The Europe smart home market size was USD 12.9 billion in 2017 and is projected to reach USD 31.7 billion by the end of 2025 and is expected to grow at an estimated of CAGR of 12.2% during the forecast period (2018—2025). Rise in the internet of things, increasing penetration of energy-efficient systems and solutions as well as growing demand for a real time home security solutions in the region are few factors which are supporting the growth of the market.
Smart lighting applications are driving the growth of the Europe Smart home market
Smart lighting applications are witnessing the significant growth in the Europe smart home market. Since, energy saving is the driving trend of the smart home market in the region. In 2017, about one- third of the market share in the Europe smart home market was held by the lighting applications market and it is expected, that lighting applications will continue to dominate the market during the forecast period.
Growing demand for personalized healthcare solutions, mobile healthcare facilities, and fitness support systems are driving the home healthcare market. In addition, the home healthcare devices are experiencing significant growth from the smart healthcare devices which support remote monitoring of the disabled, elderly people, and children at home. It is expected that the home healthcare segment will grow at an estimated CAGR of 12.9% during the forecast period.
“It is foreseen, that Europe’s insurance market will get benefited from Europe’s smart home market in coming years, due to the growing demand from the consumers of getting insurance cover for the services such as water leakages and lighting fixtures, apart, from the insurance coverage of the hardware and software components of the connected smart home devices”. —-GMI Research
Based on countries, Germany held the largest share in the market in 2017 due to the growing number of millionaires and the presence of high spending consumers. Further, the growing penetration of smartphones, smart surveillance cameras, and wearable activity trackers are likely to boost the growth of the smart home market in Germany. It is projected, that the UK market will be the fastest growing smart home market during the forecast period.
• In 2017, about one- third of the market share in the Europe smart home market was held by the lighting applications market
• Home healthcare segment is expected to grow at an estimated CAGR of 12.9% during the forecast period
• Germany held the largest share in the Europe smart home market in 2017
• UK market will be the fastest growing smart home market during the forecast period.
Some of the key players operating in the Europe smart home market are Siemens AG, Schneider Electric SE, Honeywell International Inc., Ingersoll-Rand PLC, ABB Group, Legrand S.A., Google, LLC, and Samsung Electronics Co.
The Europe smart home market has been segmented based on applications and key geographies. Based on applications, the market is categorized into lighting control, security and access control, HVAC control, home healthcare, home appliances, entertainment, and others.
The research report “Europe smart home market” provides in-depth analysis of Europe smart home across the region, based on applications and key countries for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the Europe smart home market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
For more details, browse the Table of Contents: https://www.gmiresearch.com/report/north-america-smart-home-market-opportunities-forecast-share-trends-insights-industry-profile-cagr.html
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