Northbrook, IL -- (SBWIRE) -- 01/19/2022 -- The European smart home market size is expected to grow from USD 23.2 billion in 2020 to USD 39.6 billion by 2025, at a CAGR of 11.3% during the forecast period.
The growth of the market is driven by various factors, such as increasing number of internet users, rising consumer disposable income in developing economies, growing importance of home monitoring in remote locations, growing need for energy-saving and low carbon emission-oriented solutions, the rapid proliferation of smartphones and smart gadgets, expansion of smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population.
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Entertainment and other controls segment to hold the largest share of the European smart home market during the forecast period
Entertainment has become an essential part of life as it provides relaxation and rejuvenation. A multi-room entertainment control system allows the user to centralize all connected devices and then listen to, watch, and control that equipment from every room in the house simultaneously or independently. Major control systems used in smart homes are audio, volume, and multimedia room controls. The growth of the market for audio, volume, and multimedia room controls is driven by the convenience offered for managing as well as controlling the entertainment systems within a house.
The advancement in wireless communication technologies is a major factor boosting the growth of the home theater system control market, thereby driving the overall European smart home market for entertainment and other controls. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke detectors. The increasing cost of electricity is a major concern that drives household consumers toward energy savings. Moreover, the rising popularity of smart plugs, smart hubs, and smart locks are fueling the adoption of control systems.
Behavioral type software and services to hold the largest market size during the forecast period
The European smart home market for software and services, by type, has been sub-segmented into behavioral and proactive solutions and services. There is a high competition in market for software and services due to the development of technically advanced and user-friendly software solutions as well as the provision of improved and real-time services to customers, in response to the growing awareness about reducing energy consumption within households. Moreover, the environmental regulations implemented by government bodies in most countries, both developed and developing, are further increasing the installation of smart homes. The software and service industry is generating high revenue from the installation and marketing of smart homes and is also providing services to the customers. All these factors are expected to lead to the high growth of this market during the forecast period. The markets for behavioral software and services are expected to hold the largest share of the market by 2025
Germany is expected to hold the largest market size during the forecast period
Germany is projected to hold the largest share of the European smart home market during the forecast period. The key providers of smart home products in Germany include Siemens AG (Germany), Robert Bosch GmbH (Germany), and MOBOTIX AG (Germany). The products of these companies cater to the requirements of smart home consumers in the country. Moreover, the growing awareness about energy conservation systems, along with various government initiatives to promote the use of smart lighting controls, is driving the growth of the European smart home market in Germany.
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In 2019, the European smart home market was dominated by Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell (US), and Siemens (Germany). A few strategies adopted by these players to compete in market include product launches and development, partnerships, and mergers and acquisition.
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