Europe’s smart home market worth $41.2 billion by 2027
CHICAGO, June 21, 2022 /PRNewswire/ — According to a research report “European Smart Home Market by Product (Lighting Controls, Security and Access Controls, HVAC Controls, Smart Speakers, Smart Kitchens, Appliances, Home Healthcare), Software and Services (Proactive, behavioral) and geography – Global forecasts to 2027″, published by MarketsandMarkets™, the European smart home market is expected to grow from $26.7 billion in 2022 at $41.2 billion by 2027; it is expected to grow at a CAGR of 9.0% from 2022 to 2027. Major factors fueling the growth of this market include growing internet access in the European region, rising need for energy saving solutions and low carbon emissions, the growing number of manufacturers expanding their smart home product portfolios, the continued proliferation of smartphones, the growing importance of home surveillance, and the increase in safety, security and of the convenience offered by smart home products make the need for it.
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Smart furniture is expected to grow at the fastest rate in the European smart home market over the forecast period
Smart furniture, often referred to as the future of furniture, is considered an important aspect of home automation, thus creating numerous opportunities for market growth. Although in its infancy, the market has shown signs of widespread adoption. Smart furniture provides various benefits such as the ability to wirelessly charge smart devices, listen to the radio, search for news or recipes, browse the internet, and make calls, among others. Additionally, smart furniture can monitor activities such as time spent sitting or standing and calories burned by a dweller. This makes smart furniture much more advanced than conventional furniture. Continuous technological advancements have made it possible to integrate features such as wireless smartphone charging, induction beverage warmer and integrated Bluetooth speakers into a single piece of furniture, a factor which is expected to further enhance the growth of the furniture market. clever.
Proactive software for the European smart home is expected to grow more than behavioral software over the forecast period.
Proactive software and services facilitate the transmission of energy consumption data to end users and suggest the best possible actions to take after receiving this data. These software and services transfer a larger volume of data than behavioral software and services because they can provide information to end users regarding actual power consumption, as well as the actions required on physical parameters to reduce this consumption. Algorithms associated with proactive software and services can also benchmark energy consumption patterns based on time of day, historical data, and weather conditions. These software and services are more beneficial than behavioral software and services because they can also send recommendation signals to end users to take necessary actions to reduce power consumption. Based on user actions, electronic device control measures can be implemented. The bulk of proactive software is used for home security systems or to detect fires or water leaks. Europeans are increasingly adopting connected home technologies, with a strong focus on reducing energy costs through monitoring and adapting apps. Healthcare apps are also popular among Europe’s older population.
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Germany is expected to grow at the fastest rate for Europe smart home market over the forecast period
Germany is the economic engine of Europe and plays a crucial role in the European smart home market for smart lighting. The German population prefers well-equipped smart homes. Additionally, over the next 4-5 years, the number of new households is expected to increase, which may provide potential opportunities for new and innovative lighting solutions. Currently, research is being done on future smart home lighting in Germany. Germany ranks among the leaders of the European energy-efficient lighting industry, ahead of Italy and France. The smart home market is expected to witness significant growth in the coming years, with Germany being one of the global hotspots. Being an early adopter of new technologies, Germany continues to dominate the smart home market in Europe.
Honeywell (USA), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), Robert Bosch (Germany), ABB (Swiss) and Axis Communications (Sweden) are the major players in the European smart home market. These players are increasingly undertaking strategies such as product launch and development, expansions, partnerships, contracts, and acquisitions to increase their market share.
Smart Display Market by Smart Home Display (Voice Control, Smart Device), Smart Display Mirror, Smart Signage (Retail & Hospitality Facilities, Sports & Entertainment Venues), Geography (2022-2027) )
Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region (2021-2026)
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