A smart home can be described as a natural extension of the trend which has seen automation gradually invade all walks of human life. In a smart house, various systems like lighting, security, ventilation,., can either be preprogrammed or altered from a remote location through connected devices.
Smarthomes use other concepts like Internet of Things (IoT) as well as WiFi to constantly keep track of changes and transmit relevant information to a user. The home automation hub provides various benefits remote monitoring and control, efficient use of home resources and the creation of a unified control base.
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Thus, the Smart Homes Market is in a great position to register a strong amount of growth during the forecast period of 2017-2022.
Scope & Regional Forecast of the Smart Homes Market
The Smart Homes Market is grateful that a couple of important factors played a role in the rapidly growing popularity of the smart home automation system which is currently being witnessed right now. The prevalence of 4G in developed countries as well as the rapid penetration of WiFi technology in emerging countries has opened up the opportunity to promote the benefits of utilizing smart home technology.
Home automation companies consider the prime growth drivers to be a few factors like: growing residential demand for advanced security and monitoring systems; more awareness among the public regarding energy conservation and its effects on climate change; the superior experience as well as convenience provided by intelligent home systems when it comes to controlling various tools at home; and a gradual transition towards automatic control of home functions rather than operating them manually in an effort to save time as well as effort.
Currently, the Smart Homes Market is being dominated by the demand emanating from North America. The various initiatives and subsidies provided by the government have encouraged the people in the region to adopt various practices which align with smart house technology.
Energy conservation, integration with a smart grid, control of water and gas are some of the areas which have received a lot of focus so far. Meanwhile, Asia-Pacific is expected to be a key future demand driver as the emerging countries located in the region look to adopt the most advanced technology in an effort to battle climate change as well as to promote sustainable living.
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Segmentations & Key Players Involved in the Smart Homes Market
The Smart Homes Market can be broken down into various segmentations on the basis of –
System Type: Security Systems (Alarm Systems, Biometric Systems, Surveillance Systems), HVAC (Thermostats, Sensors, Energy Management, Climate Control, Smart Windows), Entertainment (Home Theater Systems, Smart Entertainment) and Lighting (Smart Lighting Controls, Integrated Power Management, Sensors).
Standard: Communication Protocols (DALI, KNX, NEMA, BACNET, Lon Works, Others) and Wireless Standards (Zigbee, Enocean, Z-Wave, Wi-Fi, Others).
End Use Type: Commercial Buildings, Residential, Governmental, Industrial and Others.
Geographical Location: Americas, Europe, Asia-Pacific and Rest of the World.
Some of the key players involved in the Smart Homes Market are as follows:
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