Smart Home Market Size USD 184.10 Billion in 2028 | CAGR of 11.9%
Rising need for energy efficiency in homes to minimize energy bills and carbon emissions and increasing government initiatives regarding green buildings are key factors driving global smart home market growth
By: Emergen Research
The ability of home automation system to monitor electricity consumption helps in minimizing energy bills through more efficient usage of appliances. Precise control over heating and cooling of a home with a programmable smart thermostat is achieved through utilization of smart home technology. In addition, a home automation system helps in preventing hazards such as fires as it gives full control over the lighting and heating systems. Increasing adoption of smart appliances, which include smart air conditioners, smart refrigerators, and smart washing machines helps in attaining better energy efficiency. Rising need to minimize negative environmental effects and increase utilization of resources is increasing adoption of smart buildings. Increasing government initiatives for smart city projects and green buildings is expected to further drive growth of the smart home market during the forecast period.
Key players in the smart home market include
Honeywell, Siemens, Johnson Controls, Schneider Electric, Amazon, Apple Inc., ADT Security Services, Robert Bosch, Assa Abloy, and ABB.
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Emergen Research has segmented the global smart home market on the basis of software and service, product, and region:
o Energy Management
o Lighting Systems
o Security & Surveillance
o HVAC Control
o Entertainment Control
Purushottam Raj Gaurav