Dublin, July 18, 2022 (GLOBE NEWSWIRE) -- The "European Smart Home Market by Product (Lighting Controls, Security & Access Controls, HVAC Controls, Smart Speakers, Smart Kitchens, Home Appliances, Home Healthcare), Software & Service (Proactive, Behavioral) and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The European smart home market is projected to grow from USD 26.7 billion in 2022 to USD 41.2 billion by 2027; it is expected to grow at a CAGR of 9.0% from 2022 to 2027
Surging importance of home monitoring
Smart homes can perform intricate tasks such as automatically lighting up evacuation routes in the case of a fire alarm in addition to basic operations such as turning off lights, dimming lights, and shutting curtains.
Connectivity has become a high-end novelty in a variety of household equipment, including security cameras and utility or smart meters, which record the consumption of electric energy and communicate information to the user and thermostats. In the coming years, connectivity is anticipated to become a more prevalent trend, where connectivity will become an incorporated standard in practically every household gadget and equipment.
A smart home, also known as a connected or an automated home, is defined as a dwelling unit where partial or all functionalities can be controlled remotely or manually with the integration of required electronic devices and specialized software. Security and access control; energy management; and heating, ventilation, and air conditioning (HVAC) control are a few of the popular functions of a smart home. A smart home ecosystem envelops offerings such as electronic devices, software, and communication media.
Increasing number of manufacturers expanding their smart home product portfolios
The smart home industry's value chain includes a significant number of component, device, and system manufacturers across the world. There are also a large number of software algorithms and service suppliers in the business. Samsung SmartThings, Amazon Echo, Google Home, and Apple HomeKit are just a handful of the smart home product breakthroughs announced recently by industry giants.
Homeowners have begun to use home automation systems on a broad scale due to the benefits they provide, which primarily include convenience, energy efficiency, and cost savings. With the high penetration rate of lighting controls (such as dimmers, timers, and occupancy sensors), HVAC controls (such as smart thermostats, sensors, and control valves), and security and access products (such as security cameras and smart locks) in Europe, smart home product manufacturers are expanding their product portfolios to cater to different application areas within a household, such as electrical energy conservation, water conservation, and security.
Germany to grow at a fastest rate in the forecast period
Smart home products have a high adoption rate in Germany. According to a survey conducted by the German industry group Bitkom, 41% of all Germans had at least one smart home device installed in 2021. Ease, convenience, and comfort were the primary motivators for purchasing smart home goods, as cited by 78% of respondents, while 69% wanted to make their homes safer. Energy efficiency was rated as a high purchase criterion by 62% of respondents.
There have been several initiatives from the government and industry to make energy efficient, which will drive the adoption of smart home products and services.
For example, the German Federal Ministry of Economic Affairs and Energy in February 2022 created the "Smart Energy Showcases - Digital Agenda for the Energy Transition" grant initiative. The purpose of this initiative is to include market participants from all points along the value chain as well as to install and test forward-thinking energy systems.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Internet Access in European Region
5.2.1.2 Rising Need for Energy Saving and Low-Carbon Emission-Oriented Solutions
5.2.1.3 Increasing Number of Manufacturers Expanding Their Smart Home Product Portfolios
5.2.1.4 Ongoing Proliferation of Smartphones
5.2.1.5 Surging Importance of Home Monitoring
5.2.1.6 Increasing Safety, Security, and Convenience Offered by Smart Home Products
5.2.2 Restraints
5.2.2.1 High Switching Costs for Existing Smart Device Consumers
5.2.2.2 Smart Home Products are Adopted for Convenience Rather Than for Necessity
5.2.2.3 High Up-Front Costs
5.2.2.4 Complexities and Glitches in Setting Up Smart Homes
5.2.3 Opportunities
5.2.3.1 Favorable Government Regulations
5.2.3.2 Expected Incorporation of Lighting Controllers with In-Built Data Connectivity Technology
5.2.3.3 Use of Smart Home Products for Geriatric Applications
5.2.4 Challenges
5.2.4.1 Linking Disparate Systems, Limited Functionalities, and Lack of Open Standards
5.2.4.2 Cybersecurity Concerns of Smart Homes
5.2.4.3 Difficulty in Installing Smart Home Products in Existing Homes and New Constructions
5.2.4.4 Compatibility Issues of Smart Home Products
5.3 Trends/Disruptions Impacting Customers' Businesses
5.4 European Smart Home: Ecosystem
5.5 Technology Analysis
5.5.1 Internet of Things
5.5.2 Artificial Intelligence
5.5.3 Cloud Connectivity
5.5.4 Robotics and Automation
5.5.5 5G Technology
5.6 Value Chain Analysis
5.6.1 Planning and Revising Funds
5.6.2 Research & Development
5.6.3 Manufacturing
5.6.4 Assembly, Distribution, and After-Sales Services
5.7 Patent Analysis
5.8 Regulatory Landscape
5.8.1 Standards
5.8.2 Regulations
5.9 Trade Data
5.9.1 Export Data
5.9.2 Import Data
5.10 Case Study Analysis
5.10.1 Johnson Controls' Energy Saving Solutions for Morgan Stanley UK Office
5.10.2 Smart Homes for Geriatric Population in Italy
5.10.3 Installation of Building Automation Systems in Catania Airport
5.10.4 Siemens' Integrated Solutions to Reduce Energy Consumption of Louis Vuitton Museum, Paris
5.10.5 Honeywell's Video Monitoring Solutions for Ireland's Tallest Building
5.11 Key Conferences & Events in 2022-2023
5.12 Porter's Five Forces Analysis
5.12.1 Intensity of Competitive Rivalry
5.12.2 Bargaining Power of Suppliers
5.12.3 Threat of New Entrants
5.12.4 Threat of Substitutes
5.12.5 Bargaining Power of Buyers
5.13 Key Stakeholders & Buying Criteria
5.13.1 Key Stakeholders in Buying Process
5.13.2 Buying Criteria
5.14 Average Selling Price of Various Devices/Appliances Considered in European Smart Home Market
6 European Smart Home Market, by Technology & Protocol
6.1 Introduction
6.2 Cellular Network Technologies
6.2.1 Cdma Networks
6.2.2 Gsm/Hspa Networks
6.2.3 Lte Networks
6.2.4 5G
6.3 Protocols & Standards
6.3.1 Dali
6.3.2 Nema
6.3.3 Knx
6.3.4 Dmx
6.3.5 Lonworks
6.3.6 Ethernet
6.3.7 Modbus
6.3.8 Bacnet
6.3.9 Black Box
6.3.10 plc
6.3.11 Dotdot
6.3.12 Matter
6.4 Wireless Communication Technologies
6.4.1 Zigbee
6.4.2 Z-Wave
6.4.3 Wi-Fi
6.4.4 Bluetooth
6.4.5 Enocean
6.4.6 Thread
6.4.7 Infrared
7 European Smart Home Market, by Product
7.1 Introduction
7.2 Lighting Controls
7.3 Security & Access Controls
7.4 Products Covered Under Security & Access Controls
7.5 HVAC Controls
7.6 Entertainment & Other Controls
7.7 Smart Speakers
7.8 Home Healthcare
7.9 Smart Kitchens
7.10 Home Appliances
7.11 Smart Furniture
8 European Smart Home Market, by Software & Service
8.1 Introduction
8.2 Behavioral
8.2.1 Behavioral Software & Services Segment to Hold Larger Market Share During Forecast Period
8.3 Proactive
8.3.1 Proactive Software & Services Segment to Register Higher CAGR During Forecast Period
9 European Smart Home Market, by Sales Channel
9.1 Introduction
9.2 Direct Sales Channel
9.2.1 Direct Sales Channels are Used by Well-Established Players as Well as Other Small Players and Start-Ups Equally
9.3 Indirect Sales Channel
9.3.1 Indirect Sales Channels Involve Using Third-Party Service Providers to Sell Products Rather Than Manufacturers Selling Products Directly
10 Geographic Analysis
10.1 Introduction
10.2 Regulatory Framework
10.3 UK
10.3.1 UK to Lead Smart Home Market in Europe
10.3.2 Demand for Energy-Saving and Long-Lasting Lighting Systems to Drive Smart Home Market in UK
10.3.3 Decline in Cost of Broadband Services and Increasing Adoption of Cloud and IoT Infrastructure
10.4 Germany
10.4.1 Rising Demand for Smart Lighting Solutions in Homes is Driving Market
10.4.2 Increasing Penetration of Led Lights and Luminaries
10.4.3 Government Policies Regarding Energy Consumption to Propel Adoption of Smart Home Products
10.5 France
10.5.1 Rising Demand for Security & Access Controls Leading to Market Growth
10.5.2 Increasing Awareness of Energy Conservation
10.5.3 Rising Adoption of Smart Lights is Increasing Demand for Smart Home Products
10.6 Italy
10.6.1 Government Support for Energy Efficiency to Drive Adoption of Smart Home Products
10.6.2 High Demand for Smart Lighting in Smart Homes
10.7 Rest of Europe
11 Competitive Landscape
11.1 Overview
11.2 Key Player Strategies/Right to Win
11.2.1 Product Portfolio
11.2.2 Regional Focus
11.2.3 Manufacturing Footprint
11.2.4 Organic/Inorganic Growth Strategies
11.3 Market Share Analysis: European Smart Home Market, 2021
11.4 5-Year Company Revenue Analysis
11.5 Company Evaluation Quadrant
11.5.1 Star
11.5.2 Emerging Leader
11.5.3 Pervasive
11.5.4 Participant
11.5.5 Company Footprint
11.6 Start-Up/Sme Evaluation Matrix
11.6.1 Progressive Company
11.6.2 Responsive Company
11.6.3 Dynamic Company
11.6.4 Starting Block
11.7 Competitive Situations and Trends
11.7.1 Product Launches
11.7.2 Deals
11.7.3 Others
12 Company Profiles
12.1 Introduction
12.2 Key Players
12.2.1 Siemens
12.2.2 Johnson Controls
12.2.3 Schneider Electric
12.2.4 Assa Abloy
12.2.5 Resideo
12.2.6 Amazon
12.2.7 Honeywell
12.2.8 Apple
12.2.9 Robert Bosch
12.2.10 Abb
12.3 Other Players
12.3.1 Samsung Electronics
12.3.2 Sony
12.3.3 Ingersoll Rand
12.3.4 Delta Controls
12.3.5 Snap One
12.3.6 Axis Communications
12.3.7 Comcast
12.3.8 Alarm.Com
12.3.9 Vivint
12.3.10 Simplisafe
12.3.11 General Electric
12.3.12 Lutron Electronics
12.3.13 Legrand
12.3.14 Lg Electronics
13 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/50ou0d
Attachment