Smart homes are store to various appliances and devices like air conditioners, lights, camera systems, entertainment systems, etc. These devices are controlled from a remote location using smartphones or computers. Smart homes offer convenience and mobility to residents, especially the elderly. They also help in the better utilization of energy. Unnecessary power consumption due to mistakes like keeping the lights or air conditioning on after leaving the house is avoided.
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Occupancy sensors automatically turn the lights on and off by sensing motion in a room. They thus help reduce light expenses. The development of smart grids, rising disposable incomes and growing consumer electronics industry are some of the factors expected to fuel the smart homes market. However, shortage of skilled manpower, high investment costs and lack of consistency may act as inhibitors.
Grand View Research observes five main smart homes market applications. These are energy management, lighting, entertainment, security, and HVAC – heating, ventilation and air conditioning. It also notes that security applications captured more than 20% of the market share in 2013. This is attributed to the accelerating demand for burglar alarms, safety cameras and window sensor alarms for security purposes.
Entertainment is another important application. Consumers can, at their convenience, manage varied videos and audio devices remotely. Energy management is estimated to grow the fastest from 2014 to 2020. Automated homes cause energy conservation. Regulatory authorities in North America and Europe are encouraging the growth of these homes. Various initiatives have been taken by these regions in this direction.
Grand View Research also notices that North America was the leading smart homes market in 2013. The region accounted for approximately 40% of the global share that year. It is also foreseen to retain its dominance in the future. This is as a result of the large manufacturing base and high smart homes market demand in the region. The economic revival in Europe would have a positive impact on its market.
Rising demand for smart homes from China and India will augment the Asian Pacific market further. Grand View Research identifies Siemens AG, Creston Electronics Inc., Honeywell International Inc., Tyco International Ltd. and ABB Ltd. as the dominating smart homes market participants. Some other prominent players include Control4 Corporation, Schneider Electric SA, Legrand SA, Lutron Electronics Inc., Emerson Electric Corporation, Ingersoll-Rand Plc., and AMX.
Information Source: Grand View Research