Outlook on the European Smart Home Industry to 2025 - Featuring Honeywell, Siemens & Johnson Controls Among Others
DUBLIN, Aug. 21, 2020 /PRNewswire/ -- The "European Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Home Healthcare), Software & Services (Proactive, Behavioural), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The European smart home market size is expected to grow from USD 23.2 billion in 2020 to USD 39.6 billion by 2025, at a CAGR of 11.3% during the forecast period.
The growth of the smart home industry is driven by various factors, such as the increasing number of internet users, and the growing adoption of smart devices, rising disposable income of people in developing economies.
Moreover, the rising importance of home monitoring in remote locations, increasing need for energy-saving and low carbon emission-oriented solutions, the rapid proliferation of smartphones and smart gadgets, expansion of smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population will drive growth.
Entertainment and other control systems are likely to hold the largest share of the European smart home market in 2020.
Entertainment has become an important part of life as it provides relaxation and rejuvenation. A multi-room entertainment control system allows the user to centralize all connected devices and then listen to, watch, and control that equipment from every room in the house simultaneously or independently.
Major control systems used in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, and multimedia room controls is driven by the convenience offered for managing as well as controlling the entertainment systems within a house.
Advancements in wireless communication technologies are a major factor in boosting the growth of the market for home theater system controls, thereby driving the overall smart home market for entertainment controls. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke detectors. The increasing cost of electricity is a major concern that drives household consumers toward energy savings. Moreover, the rising popularity of smart plugs, smart hubs, and smart locks are fueling the adoption of control systems.
Behavioral type software and services are expected to account for the largest market share in 2020.
The increasing connectivity between machine-to-machine solutions and the Internet of Things is driving the growth of the smart home and energy management markets, which has, in turn, influenced the growth of the market for software and services for smart homes. The behavioral type software and services help analyze energy-related data and forward it to end-users. This category is restricted to transmitting and receiving data and does not perform intelligent actions like the proactive type. Behavioral type solutions provide direct feedback to end-users, thereby providing the basic information regarding the real-time energy data, along with the historical data reflecting energy usage. Therefore, behavioral type software an services are likely to hold the largest market share in 2020.
Germany considered major markets for European smart homes.
The smart home market in Germany is projected to lead the European smart home market during the forecast period. The key providers of smart home products in Germany include Siemens AG (Germany), Robert Bosch GmbH (Germany), and MOBOTIX AG (Germany). The products of these companies cater to the requirements of smart home consumers in the country. Moreover, the growing awareness about energy conservation systems, along with various government initiatives to promote the use of smart lighting controls, is driving the growth of the smart home market in Germany.
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