According to a new market research report “European Smart Home Market by Products (Security, Access, Lighting, Entertainment, Energy Management, HVAC, Ballast & Battery Pack), Service (Installation & Repair, Renovation & Customization) and Geography - Global Forecast and Analysis to 2014 - 2020”, the total market for European Smart Homes will reach $15.28 Billion by 2020 at a CAGR of 16.51% from 2015 to 2020.
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A smart home refers to a residence equipped with computing and information technology devices, which anticipates and responds to the needs of residents; thus, working towards enhancing their comfort, convenience, security, and entertainment. The concept of smart homes has been there in Europe since a long time and presently, lot of development and regulatory initiatives are being witnessed in this market.
The European smart homes market covers the entire ecosystem on the basis of products, services and country. The products section covers security & access control, entertainment systems, lighting control, HVAC control, and home health systems with their current and future estimations. Out of all major products, security systems are expected to have the highest adoption rates for mass markets. The services section covers installation & maintenance, and renovation & customization. The country analysis consists of top countries in Europe, namely, the U.K., France, Spain, Italy, and Rest of the Europe.
Major drivers for the European smart homes market are energy & cost saving, reduced carbon emissions, ageing population, security and convenience, government initiatives, and more. There are restraints in the market such as lack of standardization, high initial costs, and economic slowdown in the European region which is inhibiting the market growth. Assistance of power line communication and smart-grids are key opportunities for the global smart homes market.
Some of the key players in this market include Siemens AG (Germany), Schneider Electric S.A. (France), ABB Ltd. (Switzerland), Ingersoll-Rand Plc. (Ireland), Tyco International Ltd. (Switzerland), Legrand S.A. (France), Hager Holdings GmbH (Germany), Albrecht Jung GmbH& CO. KG (Germany), Control4 (US), Tyco International Ltd. (Switzerland), and Infineon Technologies AG (Germany). Germany will remain the leading market for European smart homes throughout the forecast period due to high adoption rate and continuous development.
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