Smart Home Equipment Market is expected to witness a growth in the given forecasted period because there is an increasing demand for pre-programmed applications that can 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 the smart House equipment market. The increasing availability of “self-help smart home applications” is also helping in the growth of the smart House equipment market. Latest developments in various fields of connectivity of appliances are also helping the smart House equipment market to grow. The real estate industry is expected to witness a massive transformation in the given forecasted period due to new innovative concepts that will be implanted. This will also help in fuelling the growth of the smart home equipment market.
The smart home equipment market is ready to emerge owing to increasing digital addictiveness, changing societal trends, and increasing demand for the digital ecosystem. Increasing digital addictiveness means that there will be an increase in the usage of portable devices (mobiles, smartphones, etc) which are the best counterparts of the smart home equipment industry. Changing societal trends means, as society is aging, there will be a greater old population all over around the world who would need Smart home services which in turn will fuel the growth of the smart House equipment industry. The increasing demand of the digital ecosystem has forced large players to position themselves in the smart home equipment industry which would drive the growth of the industry in the given forecasted period. These are the key trends that are expected to drive the market in the forecasted period.
Another main driver that is driving the smart home equipment industry is the smart grid. Smart grids are mainly the amalgamation of various smart technology such as smart meters, small wind generators, home energy management systems, and power grids. Companies in the smart home equipment industry are innovating user-friendly platforms for end consumers. This has helped the smart home equipment industry to improve its serviceability. Another driver for the smart home equipment industry is smart grids. Globally, the Smart grid technology market is expected to witness growth over the forecasted period owing to the aging power grid network. Decreasing the reliability of power grids on account of environmental changes and power blackouts has resulted in further development of the 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 the market over the forecasted period are advancement in the infrastructure industry, advancement in the IT and Telecom industry.
Another prominent driver for the Smart home equipment industry is the IoT (internet of things) trend. Iot means the 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 the internet is increasing day by day. So the smart home equipment industry is likely to have more devices that can be integrated into the smart home. Another factor that will fuel the growth of the smart home equipment industry rising tablet market. As tablets could be used for providing effective remote control to manage all the systems. Other drivers 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 the smart home equipment market industry are poor manageability, difficulty in integration of security systems, and high ownership cost. The demand for smart homes is deeply affected by the overall demand for houses. So the smart home equipment industry is also affected. Lack of standardization is another factor that can pose a challenge for the smart home equipment market. The smart home equipment industry faces many challenges because of widespread adoption.
Based on region, the market can be segregated into Asia Pacific, North America, and Europe. North America is expected to be witnessed largest market for the smart home equipment industry owing to the increasing number of residential buildings and renovations. Due to the 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 the smart home equipment market in the Asia Pacific and Europe. The 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, lightning, and entertainment can be controlled centrally. The challenge for this part is a disparity in technologies. Home assistance means the configuration of repair and maintenance services for tv pcs etc. The main challenge for this part is the fragmentation of solutions offered in this field. Home cloud mainly includes sensors, digital data, and productive documents (emails, etc). In this sector, telecom providers can leverage their customer loyalty. In the e-health sector telecommunication companies have high opportunities. Telecommunication companies offer unique cost control.
The major competitors in this market are Ceramic 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 the market, Apple introduced it's new coming at CES 2015 which was a smart home platform named as HomeKIt. The nest that is owned by Google is trying to build an ecosystem of products that could connect to smart smoke detectors and thermostats.
Research Support Specialist, USA
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