BSRIA Forecasts Smart Home/Light Commercial Market to Grow by 20 Percent
The total global market will be worth $29.8 billion by 2021
The Building Services Research and Information Association (BSRIA) is forecasting a total global growth of 20 percent in the smart home/light commercial market in 2017, with the largest growth being predicted for the UK market with a growth rate of 29 percent. The new study published in January 2017 segments the market into stand-alone products and whole home products; it also analyzes the value of system integration (value add) and service and maintenance.
The total value of the global market is forecast to be $15.8 billion in 2017; the U.S. market remains the largest single market forecast at 29 percent of the total market value. Despite the maturity of the U.S. market, the growth forecast is expected to be in line with the global increase in value of 20 percent, with stand-alone products being the segment showing the largest growth at 27 percent.
The study, which consists of individual country reports on China, France, Germany, Netherlands, North America, and UK, is forecasting rapid growth in sales of both products and system integration but, due to the infancy of the market, a lower level of sales for service and maintenance.
The reports show that the largest individual vertical sector is luxury villas accounting for 25 percent of the market value; the second and third largest segments, offices and hotels respectively, represent a combined total of 23 percent of the market.
The reports provide outlook until 2021 when it is forecast that the total global market will be worth $29.8 billion.
“The sales of smart home products and the associated services are forecast to grow at high compound annual growth rates (CAGRs); this is in part due to the infancy of certain markets, and in part due to the increased awareness and expectations on the end users. The key drivers for the growth are subtly different in each country, ranging from a drive to improve energy efficiency to improved security. But, a trend that is gaining momentum is the use of smart home equipment in light commercial applications, and it is forecast that this trend will accelerate” said Zoltan Karpathy, operations manager, BSRIA worldwide market intelligence division.
For more information, visit www.bsria.co.uk.
Publication date: 3/30/2017