PUNE, India — The global smart home market is projected to grow from $46.97 billion in 2015 to $121.73 billion by 2022, growing at a compound annual growth rate (CAGR) of 14.07 percent between 2016 and 2022, according to a new report published by MaretsandMarkets.
The growth of the smart home market is said to be due to such factors as significant advancements in the Internet of Things (IoT) market; the increasing need of the consumer for convenience, safety, and security; the rising need for energy saving and low carbon emission-oriented solutions; and the increasing number of manufacturers expanding their product offerings.
Among products including lighting control, HVAC, security and access control, entertainment, home health care, and smart kitchen, the lighting control market is expected to grow at the highest rate during the forecast period.
Smart meters held the largest share of the smart home market in 2015. Smart meters record energy consumption at frequent intervals, usually an hour, and communicate this information back to the utility for billing and monitoring purposes. Energy suppliers use smart meters to achieve specific and automated billing. Smart meters in the residential application are integrated with communication protocols to transfer the energy flow information to the homeowner. These meters help consumers conserve energy and reduce their energy bills. Thus, the market for smart meters is expected to witness significant growth during the forecast period.
The Asia-Pacific (APAC) region is anticipated to grow at the highest CAGR for smart home products from 2016 to 2022. Considerable demand for smart home devices is seen in established and emerging APAC countries such as Japan, South Korea, China, and in the Rest of APAC.
More information is available here.
Publication date: 5/26/2016