May 25, 2011: Global Smart Homes Market to Grow to $11 Billion by 2015
The report states that the increasing need for energy conservation is driving the global smart homes market the most. The smart homes market is expected to grow from $5.3 billion in 2010 to $11 billion in 2015, at an estimated compound annual growth rate of 15.6 percent from 2010 to 2015.
Smart homes are an emerging industry within the housing market with builders increasingly opting for them to remain competitive in the market, says the report. Smart homes are said to offer great potential for significant improvements in the living standards of individuals - benefits include centralized control of the home, remote access, enhanced safety and security features, and convenience.
Of the applications analyzed, including HVAC, energy management, security, and lighting controllers, the market for energy management is expected to grow the fastest with a compound annual growth rate of 23.7 percent from 2010 to 2015.
Publication date: 05/23/2011