2014-03-31 01:28:02 - Smart Homes Market: Analysis & Global Forecast 2013-2020 - a new market research report on companiesandmarkets.com
The total market for the Global smart homes market will be worth $51.77 billion by 2020 at an estimated CAGR of 17.74%. Smart homes refers to a residence equipped with computing and information technology devices that anticipate and respond to the needs of the residents; thus, working towards enhancing their comfort, convenience, security, and entertainment through the upgradation of technology within the home.
The concept of smart homes has been in picture since a long time; such homes have always been a dream of homeowners and, presently, a lot of developments and regulatory initiatives are taking place with regards to the same.
North America, currently, leads the market share as this region has the maximum adoption. APAC is the emerging market for
smart homes and has the highest growth rate amongst all the geographic regions. It is estimated that the APAC market will increase at a CAGR of 19.81% from 2013 to 2020.
The major drivers for the smart homes market include energy saving, increasing ageing population, regulatory initiatives by governments, and more. The introduction of smart meters to conserve energy is another growth opportunity for the smart homes market. Also, the smart electronic devices such as washing machine, refrigerators, air-conditioner, vacuum cleaner, smart TV, and the likes are going to drive the market. Moreover, major restraints like lack of standardization and high initial costs and their impact analysis are also covered under this report.
The major players in this industry are Siemens AG (Germany), Schneider Electric S.A. (France), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), Tyco International Ltd. (Switzerland), Emerson Electric Co. (U.S.), Legrand S.A. (France), Crestron Electronics, Inc. (U.S.) , Lutron Electronics, Inc. (U.S.), Control4 Corporation (US), and more.
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