Smart Homes Market Analysis 49ers Dante Pettis Jersey , Size, Share, Growth To 2020 by Grand View Research, Inc. Technology Articles | October 13, 2015
New Market Research Reports Title “Smart Homes Market Analysis Size and Segment Forecasts to 2020” Has Been Added to GrandViewResearch Report Database
The global smart homes market is expected to reach USD 47.61 billion by 2020 49ers Mike McGlinchey Jersey , according to a new study by Grand View Research, Inc. Emphasis on reduced carbon emission and energy conservation are expected to be the key driving forces for the market over the forecast period. Favorable regulatory initiatives for implementing smart homes owing to their energy efficiency characteristics are further expected to positively impact the global market over the next six years.
Increased aging population, which comprises a majority of end-users of this technology, is also expected to boost market growth. Introduction of smart grids, increased personal income in developing economies 49ers Jimmy Garoppolo Jersey , assistance of power line communication, and growth of consumer electronics industry are factors expected to favorably impact market growth. Need for standardization, skilled labor and high initial cost due to the incorporation of advanced technologies such as IP and Bluetooth may pose a challenge to industry growth.
Security applications dominated the global market and accounted for over 20% of the overall market share in 2013. This is primarily owing to techniques such as security cameras, window sensor alarms and burglar alarms which notify users of a possible security breach. Energy management segment is expected to witness the fastest growth on account of growing awareness regarding energy efficiency coupled with the support of regulatory bodies for development of a smart grid and installation of smart electricity, water 49ers Jerry Rice Jersey , and gas meters. North America is expected to remain the market leader over the forecast period, and accounted for 41.3% of the global market revenue in 2013. The market in Europe is expected to grow at a CAGR of 21.3% from 2014 to 2020, owing to growing adoption of smart home systems. Key industry participants include ABB Ltd., Siemens AG, Crestron Electronics 49ers Joe Montana Jersey , Inc., Honeywell, Emerson Electric Co., Schneider Electric S.A., Legrand S.A. 49ers Mitch Wishnowsky Jersey , Lutron Electronics, Inc., Ingersoll-Rand PLC, Tyco International Ltd., AMX and Control4 Corporation.
For the purpose of this study 49ers Jalen Hurd Jersey , Grand View Research has segmented the global smart homes market on the basis of application and region: