Smart Homes, Buildings Market to Reach $78.2 Billion by 2030: Allied Market Research
Allied Market Research
4 min read
Allied Market Research
Increase in urbanization & industrialization, benefits such as cost-saving and tracking and optimization of energy consumption, and ease in installation drive the growth of the global smart homes, buildings (energy efficient, automated) market. North America accounted for the highest share in 2020, holding more than one-third of the total market share, and is projected to continue its leadership status by 2030.
Portland, OR, June 09, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global smart homes, buildings (energy efficient, automated) market generated $32.0 billion in 2020, and is estimated to reach $78.2 billion by 2030, witnessing a CAGR of 9.4% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in urbanization & industrialization, benefits such as cost-saving and tracking and optimization of energy consumption, and ease in installation drive the growth of the global smart homes, buildings (energy efficient, automated) market. However, high costs related to installation and maintenance of these systems restrain the market growth.
Production activities of electronics products and gadgets used in smart homes & buildings were stopped completely or partially as the electronics and semiconductors sector came to halt during the pandemic due to lockdown measures, unavailability of the workforce, and disrupted supply chain across the globe.
The demand from applications sectors such as residential, commercial, and others reduced significantly, owing to stoppage of new construction and maintenance activities during the lockdown. However, the demand is expected to regain post-lockdown.
The report offers detailed segmentation of the global smart homes, buildings (energy efficient, automated) market based on application, technology, end use, and region.
Based on application, the energy management segment held the highest share in 2020, contributing to around one-third of the total market share, and is estimated to maintain its dominant share by 2030. However, the safety and security segment is expected to register the highest CAGR of 9.7% from 2021 to 2030.
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Based on end use, the commercial segment contributed to the largest share in 2020, accounting for more than two-fifths of the global smart homes, buildings (energy efficient, automated) market. Moreover, this segment is estimated to manifest the largest CAGR of 9.7% during the forecast period. The report also analyzes the residential segment.
Based on region, North America accounted for the highest share in 2020, holding more than one-third of the total market share, and is projected to continue its leadership status by 2030. Moreover, this region is projected to portray the fastest CAGR of 9.8% during the forecast period. Other regions discussed in the report include Asia-Pacific, Europe, and LAMEA.
Leading players of the global smart homes, buildings (energy efficient, automated) market analyzed in the research include Cisco Systems, Inc., Leviton MFG. Company Inc., Control4 Corporation, Siemens Building Technologies, Schneider Electric SA, Honeywell Scanning & Mobility, United Technologies Corporation, Emerson Electric Co., Smarthome, Inc., and LG Electronics Inc.
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