Smart house equipment market is expected to witness high growth over the forecast period owing to the increasing demand for pre-programmed applications. These applications have the capability to remotely control security cameras, music systems, lights and appliances. Growing purchasing power is propelling market growth over the past few years. Rising popularity of self help smart home application” is also responsible for growth of smart housing equipment market.
Latest developments in the field of connectivity of appliances are also responsible for the market expansion. Real estate sector is expected to witness a massive transformation over the forecasted period owing to new innovative concepts of building homes. This is expected to help in fuelling growth.
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The market is at introductory stage and has high potential owing to increasing digital addictiveness, changing societal trends and increasing demand for digital ecosystem. Increasing digital addictiveness has resulted in increased demand for portable devices (mobiles, smart phone and others) which are key components of the smart home industry.
Growing aging population in developed countries has resulted in influencing demand for smart homes. Increasing demand for digital ecosystem has influenced large players to position themselves in this sector. Another major factor that is driving the market is smart grid. Smart grids are amalgamation of various smart technologies such as smart meters, small wind generator, home energy management systems and power grid. Companies in the market are building user friendly platforms for end consumers. This has helped the companies to improve on their serviceability. Smart grids are another major factor which has influenced the expansion over the past few years.
Globally, the industry is expected to witness significant growth over the forecast period owing to maturing power grid network. Decreasing reliability of power grids on account of environmental changes and power blackouts has resulted in further development of power grid technology. By integration of various smart grid technologies reliability of power grid can be achieved .Some other drivers which have fuelled growth over the forecasted period are advancement in infrastructure industry, and advancement in telecom industry.
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Growing trend of using digital technologies in physical systems coupled with integration of wireless technologies will in augment expansion over the next seven years. Internet of Things (IOT) will be significantly amplified over the forecast period on account of rising number of devices connecting to internet. So the smart home equipment industry is likely to have more devices that can be integrated in the smart home. Another factor that will fuel growth is the rising tablet market. As tablets could be used for providing effective remote control to manage all systems, they are expected to be one of the most important components for smart home equipment.
Increasing government regulations on energy consumption coupled with rising energy cost is expected to have a positive impact. In addition, increasing awareness about security concerns and environmental changes has influenced demand for modern and sophisticated homes. Some of the challenges include poor manageability, difficulty in integration of security system and high ownership cost. Housing demand has a major affect on the smart home sector. Lack of standardization is another critical factor that can pose a challenge for this sector. The smart home equipment industry faces many challenges on account of widespread adoption.
On the basis of region, the market can be segregated into Asia Pacific, North America and Europe. North America is expected to account for largest share for smart home equipment industry owing to the increasing number of modern residential buildings and renovation. High adoption rate and continuous growth in North America is expected to drive demand in the region. Rising need to lower power consumption and high investment in infrastructure is expected to drive expansion in Asia Pacific and Europe.
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