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Europe smart home market

EUROPE SMART HOME TECHNOLOGY MARKET TO ATTAIN MARKET VALUE OF USD 41,163 MILLION BY 2024, GROWING AT AN ASTONISHING CAGR OF 27.3% DURING THE FORECASTED PERIOD 2018-2024

Europe smart home market is anticipated to reach the market valuation of US$ 41,163 Million by 2024 expanding at an exponential CAGR of 27.3% in the course of forecast period (2018-2024) from US$ 7,828.7 Million in 2017 on account of rapid digitization, high penetration of smartphones, growing need for energy consumption & emission, and security &  safety. Increasing requirement for comfort & convenience along with proliferation of internet of things have  considerably surged the demand for smart home devices ranging from energy efficient solutions, home entertainment devices, lighting control systems, security devices and various other smart appliances Moreover, swelling aging population has also created ample room for smart revolution in healthcare sector thereby driving the Europe smart home market further driving the smart home devices adoption rate. Wi-Fi and Bluetooth have become popular wireless connections to operate the smart home via smart devices. The benefits of smart home technology can also be witnessed extensively among various end users wherein adoption of the smart devices has been the game changer for the residential and commercial end users. Hence, in 2017, HVAC smart devices held major share in the regional smart home market. The segment is anticipated to bring in earnings of US$ 10,290.8 Million by 2024.

Under wireless technology, Wi-Fi is projected to enjoy the swiftest expansion throughout the reviewed period of time accredited to drastic surge in technological advancements in terms of cloud computing, BYOD and artificial intelligence. Moreover, robust security, reliable connectivity and other parameters have further influenced the embracement of wireless technology among the smart device consumers. Moreover, mid-range house apartments, is expected to dominate residential smart home technology market during the forecasted period, due to rapid adoption of smart devices among home owners and renters owing to the benefits that smart devices offer. In addition, disruption is constantly occurring as smart home technology is gaining prominence among hospitality sector. Smart home technology is an innovative approach among hotels as well as hospitals to deliver its convenient services over the network.

Growing recognition of operational benefits offered by smart home devices has resulted in robust growth potential of the respective model. Usage of smart home services has significantly benefited the organizations and enterprises in terms of cost efficiency, energy management along with encouraging information technology. Rising demand for energy saving solutions has dramatically fostered the smart home technology at regional scale. Furthermore, evolution of European smart home management offerings from telecom operators such as Deutsche Telekom AG and Swisscom have also influenced the growth of smart home technology in European region. Entrance of other telecommunication companies such as Vodafone, and British Telecom in smart home landscape along with growing range of smart home devices and enhanced ability of non-connected home equipment vendors are also expected to flourish the market potential in the region.

Unique variations of Europe smart home technology is branched extensively into applications, technology type and end users. Determined by application type, regional smart home technology market is bifurcated into safety & security systems, smart appliances, home entertainment, HVAC, lighting & control systems and energy management systems. By 2024, HVAC segment is anticipated to command this market. The segment is projected to register optimistic CAGR of 27.6% over the forecast period.  At the same time, Wi Fi, Bluetooth, ZigBee and Z- Wave are the significant wireless services of wireless technology available in the market. Wi Fi is anticipated to witness rapid adoption and Bluetooth is predicted to enjoy the maximum CAGR of 28% throughout the forecast period. Moreover, ethernet wired technology are projected to display remarkable CAGR of 27.7% over the forecast period.  Additionally, smart home technology is segmented based on end users in various residential and commercial buildings ranging from luxury homes, mid-range apartments, assisted home, low energy homes, hotels, hospitals and other commercial buildings. Mid-range apartments segment held the major market share in residential smart home technology domain. While assisted homes and low energy homes are anticipated to showcase the maximum CAGR of 28.6% and 28.3% respectively during the forecast period.

Additionally, for better investigation and penetration of smart home technology, the report bifurcates the respective market into distinct countries of Europe such as Germany, The United Kingdom, The Netherlands, France, Norway, Switzerland, Denmark and the rest of Europe. In 2017, Germany was one of the lucrative and the largest countries  attributed to technological advancements, rapid digitization, surging smartphone penetration and growing preference for energy saving and cost efficiency.  Germany energy transition plan has started focusing on system integration of renewable energy. Moreover, The United Kingdom, The Netherlands, France and Denmark are also poised to register drastic advancement in smart home technology throughout the forecast time period.  This is owing to energy efficiency strategies adopted by government, rapid smartphone penetration, growing adoption of smart devices on account of rising demand for comfort and energy saving solutions. 

Some of the major companies profiled in the Europe smart home market are Haier Electronics, ABB Ltd, Acuity Brands Inc., AMX LLC, ASSA ABLOY, Cisco Systems, Inc., Control4 Corporation, Creston Electronics Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Honeywell International Inc., IBM Corporation, LG Electronics, Monitronics International Inc., Schneider Electric S.E., Siemens AG, Smarthome Inc., United Technologies Corporation and Vivint Inc. The players consistently aim to focus on product development, launching new products and enhancing their existing portfolios to expand their customer base and strengthen their market position through partnerships and collaborations which further offers them growth opportunities for geographic expansion in smart home domain. 

Market Segmentation

Market Insight by Application

  • Safety and Security Systems
  • Smart Appliances
  • HVAC
  • Home Entertainment
  • Lighting Systems
  • Energy Management

Market Insights by Technology

  • Wireless Technology
  • Wired Technology

Wireless Technology Market Insight by Technology Type

  • Wi-Fi
  • Bluetooth
  • Zigbee
  • Z- Wave

Wired Technology Market Insight by Technology Type

  • Ethernet
  • Power Line Communication
  • Fiber Optics

Market Insights by End Users

  • Residential End-users
  • Commercial End-users

Residential End Users by Type of Residential Buildings

  • Luxury Villas
  • Luxury Apartments
  • Mid-range Houses/ Apartments
  • Assisted Homes
  • Low Energy Homes

Commercial End Users by Type of Commercial Buildings

  • Luxury Villas
  • Luxury Apartments
  • Mid-range Houses/ Apartments
  • Assisted Homes
  • Low Energy Homes

Market Insight by Country

  • Germany Smart Home Market Insight
  • United Kingdom Smart Home Market
  • Netherlands Smart Home Market
  • France Smart Home Market
  • Norway Smart Home Market
  • Switzerland Smart Home Market
  • Denmark Smart Home Market
  • Rest of Europe Smart Home Market

Top Companies Profiled

  • Haier Electronics
  • ABB Ltd
  • Acuity Brands Inc.
  •  AMX LLC
  • ASSA ABLOY
  • Cisco Systems, Inc.
  • Control4 Corporation
  • Creston Electronics Inc.
  • Deutsche Telekom AG
  • Emerson Electric Co.
  • General Electric Company
  • Honeywell International Inc.
  • IBM Corporation
  • LG Electronics
  • Monitronics International Inc.
  • Schneider Electric S.E.
  • Siemens AG
  • Smarthome Inc.
  • United Technologies Corporation
  • Vivint Inc.

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