Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users) and Country
Europe Smart Home Market stood at US$ 7,828.7 million in 2017 and is expected to grow at a CAGR of XX.0% during the forecasted period 2018-2024. Smart home industry in Europe despite being at niche level portrays as the second prominent region in smart home landscape. The smart home industry in the region has witnessed its wide adoption in the past few years, especially in the countries such as Germany, UK, the Netherlands and France. Rapid digitization, high penetration of smartphones, growing need for energy consumption & emission, and rising concern for security & safety constitute as some of the major parameters catalysing the growth of European smart home market. Moreover, swelling aging population has also created ample room for smart revolution in healthcare sector thereby driving the Europe smart home market. However, the absence of education and knowledge among the consumers about smart devices, consumer’s concern regarding data security, complex installation paired with the high price of smart home appliances are some of the factors which are acting as some of the complex challenges that are hampering the growth of the smart home sector in Europe.
In spite of such challenges, the potential growth for telecom operators, insurance providers and the surge in ageing population at considerable rate are anticipated to attract global players to invest and come up with technologically advanced home appliances products in the respective regions. For instance, increasing investments and development of European companies along with presence of local players such as Hive, Tado and Netatmo offering smart home products, well suited as per consumer specifications, are further anticipated to propel the market. Undoubtedly, launch of Amazon Echo and Google Home have sparked a wave of adoption of smart devices in Europe as well. New technologies such as voice control and Artificial intelligence not only purpose to offer more convenience to its end users but have resulted in rising the consumer awareness to some extent.
“The Penetration of Security & Safety Application is estimated to dominate the market.”
Europe smart home industry can be segmented across different areas of application encompassing safety and security, lighting, HVAC, entertainment, smart appliances and energy management among others. At present, the penetration of security & safety application is estimated to dominate the market by occupying 24.2% market share in 2017 credited to rising demand for connected security devices
“Wireless technology is expected to grow at a higher CAGR during the analysed period.”
Based on technologies, the market is segmented into wired and wireless segments. The wireless technology dominates the market and is expected to maintain its dominance by 2024. However, wireless technology is expected to grow at a higher CAGR during the analysed period. The respective segment is classified into Wi-Fi, Bluetooth, ZigBee and Z-wave technologies wherein Wi-Fi smart home technology market was accounted at US$ 3,516.7 million in 2017
“Amongst end-users, residential end users occupied the lead share in regional smart home market.”
Residential and commercial sector are the major end-users of smart home devices. Residential segment being the largest adopter, followed by commercial segment. With the rapid advancement in technologies, changing lifestyles and rising disposable income of the consumers, mid-range apartments and houses are likely to rule the residential smart home market by 2024, followed by luxury villas and apartments. In addition, hospitals under commercial smart home segment conquered the market by occupying the highest share of 65% in 2017 and hotel segment would display the maximum CAGR of 29.8% over the forecast period.
“Germany holds the largest share in the technological market due to the presence of numerous giants in Smart Home domain.”
For a deep dive analysis of the industry, the study also includes country-level analysis including major markets in the specified region such as Germany, the UK, Netherlands, France, Norway, Switzerland, Denmark and the rest of Europe region. Germany holds the largest share in the technological market due to the presence of numerous giants such as Amazon Alexa along with the emergence of various start-ups in smart home domain. Increasing demand for smart devices and prevalence of business opportunities for Swedish smart grid companies in Germany, target to reduce energy consumption is driving the market. Further, high penetration of smartphone & internet have helped Germany to dominate the smart home market in the current scenario in Europe. Europe is expected to witness the highest growth during the analysed period owing to rising preference for energy, cost savings, security and convenience coupled with insurance companies tying insurance with smart home service.
Competitive Landscape-Top 12 Market Players
Some of the major players operating in the Europe smart home market include ABB Limited, ASSA ABLOY, Cisco Systems, Inc., Deutsche Telekom AG, Emerson Electric Co, General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, Schneider Electric S.E., Siemens AG and United Technologies Corporation. These companies have the ability to pool in investment from their other business to smart home market and come up with innovative products pertaining to the increasing demand for smart home appliances.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Energy Efficiency Directive In European Union
4. Industry Performance
5. Executive Summary
6. Market Overview
7. Market Insights, By Applications
8. Smart Home Market Insights, By Technology
9. Smart Home Market Insights, By End - Users
10. Smart Home Market Insights, By Region
11. Competitive Scenario
12. Company Profiles
Research Methodology for Europe Smart Home Technology Market
Analysing historical market, estimation of the current market and forecasting the future market for Europe smart home technology were the three major steps to create and analyse the overall adoption rate of smart home technology in the region. Exhaustive secondary research was done to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across value chain of the smart home technology in the region. After all the assumption, market sizing and validation of market numbers through primary interviews, top-down approach was employed to forecast the complete market size of smart home technology market at regional or country level scale. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the technology. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Europe Smart home technology market through company internal sources such as annual report & financial statements of top players, performance presentations, press releases, inventory records, sales figures etc. and external sources including trade journals, news & articles, government publications, economic data, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other creditable publications. For economic data collection, sources such as World Bank, IMF, Trading Economics, Trade Map, and UN Comtrade among others were used.
Step 2: Market Segmentation:
After obtaining historical market size of the overall Europe smart home market, detailed secondary analysis was done to gather historical market insights and share for different segments & sub-segments for the regional smart home technology. Major segments included in the report are technology, application, and end-users. Further analysis was also done for sub-segments of the major segments of regional smart home technology.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, detailed factor analysis was conducted to estimate the current market size of the smart home technology in Europe. Factor analysis was conducted using dependent and independent variable such as purchasing power, awareness rate, smartphone penetration, consumer behavior while purchasing smart devices, and satisfaction level of customers etc. Historical trends of the smart home technology and their year-on-year impact on the market size and share in
the recent past of different Europe countries such as Germany, United Kingdom, France, Netherlands, Norway, Switzerland, Denmark and Rest of Europe was analyzed. Demand and supply side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in major applications and markets, market shares of these players of Europe region. All the required percentage shares, splits, and market breakdowns were determined using the above mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including market dynamics such as drivers & trends, restraints, and opportunities. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast pertaining to 2024 for different segment and sub-segments in different country. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head etc.) in Europe countries. Primary research findings were summarized and statistical analysis was performed to prove the stated hypothesis. Input from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Europe
Market Engineering
Data triangulation technique was employed to complete the overall market engineering process and to arrive precise statistical numbers of each segment and sub-segment pertaining to the smart home technology market in Europe. Data was split into several segments & sub-segments and countries post studying various parameters and trends in the areas of safety & security, smart appliances, consumer appliances, lighting control systems, HVAC, home entertainment & energy management, wireless & wired technology and residential & commercial end-users
Main objective of the Smart Home Technology Market Study
The current & future market trends of the Europe smart home technology are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market not only at regional level but also at country level, providing a platform for the industrial participant to exploit the untapped market to benefit as first mover advantage. Other quantitative goal of the studies includes:
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