PUBLISHER: Allied Market Research | PRODUCT CODE: 1097741
PUBLISHER: Allied Market Research | PRODUCT CODE: 1097741
The global smart homes, buildings (energy efficient, automated) market was valued at $32.0 billion in 2020, and is projected to reach $78.2 billion by 2030, growing at a CAGR of 9.4% from 2021 to 2030. Smart home is a home in which appliances such as lighting, climate, and entertainment systems are monitored remotely. It may also include home security such as access control and alarm systems. In addition, it provides innovative, energy-efficient, and future-oriented automation solutions. Moreover, any device in homes that use electricity can be put on home network with an individual command. The command can access by voice, remote control, tablet, or smartphone. Furthermore, increase in importance to counter security issues is anticipated to fuel demand for smart and connected homes during the forecast period. Moreover, innovative wireless technologies, including security and access regulators, entertainment controls, and HVAC controllers are expected to foster the market growth. Furthermore, smart home devices are connected with each other and can be accessed through one central point-a smartphone, tablet, laptop, or game console. Door locks, televisions, thermostats, home monitors, cameras, lights, and even appliances such as refrigerator can be controlled through one home automation system.
Energy efficiency has become the need of the hour as the global energy cost is increasing, owing to ever-growing demand and environmental concerns of greenhouse gas (GHG) emission. The construction business is embracing the energy efficiency trend and using building automation system to meet the growing demand for energy efficiency in smart homes and buildings. However, there are some factors such as high upfront cost and lack of standards and interoperability which are expected to act as restraints for the market growth.
The global smart homes, buildings (energy efficient, automated) market is segmented on the basis of application, technology, end use, and region. By application, it is classified as energy management, lighting control, HVAC, safety & security, home healthcare, and child safety. By technology, it is categorized into Bluetooth, Zigbee, RFID, and Wi-Fi. By end use, it is categorized into residential, commercial, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players profiled in this report include Cisco Systems, Inc., Control4 Corporation, Leviton MFG. Company Inc., Schneider Electric SA, Siemens Building Technologies, United Technologies Corporation, Honeywell Scanning & Mobility, Smarthome, Inc., Emerson Electric Co., and LG Electronics Inc.
IMPACT OF COVID-19 ON THE GLOBAL SMART HOMES, BUILDINGS (ENERGY EFFICIENT, AUTOMATED) MARKET
The COVID-19 pandemic has had a significant impact on the construction sector. COVID-19 outbreak have severely disrupted the economy, with devastating effects on global trade and it has simultaneously affected households, businesses, financial institution, industrial establishments, and infrastructure companies. The economic crisis caused by the virus has hit many organizations around the world. Similarly, construction and engineering projects around the world have been jeopardized in various ways by the COVID-19 pandemic and many projects have been closed. As a result, there has been a financial recession in the construction industry in almost all countries and has created unemployment. This situation has caused great concern, uncertainty, and unrest in the construction industry. In addition, the smart homes & buildings sector is a segregated part of construction, however, negative impact on construction shows negative result on smart homes, buildings (energy efficient, automated) market.
Sales of smart homes, buildings (energy efficient, automated) gadgets is directly proportional to the sales of electronic gadgets. Disrupted import & export activities led to decline in production of such gadgets, which, in turn, led to decline in growth of the smart homes, buildings (energy efficient, automated) market.
Key Benefits For Stakeholders
By Application
By Technology
By End Use
By Region