MarketsandMarkets
Wilmington, Del- Smart homes incorporate automated controls in retrofit homes to facilitate minimal manual effort in domestic chores; thus improving convenience and overall lifestyle, especially for the elderly and disabled. Different integrating products and common technology is used for communication between the devices. The European (retrofit) smart homes and assisted living market is a niche market with a significant growth potential, driven primarily by the increase in the ageing population (65 years-80 years) in the European Union. UK, Germany, and the Scandinavian countries are expected to dominate the market due to the tendency of the aged to live separately from their children and ready acceptance of the smart homes concept in these countries.
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Almost a quarter of the E.U. population is expected to be of age 65 years and above by 2035. The European Commission has thus begun underlining the need to use new information and communication technologies (ICT) to enhance the quality of life for the elderly by providing them ICT-enabled ambient assisted living options through the new-age concept of automated or smart homes. The integration of this population segment in today’s information society would also bring socio-economic benefits, as the elderly in the EU have substantial accumulated wealth and spending power.
The European smart homes and assisted living market is expected to reach a size €152.2 million ($195.9 million) in 2014, at a CAGR of 11.1% from 2009 to 2014. Security controls form one of the most important products used in (retrofit) smart homes; and are expected to command a significant market size of €65.9 million ($84.8 million) in 2014, growing at a CAGR of 13.0% from 2009 to 2014. The European smart homes and assisted living market is fragmented with large number of market participants of diverse sizes and core-competencies. The major market players are Siemens, Crestron, and Schneider Electric.
However, the European smart homes market is currently experiencing restrained growth due to lack of consumer awareness. Electrical installers too currently have little knowledge of smart home systems; and thus do not recommend such solutions to the potential customers. Marketing efforts and direct communication with end-users through advertisements highlighting the benefits of retrofit smart homes is expected to soon increase consumer awareness.
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