Smart Home Equipment Market is expected to witness a growth in given forecasted period owing to fact that there is increasing demand of pre-programmed applications that have capability to remotely control the security cameras, music, lights and appliances. An increase in disposable income of people around the world is also propelling the growth of smart House equipment market. Increasing availability of “self-help smart home application” is also helping in the growth of smart House equipment market. Latest developments in various field of connectivity of appliances is also helping the smart House equipment market to grow. Real estate industry is expected to witness a massive transformation in the given forecasted period due to new innovation concepts that will be implanted. This will also help in fuelling the growth of smart home equipment market.
Smart home equipment market is ready to emerge owing to increasing digital addictiveness, changing societal trends and increasing demand of digital ecosystem. Increasing digital addictiveness means that there will be increase in the usage of portable devices (mobiles, smartphone etc) which are the best counterparts of smart home equipment industry. Changing societal trends means, as society is ageing, there will be greater old population all over around the world which would need Smart home services which in turn will fuel the growth of smart House equipment industry. Increasing demand of digital ecosystem have forced large players to position themselves in smart home equipment industry which would drive the growth of industry in the given forecasted period. These are the key trends which are expected to drive the market in the forecasted period.
Another main driver that is driving the smart home equipment industry is smart grid .Smart grids are mainly the amalgamation of various smart technology such as smart meters, small wind generator, home energy management systems and power grid. Companies in smart home equipment industry are innovating user friendly platforms for end consumers. This has helped smart home equipment industry to improve their serviceability. Another driver for smart home equipment industry are smart grids. Globally, Smart grid technology market is expected to witness growth over the forecasted period owing to aging power grid network. Decreasing reliability of power grids on account of environmental changes and power blackouts, has resulted in further development of power grid. BY integration of various smart grid technology reliability of power grid could be achieved .Some other drivers which will fuel the growth of market over the forecasted period are advancement in infrastructure industry, advancement in IT and Telecom industry.
Another prominent driver for Smart home equipment industry is IoT (internet of things) trend. Iot means integration of wireless and digital technologies in physical systems and objects. IoT will be significantly amplified over the forecasted period as the number of devices connecting to internet is increasing day by day. 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 the growth of smart home equipment industry rising tablet market. As tablet could be used for providing the effective remote control to manage all the systems. Another driver that are driving the smart home equipment market are increasing government regulation on energy consumption, increasing energy cost, increasing awareness about security concerns and environmental changes. The main challenges for smart home equipment market industry are poor manageability, difficulty in integration of security system and high ownership cost. The demand of smart home is deeply affected by the overall demand of house. So the smart home equipment industry is also affected. Lack of standardization is another factor that can pose challenge for smart home equipment market. The smart home equipment industry faces many challenges because 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 be witnessed largest market for smart home equipment industry owing to the increasing number of residential buildings and renovation. Due to high adoption rate and continuous growth in North America .The need to lower the power consumption and high investment in infrastructure is expected to drive the growth of smart home equipment market in Asia Pacific and Europe. Smart home equipment market can also be segregated into home assistance, e-health, home security/automation, home cloud. Home automation means designing A UI by which functionality of home security, utility management, home energy and lightning and entertainment can be controlled centrally. The challenge for this part is disparity in technologies. Home assistance means configuration of repair and maintenance services for tv pcs etc. The main challenge for this part is fragmentation of solutions offered in this field. Home cloud mainly include sensors, digital data and productive documents (emails etc). In this sector telecom providers can leverage their customer loyalty. In e-health sector telecommunication companies have high opportunity. Telecommunication companies offer unique cost control.
The major competitors in this market are Creamic Fuel Cell Ltd, Landis+Gyr AG, Iskraemeco, Gintech Energy Corp., Plug Power, SFC Smart Fuel Cell Inc, Suntech Power, Sunpower Corp, Hydrogenics Corp, Itron Inc., Horizon Fuel Cell Technologies, Morphic Fuel Cells, Protonex. Other than these companies google and apple are also entering in the market, apple introduced its new coming at CES 2015 which was smart home platform named as HomeKIt. Nest that is owned by google is trying to build an ecosystem of product which could connect to smart smoke detector and thermostat.
Research Support Specialist, USA