A smart home relates to security, energy efficiency, comfort that it provides to the owner. "Smart Home" is the word commonly used to define a house that has appliances, TVs, lighting, heating, computers, air conditioning, security, entertainment audio & video systems and camera systems that can communicate with one another and can be controlled by a time schedule from any room in the home, as well as remotely from any place in the world through internet or phone.
As per the new report by Allied Market Research, smart homes and building market is estimated to reach $35.3 billion by 2020 from $4.8 billion in 2014 growing at a CAGR of 29.5%.
As per the analysts, growing demand and environmental concerns of greenhouse gas (GHG) emission are increasing global energy cost and hence, efficient energy is what the time demands. Hence, study made by AMR on the construction businesses that embrace energy efficient trend and use of building automation system for creating smart homes will give you detail information of this market.
As per the experts, main drivers for the growth of the market are rising energy costs, rising awareness with respect to environmental concerns and government regulations. Also, high safety features that smart homes offer is playing in its favor for growth.
As per the study made by the report, safety and security application market is expected to reach $6.1 billion from 2013-2020 at a CAGR of 34.6%. Report further states that interoperability, lack of standards and high upfront cost are few factors that can slow down the growth of global smart homes and building markets.
Revenue of $12.4 billion is expected to be generated by North America at a CAGR of 25.9% from 2013 to 2020, as per the experts. They also observed that the Asia-Pacific region is expected to grow at a CAGR of 37.7%.
Some important market players listed in this report are Emerson, LG Electronics, Control4 Corporation Electric Co. Leviton, Honeywell International, Cisco Systems, Schneider Electric, Smarthome Inc., Siemens Buildings Technologies, and United Technologies Corporation (UTC).
Author's Bio- Akhilesh Prabhugaonkar holds a bachelors degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.