APAC Smart Homes Market categories European market by Services (Installation & Repair, Renovation & Customization) & Products (Security, Access, Lighting, Entertainment, Energy Management Systems, HVAC, Ballast & Battery Pack) & Geography.
Smart Home Market worth 121.73 Billion USD by 2022
Smart Home Market
APAC Smart Homes Market categories European market by Services (Installation & Repair,
Renovation & Customization) & Products (Security, Access, Lighting, Entertainment, Energy
Management Systems, HVAC, Ballast & Battery Pack) & Geography.
The growth of the smart home market is attributed to factors such as significant
advancements in the IoT market; increasing need of the consumer for convenience, safety and
security; rising need for energy saving and low carbon emission-oriented solutions; and large
number of manufacturers expanding their product portfolios.
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The market for lighting control in smart homes is expected to grow at a high CAGR during
the forecast period as it reduces the electricity consumption in homes as the sensors adjust the
intensity of artificial light according to the intensity of natural light. Lighting systems are
among the largest consumers of electricity in homes. Over the years, the growing
environmental concerns have helped spread awareness regarding the importance of smart
homes and home energy management measures.
Smart meters record the 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 home owner. These meters help consumers reduce their energy bills
and also help conserve energy. Thus, the smart home market for smart meters is expected to
witness significant growth during the forecast period.
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The APAC region is witnessing growth in the number of new residential projects and
strengthening of building infrastructure at a significant rate. Moreover, a considerable
demand for smart home devices is seen in established and emerging APAC countries such as
Japan, South Korea, China, and in Rest of APAC (RoAPAC). Currently, South Korea is
considered to be a huge market for smart homes because of the high demand for various
control devices pertaining to lighting and entertainment control in this country.
The major companies in the smart home market that have been included in this report are
Honeywell International Inc. (U.S.), Legrand (France), Ingersoll-Rand plc. (Ireland), Johnson
Controls Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), ABB Ltd.
(Switzerland), Acuity Brands, Inc. (U.S.), United Technologies Corporation (U.S.), Samsung
Electronics Co., Ltd. (South Korea), Nest Labs, Inc. (U.S.), and Crestron Electronics, Inc.
The report describes the market dynamics including the key drivers, restraints, challenges,
and opportunities with respect to the smart home market and forecasts the market till 2022.
This global report provides a detailed view of the market segmented on the basis of product,
software and service, and geography.
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