Smart Home is an integration of various technologies & services through a network/system for better quality of living. This emerging technology helps the users for reducing the workload and much more. The smart home offers users a comfortable life, security, energy management functions and benefits for the disabled. Smart homes are generally equipped with internet-enabled devices to control or monitor, automate and optimize several functions for instance temperature, security, lighting and entertainment. These devices are remotely controlled or monitored, and accessed by a phone, tablet, computer, or a separate system. Smart technologies used to connect various gadgets & accessories have made it probable to automatically control the conditions in the building.
Smart home perform various basic functions including dimming lights, turning off lights, and closing curtains. These types of homes are capable of performing complex functions for instance automatically lighting-up exit routes in the event of the fire alarm. Connectivity has proven to be a high-end innovation in a large variety of home devices such as thermostats, utility meters, security cameras and others. In the next few years, connectivity is likely to become ubiquitous trend, becoming virtually an embedded standard in all devices and home computers.
As per analysis, “Europe Smart Homes Technology Market: Insights and Forecast, 2019-2025: Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management) Technology (Wireless and Wired Smart Home Technology) End-Users (Residential and Commercials End-Users)” the key companies operating in the Europe smart homes technology market include Cisco Systems, Inc., ABB Limited, Deutsche Telekom AG, ASSA ABLOY, Emerson Electric Co, Siemens AG, Samsung Electronics Ltd, General Electric Company, Honeywell International Inc., Schneider Electric S.E., IBM Corporation, United Technologies Corporation and among others. These players represent a significant share of the global market due to their industry experience, large product portfolio, global revenue base and global distribution network.
On the basis of product type, Europe smart homes technology market can be bifurcated as Heating, Ventilating, Air Conditioning (HVAC), smart lighting systems, safety & security, smart energy management, home entertainment, smart appliances and others. HVAC segment dominates the global market owing to availability of technologically advance & Wi-Fi enabled HVAC systems and robust energy distribution network. On the basis of technology, market can be bifurcated as wired smart technology, wireless smart technology. Wired smart technology includes fiber to home technology, Ethernet technology, power line communication and other wired technologies. Wireless smart technology includes Bluetooth technology, Z-wave technology, zigbee technology, Wi-Fi technology and others. Additionally, on the basis of end-users, market can be bifurcated as commercial end-users and residential end-users. Commercial end-users include smart hospitals, smart hotels and other commercial buildings. In addition, residential end-users include assisted homes, luxury homes, low energy homes and mid-range apartments/homes.
Growth in importance of home monitoring in remote locations, followed by increase in number of manufacturers expanding their smart home product portfolios, rise in awareness among people about their security, safety, and convenience, growth in popularity of smart security system, rise in need for energy saving & low-carbon emission-oriented solutions and growth in proliferation of smartphones & smart gadgets are some major factors, which are responsible for growth of the Europe Smart Homes Technology Market. Apart from this, high switching costs for existing smart device consumers and high initial costs may impact the market. Moreover, restoring independence for elders and smart health solutions, growth for telecom operators and growth in scope for insurance companies are leading opportunities for market.
By country-wise analysis, Germany is a leading country in Europe smart home market due to presence of high spending consumers and growth in number of millionaires across the region. Additionally, growth in penetration of smart surveillance cameras, smartphones, and wearable activity trackers are expected to improve the growth of the smart home market in Germany country. The UK market is estimated to be the fastest growing smart home market over the forecast period. It is also projected that future of the global Europe smart homes technology market will be bright as a result of growth in adoption of smart home technologies to increase energy efficiency & minimize energy bills, rise in disposable income and growth in adoption of new technologies during the forecast period.
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