Global Smart Homes Systems Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The smart homes systems market is anticipated to grow at a significant CAGR of 25.5% during the forecast period (2022-2028). Smart home devices are appropriate for a home setup in which devices may be operated remotely using a mobile or other networked device from any internet-connected location. The consumer may control services such as security access, temperature, lighting, and home entertainment in a smart home as all of its gadgets are connected to the internet. The rising importance of the need to combat security challenges is expected to fuel demand for smart and connected houses globally. Furthermore, the market expansion is likely to be aided by breakthrough wireless technologies such as security and access regulators, entertainment controls, and HVAC controllers.

The global smart homes systems market is segmented based on type and sales channel. Based on type, the market is sub-segmented into comfort & lighting, control & connectivity, energy management, home entertainment, security, and smart appliances.  Among these types, the energy management segment is expected to propel the growth of the market. The use of HVAC systems is predicted to increase as a result of new government efficiency rules. This has paved the way for smart HVAC control systems to be implemented in buildings’ most advanced heating and air conditioning units. As a result, existing HVAC equipment would have to be either replaced or adapted to meet government energy efficiency criteria. This would increase the demand for HVAC retrofitting, boosting the growth of the energy management segment. Based on the sales channel, the market is sub-segmented into retail and online.

The market players are also contributing significantly to the market’s growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market.  For instance, in August 2021, a new switch line had been introduced by ABB India. Millenium and Zenit switches are ISI-certified and provide consumers with control, functionality, and comfort in smart buildings and premises that can be easily upgraded with the latest smart home automation systems. With these switches built for both residential and business establishments, customers may switch from standard lighting to an eco-friendly intelligent alternative.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Sales Channel
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- ABB Ltd., Honeywell International Inc., Emerson Electric Co., Siemens AG, LG Electronics Inc., Cisco Systems Inc., Google LLC, Microsoft Corp., General Electric Co., IBM Corp., andUnited Technologies Corp., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Smart Homes Systems Market Report by Segment

By Type

• Comfort & Lighting
• Control & Connectivity
• Energy Management
• Home Entertainment
• Security
• Smart Appliances

By Sales Channel

• Retail
• Online