As per current published report by Markntel Advisors the Smart Home Market is estimated to grow at a CAGR of around 23.8% during the forecast period, i.e., 2023-28.
A detailed discussion of industry behavior is presented. It will assist companies and other stakeholders in making decisions that assure strong earnings in the upcoming years, and also describes the future trend. In order to assist readers in making defensible choices on market projects, this research will offer a useful summary of the market and its dynamic environment. The growth prospects that will enable the market to extend its operations in current markets will be the main focus of this analysis.
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Key Driver: Rising Need for Energy Efficiency to Reduce Running Costs
With alarming levels of carbon emissions as a result of rising warming, energy efficiency is a crucial aspect of any country’s development. As smart Home account for a considerable portion of the world’s total energy consumption, the mounting consumer need for enhanced energy savings & minimized living costs is the prime aspect projected to drive the market during 2023-28. Additionally, the rising number of smart buildings owing to rapid urbanization, the increasing penetration of smartphones & the internet, growing adoption of intelligent technologies in Home, such as video doorbells, voice-assistants (Alexa and Google Home), & surveillance systems, among others, are also projected to fuel the market growth through 2028.
The Smart Home Market has segmented the market into the following categories:
Based on Technology
– Cellular Network Technologies
– Protocols and Standards
– Wireless Communication Technologies
Based on Software & Service
– Behavioral
– Proactive
Based on Product Type
– Entertainment Controls
— Audio, Volume and Multimedia Room Controls
— Home Theater System Control
— Touchscreen and Keypads
– Security & Access Control
— Video Surveillance
— Hardware
— Software
— Services
— Access Control
— Non-Biometric Access Control
— Biometric Access Control
– HVAC Control
— Smart Thermostats
— Sensors
— Actuators
— Dampers
— Control Valves
— Heating and Cooling Coils
— Pumps & Fans
— Smart Vents
– Smart Home Appliances
— Smart Washer
— Smart Dryers
— Smart Water Heaters
— Smart Vacuum Cleaners
– Smart Kitchen
— Smart Dishwashers
— Smart Refrigerators
— Smart Cookers
— Smart Ovens
— Smart Coffee Makers
— Smart Kettles
– Smart Lighting Control
— Dimmers
— Switches
— Relays
— Daylight Sensors
— Timers
— Others
– Smart Furniture
— Smart Tables
— Smart Stools and Benches
— Smart Sofas
— Smart Chairs
— Smart Desks
– Others (Smart Plugs, Smoke Detectors, Smart Meters)
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-By Region
– North America
– South America
– Europe
– Middle East & Africa
– Asia-Pacific
Competitive Environment Featuring Key Players:
ABB Ltd., AMX, Johnson Controls, United Technologies Corporation, Emerson Electronics Co., Honeywell, Ingersoll-Rand PLC, Legrand S.A., Lutron Electronics, Inc., Schneider Electric S.A., Siemen AG, Tyco International Ltd., Robert Bosch GmbH, Siemens, Samsung.
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-A geographical analysis that shows how the product or service is used in each area and what factors are influencing the market in that particular area
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-The present and projected market outlook in light of recent changes, which include growth prospects and drivers as well as obstacles and constraints in both developed and emerging regions
-Using Porter’s Five Forces approach, provides a thorough examination of the market from a variety of angles.
-Uses the value chain to offer market intelligence.
-The state of the market dynamics and potential for future market expansion
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