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(IT-NEWSWIRE.COM, March 12, 2020 ) The European smart home market is expected to grow from USD 22.8 billion in 2018 to USD 44.0 billion by 2024 at a CAGR of 11.6%. The growth of the market is driven by factors such as growing number of internet users and increasing adoption of smart devices in Europe; increasing awareness about fitness; increasing importance of home monitoring in remote locations; rising need for energy-saving and low carbon emission-oriented solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; large number of manufacturers expanding their European smart home market product portfolios; and growing concern about safety, security, and convenience among people.
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Driver: Rising need for energy–saving and low carbon emission-oriented solutions
Energy saving is one of the factors that would propel the growth of the smart homes market in Europe during the forecast period. Lighting controllers have an edge over conventional lighting and switching systems. They can automatically switch off lights when not needed and help save power. Key advantage of dimming systems is that they adjust the intensity of light according to the requirements, which lead to a reduction in energy consumption, electricity cost, and emission of greenhouse gases. Devices such as smart meters reduce power consumption by up to 5%. On the other hand, governments across Europe are taking initiatives to curb emissions. Demand for smart home products is increasing and is likely to remain high in future as well owing to the growing concern related to excess energy consumption and high carbon emission in European smart home market.
The UK held the largest share of the European smart home market in 2018
The UK held the largest share in the European smart home market owing to the rising number of new residential projects and the increasing initiatives to strengthen the building infrastructure. There is a considerable demand for smart homes in the UK. Currently, the UK is considered a huge market for smart home systems owing to the high demand for various control devices pertaining to lighting control and other controls in the country. The presence of a huge end-user base and the growing demand for energy management systems are also expected to fuel the growth of the smart home market in this country.
The European smart home market is currently dominated by Johnson Controls International (Ireland), Siemens AG (Germany), Schneider Electric (France), United Technologies Corporation (US), and Honeywell International, Inc. (US). A few of the major strategies adopted by these players to compete in the European smart home market include product launches and development, partnerships, and mergers and acquisitions.
Other players operating in the European smart home market are Amazon, Inc. (US), Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany), ASSA ABLOY (Sweden), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand S.A. (France), GE (US), Comcast Corp. (US), among others. These players have adopted product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the European smart home market.
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