Good Residence Market to Attain $537.01 Billion by 2030 at a CAGR of 27.0%: Grand View Analysis, Inc.

SAN FRANCISCO, November 23, 2022 /PRNewswire/ — The size of the global smart home market is expected to be reached $537.01 billion by 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 in the coming years.

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Key industry insights and takeaways from the report:

  • The security and surveillance application accounted for the largest share of sales in 2021 with over 31.0%. This is due to the uptick in demand for smart home devices such as security cameras, intruder alarms and window sensor alarms that inform consumers of a potential security breach or threat.

  • The energy management application is expected to see a remarkable rate of growth due to the growing awareness of energy-efficient devices, coupled with the support of government agencies to implement smart grids and the deployment of smart electricity, gas and water meters.

  • During the pandemic, many consumers installed smart home devices for security reasons and to curb the spread of the virus. Many consumers around the world have adopted smart devices, including cleaning robots to conveniently keep their homes clean, innovative surveillance cameras and video doorbells to limit hand contact and for security.

  • The proliferation of smart digital assistants, including Google Assistant and Alexa, in homes for entertainment and easy communication has led to significant market growth.

Read 300-page full market research report, 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 – 2030″, published by Grand View Research.

Smart home market growth and trends

in the June 2020The UK government released plans to install smart meters in homes across the region to ensure consumers can continue to save on energy bills and carbon emissions once lockdown is eased. The increase in geriatric population is expected to significantly impact the market growth as the demand for smart devices to monitor and control their health and set reminders for medication and upcoming appointments increases.

The story goes on

Factors such as growing awareness of smart grids, increase in disposable income in emerging markets, advancements in consumer electronics industry and support of powerline communication are creating new growth avenues in the market. In both developed and developing economies, smart home devices offer remarkable potential in the industry.

The increasing use of IoT has led to faster implementation of smart home devices, including door locks, indicator lights, heaters, thermostats and others to streamline the management and control of household chores. Furthermore, the increasing interest in luxury lifestyle, especially in developing countries, is opportunistic for the growth of the market.

Smart home market segmentation

Grand View Research has segmented the global smart home market by application and region:

Smart Home Market – Application Outlook (Revenue, $Bn, 2018-2030)

  • security monitoring

  • lighting

  • entertainment

  • energy management

  • HVAC

  • Smart kitchen

  • At home Fitness & Wellness

Smart Home Market – Regional Outlook (Revenue, $Bn, 2018-2030)

  • North America

  • Europe

  • Asia Pacific

  • South America

  • middle East & Africa

List of Major Players in 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 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 increased the growth and penetration of smart home automation.

  • 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. In addition, the customization of smart home devices by professional installers has helped the expansion in the industry.

  • Smart Home Platform Market – It is expected to reach the 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. Improved experiences gained from the users due to the integration of smart home platforms are the key factor fueling the growth of the market.

  • 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 firm includes over 425 analysts and consultants who add more than 1200 market research reports to its extensive 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.

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SOURCE Grand View Research, Inc.

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