According to a new market research report, "European Smart Homes Market - by Products (Security, Access, Lighting, Entertainment, Energy Management Systems, HVAC, and Ballast & Battery Pack), Services (Installation & Repair, Renovation & Customization) & Country - Analysis & Forecast (2013 - 2020)"the total market for European Smart Homes Market will be worth $13.81billion by 2020 at an estimated CAGR of 18.17%.
Browse 132 market data tables with 85 figures spread through 404 pages and in-depth TOC on "European Smart Homes Marke".
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Smart homes industry is gaining interest among a majority of home owners, new home buyers and property developers, and housing industries in Europe, off-late. Wide range of products and evolved form of connectivity technology, which is projected to make life secured, convenient, and comfortable are the key reasons that are drawing various private manufacturers, government, and end users towards the smart homes concept. Currently, Europe is majorly driven by the regulatory initiatives and the mandatory measures taken by the European Union (EU) to reduce green house gases and to reduce energy consumption. The EU has set a target of 80% market penetration of smart meters by 2020 in Europe. This will allow the home owners to manage the energy efficiently, and offer an opportunity for the home automation developers to tap this market segment.
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The total European smart homes market is expected to reach $13.81 billion by 2020 at a double digit CAGR from 2013 to 2020.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), and Tyco International Ltd. (Switzerland).
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The security control is the biggest feature of smart homes products. In Europe, the increasing rate of home thefts and burglaries has driven the need for home security monitoring systems that can be facilitated with the help of security controls. However, a majority of the home owners are interested in features such as lighting and energy management. For better ambient lighting and energy saving features, lighting controls have emerged as being of prime importance in smart homes. Also, it is observed that KNX is playing a pivotal role in standardizing the communication protocol in order to increase the interoperability between the devices, and to cater the mass markets.
A huge opportunity lies in implementing the smart homes products in new homes as compared to retrofit homes. The companies in the field of manufacturing— lighting and security products, are expected to gain a significant market share in the days to come; while the entertainment control products would prove the level of focal tenacity of these products to broaden the overall revenue of the smart homes market. Affordable smart home solutions are still not common in Europe; however, a majority of the players have started focusing on affordability of the solutions and standardization. Standardization and affordability are expected to drive the European smart homes market and, eventually, reach the mass markets.
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