April 21, 2023 06:18 ET | Source: Research and Markets Research and Markets
Dublin, IRELAND
Dublin, April 21, 2023 (GLOBE NEWSWIRE) — The “Smart Homes and Home Automation in Europe and North America – 10th Edition” report has been added to ResearchAndMarkets.com’s offering.
How should the mobile industry address the vast business opportunity in connected smart homes?
The analyst estimates that revenues from home automation system shipments and service fees in Europe and North America will grow at a compound annual growth rate of 12.0 percent from US$ 82.2 billion in 2022 to US$ 145.1 billion in 2027.
Get a 360 degree perspective on the rapid evolution of the home automation market in this comprehensive 240 page strategy report.
The number of smart homes in Europe and North America reached 120 million in 2022
According to this report, the number of smart homes in Europe and North America reached 120.5 million in 2022. North America is the leading market in terms of penetration and 39.2 percent of all households in the region had at least one smart home product or system at the end of the year which equals to 57.5 million smart homes. During 2022, the number of smart homes in North America grew by 12.0 percent year-on-year.
The strong market growth is expected to continue in the next five years. By 2027, the analyst estimates that about 88.1 million homes in North America will be smart, equal to 58 percent of all homes in the region. The European market is still somewhat behind the North American, in terms of market penetration. There was a total of 63.1 million smart homes in Europe at the end of 2022. The number of smart homes in the region is forecasted to reach about 112.8 million at the end of 2027, representing a market penetration of close to 47 percent.
The most popular smart home products include smart thermostats, smart light bulbs, smart security cameras, smart door locks, smart plugs and smart speakers. These products have sold in the hundreds of millions and are marketed by incumbent OEMs such as Signify, Resideo, Danfoss, Belkin, Chamberlain and Assa Abloy and newer entrants such as Ecobee, Mysa, Nuki, Arlo, Netatmo and Wyze Labs. The market for whole-home systems is served by traditional home automation specialists, home security providers, telecom operators and DIY solution providers.
On the North American market, interactive home security systems have emerged as one of the most common types of smart home systems. The largest home security providers include ADT, Vivint, Comcast and Telus. In Europe, traditional home automation systems and DIY solutions are more common as whole-home systems. eQ-3, Centrica, Verisure and Somfy are estimated to be the largest vendors of whole-home systems in the region. The installed base of whole-home systems in Europe and North America amounted to 26.5 million systems and 35.7 million systems respectively at the end of 2022.
The smart home market continues to grow as more consumers realize the value of connected products and systems. Developments of new products and services as well as connectivity standards that facilitate setup and control of devices from different vendors are also fostering growth in the market.
There are also other new industry collaborations, such as the Home Connectivity Alliance (HCA) for connected home appliances, that aim to simplify control of various devices for end-users. Surging electricity prices are also creating demand for smart home solutions that can help households reduce their electricity consumption.
Market Trends and Analysis
Highlights from the report:
The report answers the following questions
Key Topics Covered:
Executive Summary
1 Smart Homes and Home Automation
2 Networks and Communications Technologies
2.1 Overview
2.1.1 Different approaches to establishing interoperability
2.1.2 Technology choices of product OEMs
2.1.3 Technology choices of whole-home solution vendors
2.2 Smart home networking technologies and standards
3 Technology Providers and OEMs
3.1 Market overview
3.1.1 Point solutions – an entry into the smart home
3.1.2 Smart home strategies for product OEMs
3.1.3 New entrants challenge incumbents with connected products
3.2 Security and access control system vendors
3.3 Energy management and climate control system vendors
3.4 Audio-visual and entertainment system vendors
3.5 Lighting and window control system vendors
3.6 Irrigation and water management system vendors
3.7 Home appliances vendors
3.8 Service robotics vendors
4 Service Providers and Whole-Home System Vendors
5 Market Forecasts and Conclusions
A selection of companies mentioned in this report includes
For more information about this report visit https://www.researchandmarkets.com/r/5kntj9
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