The global smart house equipment market is expected to witness high growth over the forecast period owing to the increasing demand for pre-programmed applications. These applications have the capability to remotely control security cameras, music systems, lights, and appliances. Growing purchasing power is propelling market growth over the past few years. Rising popularity of self-help smart home applications” is also responsible for the growth of the smart housing equipment market.
The latest developments in the field of connectivity of appliances are also responsible for the market expansion. The real estate sector is expected to witness a massive transformation over the forecasted period owing to new innovative concepts of building homes. This is expected to help in fuelling growth.
The smart house equipment market is at introductory stage and has high potential owing to increasing digital addictiveness, changing societal trends and increasing demand for digital ecosystem. Increasing digital addictiveness has resulted in increased demand for portable devices (mobiles, smartphones, and others) which are key components of the smart home industry.
Growing aging population in developed countries has resulted in influencing demand for smart homes. Increasing demand for digital ecosystem has influenced large players to position themselves in this sector. Another major factor that is driving the market is smart grid. Smart grids are an amalgamation of various smart technologies such as smart meters, small wind generators, home energy management systems, and power grid. Companies in the market are building user-friendly platforms for end consumers. This has helped the companies to improve on their serviceability. Smart grids are another major factor that has influenced the expansion over the past few years.
Globally, the smart house equipment industry is expected to witness significant growth over the forecast period owing to maturing power grid network. Decreasing reliability of power grids on account of environmental changes and power blackouts has resulted in further development of power grid technology. By integration of various smart grid technologies, the reliability of power grid can be achieved. Some other drivers which have fuelled growth over the forecasted period are advancement in the infrastructure industry, and advancement in the telecom industry.
Growing trend of using digital technologies in physical systems coupled with integration of wireless technologies will augment smart house equipment market expansion over the next seven years. Internet of Things (IOT) will be significantly amplified over the forecast period on account of rising number of devices connecting to the internet. So the smart home equipment industry is likely to have more devices that can be integrated in the smart home. Another factor that will fuel growth is the rising tablet market. As tablets could be used for providing effective remote control to manage all systems, they are expected to be one of the most important components for smart home equipment.
Increasing government regulations on energy consumption coupled with rising energy cost is expected to have a positive impact. In addition, increasing awareness about security concerns and environmental changes has influenced the demand for modern and sophisticated homes. Some of the challenges include poor manageability, difficulty in integration of the security system, and high ownership cost. Housing demand has a major effect on the smart home sector. Lack of standardization is another critical factor that can pose a challenge for this sector. The smart home equipment industry faces many challenges on account of widespread adoption.
On the basis of region, the smart house equipment market can be segregated into Asia Pacific, North America, and Europe. North America is expected to account for the largest share for the smart home equipment industry owing to the increasing number of modern residential buildings and renovation. High adoption rate and continuous growth in North America are expected to drive demand in the region. Rising need to lower power consumption and high investment in infrastructure is expected to drive expansion in Asia Pacific and Europe.
Smart home equipment market can also be segregated into home assistance, e-health, home security/automation, and homecloud. Home automation means designing a user interface that can be centrally controlled and provide functionality for home security, utility management, home energy, and lightning and entertainment. Disparity in technologies is expected to be a major challenge for growth. Home assistance means configuration of repair and maintenance services for TV’s and computers. Fragmentation of solutions is expected to have negative impact on the expansion of home assistance services. Home cloud includes sensors, digital data and productive documents (for instance, emails).In these segments, telecom providers are expected to leverage their customer loyalty. E-health sector is expected to open up new avenues for the telecom sector which has led the companies to offer cost-effective solutions.
The key players include Ceramic Fuel Cell Ltd, Landis+Gyr AG, Iskraemeco, Gintech Energy Corp., Plug Power, SFC Smart Fuel Cell Inc, Suntech Power, Sunpower Corp, Hydrogenics Corp, Itron Inc., Horizon Fuel Cell Technologies, Morphic Fuel Cells, Protonex. Companies such as Google and Apple are entering the market. Apple introduced its upcoming technology at CES 2015 which is a smart home platform named HomeKit.
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