PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1623605
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1623605
The European smart home market was valued at USD 22.11 billion in 2024 and is projected to reach USD 29.24 billion by 2029; it is expected to register a CAGR of 5.7% during the forecast period. Concerns about safety, security, and convenience among general population is driving the growth of the European smart home market. Whereas the switching cost of the present smart home devices is restraining the growth of the European smart home market.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Product, Software, Service and Region |
Regions covered | Europe |
"The lighting control segment is expected to grow at the second highest CAGR during the forecast period."
The lighting control segment is projected to grow at the second highest CAGR during the forecast. A smart lighting control system is an automated device that allows the control of lighting in a residential building through acquiring information from the input devices and transmitting it through one or more central computation devices which transform the received information into signals to the output devices.
Smart home lighting controls can allow a lighting system to perform checks on occupancy as well as natural lighting in an area. It can detect these factors and, therefore, it can regulate its illumination with regard to the amount of natural light, or switch off if the room is empty. Lighting control is a foundation of lighting for energy conservation.
The behavioral system type is likely to grow at the second higher CAGR during the forecast period
The behavioral system type is expected to grow at second higher CAGR during the forecast period. The behavioral system type applies AI and machine learning algorithms to study from the behaviors of persons in a smart house. It activates and controls routines and preferences of the home and implements them using data acquired from the sensors, cameras and other smart devices. The behavioral system type aims to offer consumers a tailored and comfort approach where various processes are conducted based on the occupant response.
"Germany is likely to grow at the second highest CAGR during the forecast period."
The market in Germany is expected to witness the second highest CAGR during the forecast period. The growth in the country is attributed to the initiatives undertaken by the government to adopt smart solutions thereby enhancing building sustainability. For instance, in Germany, the smart home is promoted through Next Generation Media Programme supported by the Federal Ministry for Economic Affairs and Climate Action (BMWK). Smart home technologies are considered as one of the pathways to enhance the quality of life and energy efficiency thus contributing to general objectives of the Digital Agenda for Germany. Implementing smart home projects with the assistance of Next Generation Media Programme, there is quite integrated approach to foster digital communications networks and services across many industries.
Breakdown of primaries
The European smart home market is dominated by a few globally established players such as Johnson Controls Inc. (Ireland), Honeywell International Inc. (US), Schneider Electric (France), Siemens (Germany), ASSA ABLOY (Sweden), Amazon.com, Inc. (US), Apple Inc. (US), Resideo Technologies Inc. (US), Robert Bosch (Germany), ABB (Switzerland). The study includes an in-depth competitive analysis of these key players in the European smart home market, with their company profiles, recent developments, and key market strategies.
The report segments the European smart home market and forecasts its size by product, system type, sales channel, protocol, residence type, installation type, country. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across a main region-Europe. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the smart home ecosystem.