SAN FRANCISCO, June 14, 2022 /PRNewswire/ — The size of the global smart home market is expected to be reached $537.01 billion to 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 27.0% from 2022 to 2030 during the forecast period.
Key takeaways and takeaways from the report:
- The security and surveillance applications segment dominated the world market and had the highest share of sales at around 31.0%. This is due to the increasing demand for smart home devices such as intruder alarms, window detectors, and security cameras that notify users of a potential threat or security breach.
- The Energy Management segment is expected to see significant growth due to increasing awareness of energy efficient devices combined with support from regulators for smart grid development and installation of smart electricity, water and gas meters.
- During the pandemic, many customers have adopted smart home gadgets for health safety reasons and to curb the spread of the virus. Consumers used smart devices like cleaning robots to keep the house clean, video doorbells to reduce hand contact, and innovative surveillance cameras for security purposes.
- The proliferation of smart digital assistants like Alexa and Google Assistant in homes for easy communication and entertainment has led to significant market growth.
Read the 300-page Smart Home Market Size, Share & Trends Analysis Report By Application (Security & Surveillance, Lighting, Entertainment, Energy Management, HVAC, Smart Kitchen, Home Fitness & Wellness), By Region And Segment Forecasts, 2022 market research report – 2030”, published by Grand View Research.
Smart home market growth and trends
The improved regulatory initiatives by governments for the use of smart home devices for energy saving encourage people to adopt these products, thereby having a significant impact on the market growth.
For example in June 2020The UK government released new plans to deploy smart meters in homes across the region to ensure consumers can continue to save money on their energy bills and carbon emissions once the lockdown caused by the coronavirus pandemic is lifted. The growing elderly population is expected to significantly impact the smart home market growth as the demand for smart devices to monitor and control their health and reminders for their medication and doctor appointments increases.
Increasing awareness of smart grids, higher personal income in developing countries, power line communication support and the rise of the consumer electronics industry are factors that are likely to positively impact market growth. In both developed and developing countries, smart home devices offer significant potential for the entire smart home industry.
The increasing adoption of IoT has led to faster deployment of smart devices such as pilot lights, thermostats, heaters, door locks and others to streamline the control and management of basic household chores. In addition, the growing need for a luxurious lifestyle in developing countries due to increased disposable income and consumers’ preference for energy-efficient appliances is driving the market growth.
Smart home market segmentation
Grand View Research has segmented the global smart home market by application and region:
Smart Home Applications Outlook (Revenue, $Bn, 2018 – 2030)
- security monitoring
- energy management
- Smart kitchen
- At home Fitness & Wellness
Smart Home Regional Outlook (Revenue, $Bn, 2018-2030)
- North America
- Asia Pacific
- South Korea
- South America
- middle East & Africa
List of major players of smart home market
- Honeywell International Inc.
- LG Electronics, Inc.
- Lutron Electronics Co., Inc.
- Google nest
- NETGEAR Inc.
- Ring LLC
- Robert Bosch GMBH
- Samsung Electronics Co.,Ltd.
- Schneider Electric SE
- Philips Lighting BV
Check out other related studies published by Grand View Research:
- Smart Home Services Market – The global smart home services market size is estimated to be reached $11.7 billion to 2028 and is expected to grow at a CAGR of 11.2% from 2022 to 2028, according to a new report by Grand View Research, Inc.
- Smart Home Platform Market – Expected to reach global smart home platform market size $60.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to grow at a CAGR of 16.9% from 2022 to 2028. Enhanced experiences gained from users due to smart home platform integration are the key factor fueling the growth of the market.
- Smart Home Automation Market – Expected to reach global Smart Home Automation market size $130.0 billion by 2025, according to a new report from Grand View Research, Inc. Growing demand for the convenience of remote and real-time control of smart home automation systems has fueled the growth and penetration of smart home automation.
Browse Grand View Research’s next generation technology industry research reports.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, offers both syndicated and custom research reports and consulting services. Registered in California and headquarters in san francisco, the company includes over 425 analysts and consultants who add more than 1200 market research reports to its vast database each year. These reports provide in-depth analysis of 46 industries across 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.
Corporate Sales Specialist, United States of America
Grand View Research, Inc.
Toll Free: 1-888-202-9519
E-mail: [email protected]
Grand View Compass | Astra ESG solutions
Follow us: LinkedIn | Twitter
SOURCE Grand View Research, Inc.