“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.
European Smart Homes Market is a collective term for information and communication technology (ICT) used in residences where various components communicate via a network which can be used to monitor, alarm, and carry out functions according to a chosen criteria. These systems work together to enhance the comfort, convenience, security, and entertainment of residents by upgrading the technology within a home. The concept of smart homes has been there since a long time; such homes have always been a dream of homeowners and, presently, a lot of developments and regulatory initiatives are taking place with regards to the same.
The report covers the european smart homes market segmented on the basis of products, services, and country. The products segment comprises security & access controls, HVAC systems, energy management systems, entertainment systems among others. The services segment consists of installation & maintenance, and renovation & customization.
The installation & maintenance involves setting up a system for a smart home, and maintaining it in order to make the system reliable and secure to operate. The renovation & customization includes remodeling a home with automated smart home systems according to individuals’ requirement. The country analysis covers the U.K., Germany, France, Spain, Italy and the Rest of Europe.
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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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