Smart Home Market (By Application: Security & Surveillance, Lighting, Entertainment, Energy Management, HVAC, Smart Kitchen, Home Fitness & Wellness) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

Published Date : Jun 2022 | No. of Pages : 150+ Pages | Category : Technology

The global smart home market was surpassed at USD 62.8 billion in 2021 and is expected to hit around USD 537.2 billion by 2030, growing at a CAGR of 26.93% from 2022 to 2030.

Smart Home Market Size 2021 to 2030

The rising focus on energy conservation and reduced carbon emissions are anticipated to drive market growth during the forecast period. The improved regulatory initiatives by governments for deploying smart home devices to save energy are encouraging people to adopt these products, thereby significantly impacting the market growth.

For instance, in June 2020, the government of the U.K. released new plans to deploy smart meters in homes across the region, guaranteeing that consumers may continue to save money on their energy bills and carbon emissions once the coronavirus pandemic-induced lockdown is removed. The growing elderly population is expected to significantly impact the market growth for smart homes due to an increasing demand for smart devices to monitor and control their health and set reminders for their medicines and appointments with physicians.

Increasing awareness regarding smart grids, higher personal income in developing economies, power line communication assistance, and the rise of the consumer electronics industry are factors likely to impact market growth positively. In developed and developing countries, smart home devices pose significant potential in the overall smart home industry.

Increased adoption of IoT has led to a faster deployment of smart devices, such as control lights, thermostats, heating equipment, door locks, and others, to streamline the control and management of basic household chores. Furthermore, the growing need for a luxurious lifestyle in developing nations owing to increased disposable income and preference among consumers for energy-efficient devices is propelling the market growth

Scope of The Report

Report Coverage Details
Market Size in 2021 USD 62.8 billion
Revenue Forecast by 2030 USD 537.2 billion
Growth rate from 2022 to 2030 CAGR of 26.93%
Base Year 2021
Forecast Period 2022 to 2030
Segmentation Application, region
Companies Covered Honeywell International Inc.; LG Electronics, Inc.; Lutron Electronics Co., Inc.; Google Nest; Netgear Inc.; Ring LLC; Robert Bosch GmbH; Samsung Electronics Co., Ltd.; Schneider Electric SE; Philips Lighting B.V.

 

Application Insights

The smart kitchen segment is expected to advance with the highest CAGR of 30.5% in the forecast period. The rapid deployment of smart kitchen appliances, such as automatic composters, smart water purifiers, smart air fryers, juice extractors, and others, is impacting the growth of the market positively.

The intelligent features remember and recollect the users’ favorite cooking mode and have sensors that detect and send an alert if something goes wrong. Smart refrigerators have inbuilt cameras, which allow users to see what is inside the refrigerator from anywhere and alert the users about the expiry date of food.

The security & surveillance segment registered the highest revenue share of around 31.0% in 2021. The increasing demand for digitally connected devices in the market leads to a subsequent rise in demand for security systems in the smart homes market. Devices such as video assist doorbells and smart security cameras provide advanced security solutions. The integration of IoT has made it easy to set up smart home security, in which users have the ability to control lights, thermostats, heating equipment, door locks, and lawn movers through smartphone applications.

Smart security cameras make it simple to observe your home from anywhere, and they are well equipped and feature customizable solutions. Smart security cameras are also available with do-it-yourself kits. The user can set up security alerts as per his/her requirement or opt to pay the subscription fee for 24/7 surveillance of the smart home by professionals, as well as contact the fire department and police department in case of any emergency.

Regional Insights

Asia Pacific is expected to advance at the highest CAGR of over 32.0% from 2022 to 2030. The ever-increasing demand from the residential sector is expected to propel growth in this region. Regional companies are focusing on innovations and advancements to meet the requirements of potential customers. For instance, in January 2020, Vivint Smart Home, Inc. merged with Mosaic Acquisition Corp. Both companies aim to expand their market presence and thereby strengthen the company product offerings.

North America registered the highest revenue share of over 41.0% in 2021 and is expected to substantially contribute to the smart home industry from 2022 to 2030. This is owing to the increasing presence of an elderly demographic in the region. Of the total population, the segment aged 65 years and above is anticipated to grow by nearly 88 million by 2050. This is expected to increase the demand for healthcare and medical care services.

The demand for smart home devices that support individuals in maintaining, controlling, and managing health problems is anticipated to increase in the coming years. An automatic healthcare remainder system supports the user by reminding doctor’s appointments and medicine. Additionally, IoT healthcare solutions provide higher data accuracy, resulting in a preference for smart devices in diagnosing health conditions.

Key Players

  • Honeywell International Inc.
  • LG Electronics, Inc.
  • Lutron Electronics Co., Inc.
  • Google Nest.
  • NETGEAR Inc.
  • Ring LLC
  • Robert Bosch GmbH
  • Samsung Electronics Co., Ltd.
  • Schneider Electric SE
  • Philips Lighting B.V.

Market Segmentation

  • By Application Outlook
    • Security & Surveillance
    • Lighting
    • Entertainment
    • Energy Management
    • HVAC
    • Smart Kitchen
    • Home Fitness & Wellness
  • By Regional Outlook
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • U.K.
      • Germany
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
    • South America
      • Brazil
    • Middle East & Africa

Featured Research Reports

  • Featured Research Reports

    Electric Mobility Market (By Product: Electric Scooter, Electric Bicycle, Electric Skateboard, Electric Motorcycle, Electric Car, Electric Wheelchair; By Battery: Sealed Lead Acid, NiMH, Li-ion; By Voltage: Less than 24V, 24V, 36V, 48V, Greater than 48V) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030

    Read more...
  • Featured Research Reports

    Lawn Mowers Market (By Product: Manual, Electric, Petrol, Robotic; By End Use: Residential, Commercial/Government) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

    Read more...
  • Featured Research Reports

    Reverse Logistics Market (By End-user Industry: E-commerce, Retail, Automotive, Consumer Electronics, Pharmaceutical) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

    Read more...
  • Featured Research Reports

    Fuel Cell Vehicle Market (By Vehicle type: Passenger Cars, LCV’s, HCV’s) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

    Read more...
  • Featured Research Reports

    Electric Vehicle Infotainment Market (By System Type: Audio, Video, Heads-up, Navigation, Rear Seat Entertainment System; By Connectivity Type; By End Use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.

    Read more...