Europe Smart Home Market (2018-2025)-GMI Research
The Europe Smart Home market was valued at USD 12,985.9 million in 2017 and is projected to reach USD 31,716.2 million by the end of 2025, growing at a CAGR of 12.2% during 2018–2025
By: GMI Research
The Europe Smart Home market was valued at USD 12,985.9 million in 2017 and is projected to reach USD 31,716.2 million by the end of 2025, growing at a CAGR of 12.2% during 2018–2025.
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Figure 1: Global Europe Smart Home Market Revenue, 2018–2025 (USD Million)
Source: GMI Research
The key factors bolstering the market growth are government support for the development of the smart home market and growing demand for energy efficient home automation solutions by the consumers to reduce their carbon footprint.
Based on the applications, lighting control is anticipated to lead the market during 2018–2025
Lighting controls are expected to continue to dominate Europe's smart home market, owing to, the growing demand for the energy efficient lighting solutions by the consumers. Moreover, the lighting control systems help in reducing the carbon footprint, lowering energy consumption cost, complementing the home design and in enhancing the lighting management in a smart home are propelling the growth of the lighting control application in Europe's smart home market.
The market for HVAC control systems is expected to witness substantial growth in the region owing to the availability of technologically advance and wi-fi enabled HVAC systems and robust energy distribution network in European countries. Various companies in the region including Bosch Thermotechnik GmbH, Daikin Europe N.V, Vaillant GmbH, Ingersoll-Rand European Holding Company B.V, CIAT Air Conditioners, Mitsubishi Electric Europe B.V., and many more have been involved in the development and sales of smart HVAC systems in the region
Figure 2: Europe Smart Home Market Revenue, by Countries, 2017
Source: GMI Research
Based on countries, Germany held the largest share in the market in 2017 owing to the growing number of millionaires and the presence of high spending consumers. Further, the growing penetration of smartphones, smart surveillance cameras, and wearable activity trackers are likely to boost the growth of the smart home market in Germany. It is projected, that the UK market will be the fastest growing smart home market during the forecast period.
Some of the key players operating in the Europe smart home market are Siemens AG, Schneider Electric SE, Honeywell International Inc., Ingersoll-Rand PLC, ABB Group, Legrand S.A., Google, LLC, and Samsung Electronics Co.
The Europe smart home market has been segmented based on applications and key geographies. Based on applications, the market is categorized into lighting control, security and access control, HVAC control, home healthcare, home appliances, entertainment, and others.
The research report "Europe smart home market" provides in-depth analysis of Europe smart home across the region, based on applications and key countries for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the Europe smart home market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
Key questions answered in this research report:
1- At what pace is Europe Smart Home market growing, globally? What will be the growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints over the coming years?
3- What are the country revenue and forecast breakdowns? Which are the major revenue pockets for growth in the Europe Smart Home market?
4- What are the various application areas and how they are poised to grow?
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