Smart Home Market to Hit $537.01 Billion at a CAGR of 27.0% by 2030: Grand View Research, Inc.
SAN FRANCISCO, Nov. 23, 2022 /PRNewswire/ -- The global smart home market size is anticipated to reach USD 537.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is estimated to exhibit a CAGR of 27.0% from 2022 to 2030. The increasing inclination toward energy conservation and limiting carbon emissions is projected to propel the market growth during the upcoming years.
Key Industry Insights & Findings from the report:
Read 300-page full market research report, "Smart Home Market Size, Share & Trends Analysis Report By Application (Security & Surveillance, Lighting, Entertainment, Energy Management, HVAC, Smart Kitchen, Home Fitness & Wellness), By Region And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Smart Home Market Growth & Trends
In June 2020, the U.K. government released plans to install smart meters in homes throughout the region, ensuring that consumers may continue to save costs on energy bills and carbon emissions once the lockdown was eased. The surge in the geriatric population is anticipated to impact the market growth significantly owing to an increase in demand for smart devices for monitoring and controlling their health and setting reminders for medicines and upcoming appointments.
Factors including rising awareness about smart grids, increase in disposable income in emerging economies, advancements in the consumer electronics industry, and power line communication assistance are creating new groth avenues in the market. In developed as well as developing economies, smart home devices portray remarkable potential in the industry.
The proliferating deployment of IoT has steered a faster implementation of smart home devices, including door locks, control lights, heating equipment, thermostats, and others for streamlining the management & control of household chores. Moreover, the increasing interest in a luxurious lifestyle, especially in developing countries is opportunistic for the growth of the market.
Smart Home Market Segmentation
Grand View Research has segmented the global smart home market based on application and region:
Smart Home Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)
Smart Home Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)
List of Key Players in Smart Home Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.