The global Smart Homes, Buildings (Energy Efficient, Automated) Market size was valued at $32.0 billion in 2020, and is estimated to reach $78.2 billion by 2030, growing at a CAGR of 9.4% from 2021 to 2030.
Smart homes and smart buildings refer to properties that are equipped with advanced technologies to enhance energy efficiency, automation, convenience, and overall quality of life for occupants. These technologies leverage the Internet of Things (IoT), data analytics, sensors, and connectivity to create more sustainable and intelligent living and working spaces.
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Key features and benefits of Smart Homes:
Energy Efficiency: Smart homes use energy-efficient appliances, lighting, and HVAC systems. Energy consumption can be optimized through automated control and real-time monitoring, leading to reduced utility bills and a smaller carbon footprint.
Home Automation: Smart homes offer remote and automated control of various devices and systems, including lighting, thermostats, security cameras, door locks, and entertainment systems.
Smart Lighting: Lighting systems can be automated to adjust brightness and color based on time of day or occupancy. Some systems can also be controlled via voice commands or smartphone apps.
Smart Thermostats: These devices learn occupants’ preferences and adjust temperature settings accordingly, saving energy while ensuring comfort.
Security and Monitoring: Smart security systems provide real-time alerts, remote monitoring, and video surveillance. Motion sensors, door/window sensors, and smart locks enhance home security.
Voice Assistants: Integration with voice assistants like Amazon Alexa, Google Assistant, or Apple Siri allows occupants to control various devices using voice commands.
Appliance Control: Smart appliances can be managed remotely, helping users save energy by scheduling tasks during off-peak hours.
Health and Wellness: Smart homes can include air quality sensors, smart beds, and health-monitoring devices to promote a healthier living environment.
Entertainment: Audio and video systems can be interconnected and controlled from a central hub, providing seamless entertainment experiences.
Smart homes are a priority area of strategic energy planning and national policy. Adoption of smart home technologies (SHTs) relies on prospective users perceiving clear benefits with acceptable levels of risk.
Key players profiled in this report include Cisco Systems, Inc., Control4 Corporation, Leviton MFG. Company Inc., Schneider Electric SA, Siemens Building Technologies, United Technologies Corporation, Honeywell Scanning & Mobility, Smarthome, Inc., Emerson Electric Co., and LG Electronics Inc.
Asia-Pacific registered highest market share, and is projected to maintain the same during the forecast period.
On the basis of application, the lightning control segment emerged as the global leader in 2020, and is anticipated to be the largest market during the forecast period.
Depending on the technology, the Wi-Fi segment emerged as the global leader in 2020, and is anticipated to be the largest market during the forecast period.
Key factors responsible for the smart homes, buildings (energy efficient, automated) market growth include remote control of home functions, increased energy efficiency, and improved appliance functionality.
The residential segment emerged as the global leader in 2020, and is anticipated to be the largest market during the forecast period.
Significant installation costs, reliable internet connection, security issues, and technological problems in connected homes act as restrains for the market growth.
A part of the internet of things (IoT), smart home systems, and devices often operate together sharing consumer usage data among themselves and automating actions based on preferences of homeowners.
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Key features and benefits of Smart Buildings:
Energy Management: Smart building systems optimize energy consumption by monitoring usage patterns, adjusting lighting and HVAC systems, and identifying energy-saving opportunities.
Building Automation: Integrated building automation systems control lighting, heating, ventilation, air conditioning (HVAC), security, and other building systems from a centralized platform.
Occupancy Sensing: Sensors detect occupancy in rooms and adjust lighting, temperature, and ventilation accordingly, reducing energy waste in unoccupied spaces.
Predictive Maintenance: IoT-enabled sensors monitor the condition of building systems and equipment, predicting maintenance needs to prevent breakdowns and reduce downtime.
Space Utilization: Sensors track space usage, helping optimize layout and usage patterns, which can lead to better space efficiency.
Green Building Certification: Smart building technologies contribute to achieving green building certifications like LEED (Leadership in Energy and Environmental Design) by demonstrating energy efficiency and sustainability.
Tenant Experience: Smart building features enhance tenant experience by offering amenities like mobile access control, seamless communication, and personalized environments.
Data Analytics: Data collected from various sensors can be analyzed to gain insights into building performance, occupancy patterns, and energy usage, facilitating informed decisions.
A smart home is a residence that uses internet-connected devices to enable remote monitoring and management of appliances and systems, such as lighting and heating.
Smart home technology, also often referred to as home automation or domotics (from the Latin “domus” meaning home), provides homeowners security, comfort, convenience, and energy efficiency by allowing them to control smart devices, often by a smart home app on their smartphones or other networked devices.
Sales of smart homes, buildings (energy efficient, automated) gadgets is directly proportional to the sales of electronic gadgets. Disrupted import & export activities led to decline in production of such gadgets, which, in turn, led to decline in growth of the smart homes, buildings (energy efficient, automated) market.
The COVID-19 pandemic has had a significant impact on the construction sector. COVID-19 outbreak have severely disrupted the economy, with devastating effects on global trade and it has simultaneously affected households, businesses, financial institution, industrial establishments, and infrastructure companies.
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According to the United Nations Industrial Development Organization (UNIDO), 30.0%–70.0% of pre-COVID-19 workforce of various industries, such as electrical and other third-party vendors migrated to their hometowns, owing to uncertainties and loss of income during the lockdown.
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