Market Research Report
Europe Smart Homes Technology Market: Insights and Forecast, 2019-2025: Emphasis on Application, Technology, End-Users
|Published by||UnivDatos Market Insights Pvt Ltd||Product code||801140|
|Published||Content info||207 Pages
Delivery time: 1-2 business days
|Europe Smart Homes Technology Market: Insights and Forecast, 2019-2025: Emphasis on Application, Technology, End-Users|
|Published: August 1, 2019||Content info: 207 Pages||
Europe smart home market is segmented based on applications, technology and end users. Applications (security & safety, smart appliances, home entertainment, lighting &control, HVAC, energy management), technology (wired and wireless technology) and end users (residential and commercial) are the major focus areas considered while analyzing and defining the penetration of smart home technology in different geographies across Europe. In 2018, safety and security systems dominated the regional smart home market with the maximum share in terms of revenue. Based on the estimation, the segment occupied around 22.8% share in the same year. Increasing demand for security & safety devices, rising penetration of security vendors in Europe such as Verisure & Securitas Direct and Tyco International building substantial monitoring revenue base throughout Europe would help the respective segment to grow at a faster rate of 25.4% during the forecast period (2019-2025). This will invigorate the region at matured stage in smart home technology landscape.
The proliferation and smartening of IoT devices have remarkably scaled up the potential for the industry. Significant amount of data or information can be stored, collected, analyzed and transmitted leading to the saving of substantial amount of money by numerous companies. Hence, in 2018, wireless smart technology held a prominent share of 84.2%, followed by wired technology which held 15.8% during the same year. Wireless market in Europe smart home technology was valued at US$ 8,143.6 Million in 2018 and is projected to derive US$ 41,664.3 Million revenues by 2025 witnessing an astonishing CAGR of 26.7% during the forecast period. The same year, the wired connection also garnered US$ 1,530.4 Million of revenues and is projected to reach US$ 9,009.9 Million by 2025 showcasing remarkable compound growth of 29.2% over the forecast period. Ethernet wired connection occupied the largest share in the respective technology.
Based on the end users, the Europe smart home market is segmented into residential and commercial end users. In 2018, smart home technology was more applicable among residential end users. The segment dominated the smart home market at regional scale and is expected to maintain its dominance throughout the analyzed period. Furthermore, depending on residential end users and type, the market is further classified into luxury homes, mid-range apartments, assisted homes and low energy homes. In 2018, the mid-range apartments occupied the largest share followed by luxury apartments and luxury villas in the regional smart home market. Surging investments by major tech giants and venture capitalists to bring in innovation within smart home domain has tremendously contributed towards the growth prospects of smart home technology in the region. Moreover, benefits of smart home technology can also be witnessed among commercial end users such as hotels, hospitals and other commercial buildings. In the smart home industry, technological breakthroughs have been successful in bringing about new shapes to the industry. Smart home technology application was majorly prominent among hospitals. Based on the estimation, the respective segment is projected to generate a revenue of US$ 8,627.9 Million by 2024 displaying tremendous CAGR of 27.9% during the forecast period in the smart home market at regional scale. Moreover, strong competitiveness, flourishing IoT, spur in product development, research & development activities, dramatic uptake of technological advancements, growing scope of smart health solutions & ageing population, investments by major peers, spur in smartphone penetration and rising preference for energy management systems and favorable government policies have significantly contributed in prospering the market size of Europe smart home market at large scale. However, low level of awareness among consumers about smart home devices, concerns regarding privacy & hacking, high cost involved in complex installation and high prices of smart home devices need to be addressed to experience the never-ending growth of smart home market.
Also, for better understanding of regional smart home market penetration, the market has been analyzed as per different countries such as Germany, the UK, France, and Norway, the Netherlands, Switzerland, Denmark and the rest of Europe. Based on the estimation, Germany was accounted for the highest revenue share in 2018. Positive impact on businesses of smart device manufacturers such as HVAC and numerous established players and startups earmarking their footprint in smart appliances domain ranging from remote controlled heating appliances and growing interest for energy saving applications such as thermostats and booming concept of Internet of Things have bolstered the growth of Europe smart home technology market. Numerous companies have forayed in the European smart home technology market that offers smart devices in different applications such as smart speaker, security systems, smart TVs, LEDs and switches, kitchen ware appliances and other devices. With an objective to enhance their product portfolio, the major market players have entered into various acquisitions and collaborations. Major players in this market comprise ABB Ltd, Assa Abbloy, Cisco Systems Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, Schneider Electric S.E., and Siemens AG and United Technologies Corporation and others.