New, Retrofit), Application (Residential, Commercial), Region - Global Forecast to 2027", is projected to grow from USD 4.8 billion in 2022 to USD 7.0 billion by 2027; it is expected to grow at a CAGR of 7.6% from 2022 to 2027. Strong government support and incentives for the development and adoption of energy-efficient heating solutions is one of the major factors fueling the growth of this market.

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“Hardware offerings accounted for larger share of underfloor heating market in 2021.”

Hardware offerings accounted for a larger share of the underfloor heating market in 2021. The growth of the market is attributed to the increasing demand for hardware such as heating pipes and cables, distribution units, and manifolds for use in hydronic and electric underfloor heating systems.

“Market for electric underfloor heating expected to grow at higher CAGR during forecast period”

The market for electric underfloor heating systems is expected to grow at a higher CAGR during the forecast period. Electric underfloor heating systems are less costly and are easier to retrofit because these systems comprise several subsystems that do not require an insulating screed. Electric systems can also easily be fitted into a single room, particularly where wireless controllers are used to avoid digging walls. Furthermore, electric underfloor heating systems exert less load on floors; therefore, they can be easily fitted in rooms and flats on a higher level.

“Market for new installations of underfloor heating systems expected to grow at highest CAGR during forecast period”

New installations would dominate the underfloor heating market during the forecast period mainly because of favorable government regulations and tax credit facilities on the installation of energy-efficient systems and a high focus on energy saving and minimizing energy bills. Underfloor heating systems also reduce installation cost in new builds where developers use on-site laborers to install basic systems and use specialist contractors to commission and connect electric systems and boilers.

“Residential  application accounted for largest share of underfloor heating market in 2021”

The residential application held the largest share of the underfloor heating market in 2021 due to the increasing awareness about the benefits of underfloor heating systems in residential properties. The high growth rate of the underfloor heating market for the residential application is mainly due to the growing refurbishment activities in many developed nations. Underfloor heating is considered to be ideal for new builds and also becoming more popular for renovations because of new product innovations in this area.

“Europe is expected to dominate underfloor heating market during forecast period”

The European market is expected to grow at the highest CAGR during the forecast period due to the growing trends of zero-carbon emissions and tax-credit benefits policies adopted by various governments in European countries. Also, many players are offering portable electric underfloor heating systems in Europe, which would further increase the adoption of underfloor heating systems.

A few of the key players in the underfloor heating market are Uponor (Finland), Resideo Technologies Inc. (US), nVent Electric (UK), Warmup (UK), Rehau (Switzerland), Emerson (US), Robert Bosch (Germany), Danfoss (Denmark), Mitsubishi Electric (Japan), and Siemens (Germany).

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Smart Home Market is projected to reach USD $138.9 billion by 2026

 

The report "Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region - Global Forecast to 2026", is projected to grow from  USD 84.5 billion in 2021 and is projected to reach USD 138.9 billion by 2026; it is expected to grow at a CAGR of 10.4 % from 2021 to 2026.

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The increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for increased demand of smart home systems. In addition to this, factors such as increasing importance of home monitoring in remote locations and growing concern with regards to safety, security and convenience among general population is driving the growth of the smart home market.

“Entertainment and other controls to hold the largest share of the smart home market during the forecast period”

The entertainment and other controls segment is expected to account for the largest share of the smart home market during the forecast period.  The growth of the audio, volume, and multimedia room control market is driven by the convenience offered by these controls for managing as well as controlling entertainment systems within a house. The advancements in wireless communication technologies are a major factor boosting the growth of the home theater system control market, thereby driving the smart home market for entertainment control. The market growth of the other controls segment can be attributed to the high demand for smart meters and smoke detectors as well as the increasing popularity of smart plugs, smart hubs, and smart locks.

“Behavioral type software and services segment to hold larger market share during the forecast period”

The smart home market for software and services segment, by type, has been sub-segmented into behavioral and proactive type solutions and services. The behavioral type software and services help analyze energy-related data and forward it to the end users. However, this category is restricted to transmitting and receiving data and does not perform intelligent actions, unlike the proactive type. Behavioral type solutions provide direct feedback to the end users, providing basic information regarding real-time energy consumption data, along with historical data reflecting energy usage. Behavioral type software and services are increasingly being leveraged in smart homes as they help enhance the energy efficiency of these homes and minimize energy bills based on behavioral type data analysis. Behavioral type software and services possess the ability to learn user behavior and accordingly render a smarter control of appliances, leading to an increase in its demand. As this type of software and algorithm is the most widespread due to its initial adoption and low cost, this segment is expected to account for a larger share of the smart home market during the forecast period.

“Indirect sales channel to dominate the smart home market during the forecast period”

The indirect sales channel segment is expected to account for the larger share of the smart home market and is expected to grow at a higher CAGR from 2021-2026. Indirect sales channels or third-party service providers hold a major share of the smart home market. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales channels involve the sale of smart home products through both online and offline modes. Offline sales channels comprise third-party cellular network carriers, wholesalers, retailers, and value-added resellers. Online sales channels involve sales through e-commerce platforms. The COVID-19 pandemic has also resulted in a further rise in the use of indirect sales channels in the smart home market. Due to lockdowns in various countries across the world, people have started using online mode frequently. The demand for online channels has increased during the pandemic. Companies offer product setup and installation services that help users to buy products online without any hesitation. Moreover, third-party delivery providers have started undertaking extra precautions in order to encourage consumer to buy without reservations of getting infected. Thus, the online sales channel segment is expected to grow during the forecast period.

“North America to hold the largest share of smart home market throughout forecast period”

North America is expected to account for the largest share of the smart home market during the forecast period.  The factors driving the smart home market in the US include the high per capita income, the increasing demand for reliable home energy management systems, enhanced home security levels, improved device standards, and the growing popularity of integration of smart devices such as tablets, smartphones, and standalone voice assistants in homes are driving the growth of the North American smart home market. Furthermore, this region has a strong presence of some of the key players in the global smart home ecosystem, such as Honeywell (US), ADT (US), Control4 (US), Simpisafe (US), Comcast (US), Lutron (US), Vivint (US), Ooma (US), Simplisafe (US) and Crestron Electronics (US), which has led to availability of a wide range of smart home offerings at economical prices. Additionally, various grants from the US Government towards green energy projects are also driving the smart home market growth in this region.

Key players in the smart home market include Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these, Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), Lutron (US)  are among a few emerging companies in the  smart home market.

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