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Europe Smart Homes Technology Market: Insights and Forecast, 2018-2024: 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)
Europe Smart Home Market is segmented based on applications, technology and end users. Applications (security and safety, smart appliances, home entertainment, lighting and control, HVAC, energy management), technology (wired and wireless technology) and end users (residential and commercial) are the major focus areas considered while analyzing and defining the penetration of smart home technology in different geographies around the globe. In 2017, safety and security systems dominated the regional smart home market with a maximum share in terms of revenue. Based on estimation, the segment occupied for around 24.2% share in the same year. Increasing demand for security and safety devices, rising penetration of security vendors in Europe such as Verisure and Securitas Direct and Tyco International building substantial monitoring revenue base throughout Europe would help the respective segment to grow at a faster rate of 25.4% during the forecast period (2018-2024) thereby invigorating the region at matured stage in smart home technology landscape.
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The proliferation and smartening of IoT devices has remarkably scaled up the potential for the industry and significant amount of data or information can be stored, collected, analyzed and transmitted leading to numerous companies saving substantial amount of money. Hence, during 2017, wireless smart technology held a prominent share of 84.5%, followed by wired technology which held 15.5% during the same year. Wireless market in Europe smart home technology was valued at US$ 27,141.3 Million in 2017 and is projected to derive US$ 5,684.9 Million revenues by 2024 witnessing astonishing CAGR of 27.1% during the forecasted period. In addition, Wifi technology application in smart home held more than 60% share and garnered US$ 3,516.7 Million revenues during 2017. During 2017, the wired connection also garnered US$ 1,046 Million of revenues during 2017 and is projected to reach US$ 6,281.7 Million by 2024 showcasing remarkable compound growth of 29.7% over the forecasted period. While Ethernet wired connection occupied largest share in the respective technology. Based on end users, the Europe smart home market is segmented into residential and commercial end users. In 2017, smart home technology was more applicable among residential end users. The segment dominated the smart home market at regional scale and is expected to maintain its dominance throughout the analyzed period. It is projected to reach US$ 26,634.5 Million by 2024 experiencing significant CAGR of 27.2% during the analyzed period. Furthermore, depending on residential end users, type, the market is further classified into luxury homes, mid-range apartments, assisted homes and low energy homes. During 2017, mid-range apartments occupied the largest share of 38.3%, followed by luxury apartments and luxury villas in the regional smart home market. Surging investments by major tech giants and venture capitalists to bring in innovation within smart home domain has tremendously contributed towards the growth prospects of smart home technology in the region.
Moreover, benefits of smart home technology can also be witnessed among commercial end users such as hotels, hospitals and other commercial buildings. In the smart home industry, technological breakthroughs have been successful in bring about new shapes to the industry. Smart home technology application was majorly prominent among hospitals. Based on estimation, the respective segment is projected to generate revenue of US$ 6,075.2 Million by 2024 displaying tremendous CAGR of 28.4% during the forecasted period in the smart home market at regional scale.
Moreover, strong competitiveness, flourishing IoT, spur in product development, research & development activities and dramatic uptake of technological advancements, growing scope of smart health solutions and ageing population, investments by major peers, spur in smartphone penetration and rising preference for energy management systems and favorable government policies have significantly contributed in prospering the market size of Europe smart home market at large scale. Owing to this, the Europe smart home market was valued at US$ 7,828 Million during 2017 and is projected to reach US$ 41,163 Million by 2024 displaying exponential CAGR of 27.3% during the predicted period. However, low level of awareness among consumers about smart home devices, concerns regarding privacy and hacking, high cost involved in complex installation and high prices of smart home devices needs to be addressed to experience the never ending growth of smart home market.
Also, for better understanding of regional smart home market penetration, the market has been analyzed as per different countries such as Germany, UK, France, Norway, Netherlands, Switzerland, Denmark and rest of Europe. Based on estimation, Germany accounted for revenue share of 21.3% in 2017. Positive impact on businesses of smart device manufacturers such as HVAC and numerous established players and startups earmarking their footprint in smart appliances domain ranging from remote controlled heating appliances and growing interest for energy saving applications such as thermostats and booming concept of Internet of Things has bolstered the growth of Europe smart home technology market. While UK and France followed the lead by occupying 16% share and 14.5% share respectively during 2017.
Numerous companies have forayed in the European smart home technology market that offers smart devices in different applications such as smart speaker, security systems, smart TVs, LEDs and switches, kitchen ware appliances and other devices. With an objective to enhance their product portfolio, the major market players have entered into various acquisitions and collaborations. Major players in this market comprise ABB Ltd, Assa Abbloy, Cisco Systems Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Samsung Electronics Ltd, Honeywell International Inc, IBM Corporation, Schneider Electric S.E., and Siemens AG and United Technologies Corporation and others.
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