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(EMAILWIRE.COM, October 29, 2024 ) The European Smart Home Market was USD 22.11 billion in 2024 and is expected to reach up to USD 29.24 billion by 2029 growing at a CAGR of 5.7 %. Owing to high internet usage and common accessibility to smartphones, the consumers have been easily able to connect their apparatus and manage it through the internet securely, the governments in Europe are also demanding the smart home system through incentives and policies, and the increasing knowledge among the consumers regarding the advantages of smart home devices which enhances safety and security and convenience.
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The growth of smart home devices is particularly evident due to a higher demand from consumers for convenient control of the devices used in homes, comfortable lighting, temperature plans, and security systems, leading to save electricity and improve the energy efficiency of devices. Another contributor to the increase in home automation popularity is the increased need for optimizing ones home as more people work from home. In the regulatory sphere of interest, governments, for instance, the European Green Deal, embracing the use of efficient technologies, drive the uptake of smart technologies. In addition to this is the evolution of loT technology, enhanced internet connection as well as the adoption of affordable smart devices.
The entertainment and other controls segment accounted for the largest share of ~31% of the European smart home market in 2023; a similar trend is expected in the future. The market growth can be attributed to the growing desire for convenience and a seamless entertainment experience. Other than this, technological innovation is making entertainment devices highly immersive and engaging. The high-definition display, powerful sound systems, and voice searching capabilities of smart TVs are giving cinema-like feels from the comfort of one’s living room. Smart speakers are becoming smarter and are now being integrated with other smart home devices to offer much more integrated and personalized entertainment environments. Moreover, growing interest in high-quality content streaming services, gaming platforms, and home automation features further raises demand. There is a growing interest from consumers in the personalization of entertainment, automation of routine activities, and device integration with the smart home to provide an immersive and more efficient way of living.
Behavioral system type segment accounted for the maximum market share of about ~96% in 2023, and it is expected to continue the same trend during the forecast period. These system types learn about resident routine and preferences, and behaviors using data obtained from several sensors and devices to learn and then predict the needs of the residents. Smart thermostats would make automatic temperature adjustments according to occupancy patterns, while smart lighting systems would vary according to the time of day and activity. This high level of personalization does not only improve convenience and comfort but also helps optimize energy use to reduce costs and become more sustainable.
The new installation type segment accounted for approximately a 66% share in the European smart home market in 2023 and is expected to continue through the forecast period. Since the number of devices being connected to homes such as smart thermostats, security system, automated lighting is already ramping up, ease and efficiency and will sooner or later become a part of consumers life. Homeowners start to consider how smart devices help inhabitants in their daily routines and security and, at some point, energy efficiency. New installations and easy interfaces that they present also call for consumer attraction since complexity or high costs may scare consumers.
UK accounted for the largest share of ~32% in the European smart home market in 2023. One primary driver is the increasing emphasis on convenience and comfort. Smart home devices offer a level of automation and control that simplifies daily tasks. As utility costs rise and climate awareness grows, many UK residents are turning to smart home technologies to help reduce energy consumption. Devices like smart thermostats, energy-efficient lighting, and smart plugs allow users to monitor and control energy usage, optimizing heating, cooling, and electricity to lower bills and minimize environmental impact. This aligns with governmental incentives and policies encouraging greener living, pushing the demand for energy-conscious solutions.
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Key Market Players
The key companies in European smart home market include Johnson Controls Inc. (Ireland), Honeywell International Inc. (US), Schneider Electric (France), Siemens (Germany), ASSA ABLOY (Sweden), Amazon.com, Inc. (US), Apple Inc. (US), Resideo Technologies Inc. (US), Robert Bosch (Germany), ABB (Switzerland).
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MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1290
The growth of smart home devices is particularly evident due to a higher demand from consumers for convenient control of the devices used in homes, comfortable lighting, temperature plans, and security systems, leading to save electricity and improve the energy efficiency of devices. Another contributor to the increase in home automation popularity is the increased need for optimizing ones home as more people work from home. In the regulatory sphere of interest, governments, for instance, the European Green Deal, embracing the use of efficient technologies, drive the uptake of smart technologies. In addition to this is the evolution of loT technology, enhanced internet connection as well as the adoption of affordable smart devices.
The entertainment and other controls segment accounted for the largest share of ~31% of the European smart home market in 2023; a similar trend is expected in the future. The market growth can be attributed to the growing desire for convenience and a seamless entertainment experience. Other than this, technological innovation is making entertainment devices highly immersive and engaging. The high-definition display, powerful sound systems, and voice searching capabilities of smart TVs are giving cinema-like feels from the comfort of one’s living room. Smart speakers are becoming smarter and are now being integrated with other smart home devices to offer much more integrated and personalized entertainment environments. Moreover, growing interest in high-quality content streaming services, gaming platforms, and home automation features further raises demand. There is a growing interest from consumers in the personalization of entertainment, automation of routine activities, and device integration with the smart home to provide an immersive and more efficient way of living.
Behavioral system type segment accounted for the maximum market share of about ~96% in 2023, and it is expected to continue the same trend during the forecast period. These system types learn about resident routine and preferences, and behaviors using data obtained from several sensors and devices to learn and then predict the needs of the residents. Smart thermostats would make automatic temperature adjustments according to occupancy patterns, while smart lighting systems would vary according to the time of day and activity. This high level of personalization does not only improve convenience and comfort but also helps optimize energy use to reduce costs and become more sustainable.
The new installation type segment accounted for approximately a 66% share in the European smart home market in 2023 and is expected to continue through the forecast period. Since the number of devices being connected to homes such as smart thermostats, security system, automated lighting is already ramping up, ease and efficiency and will sooner or later become a part of consumers life. Homeowners start to consider how smart devices help inhabitants in their daily routines and security and, at some point, energy efficiency. New installations and easy interfaces that they present also call for consumer attraction since complexity or high costs may scare consumers.
UK accounted for the largest share of ~32% in the European smart home market in 2023. One primary driver is the increasing emphasis on convenience and comfort. Smart home devices offer a level of automation and control that simplifies daily tasks. As utility costs rise and climate awareness grows, many UK residents are turning to smart home technologies to help reduce energy consumption. Devices like smart thermostats, energy-efficient lighting, and smart plugs allow users to monitor and control energy usage, optimizing heating, cooling, and electricity to lower bills and minimize environmental impact. This aligns with governmental incentives and policies encouraging greener living, pushing the demand for energy-conscious solutions.
Ask for Sample Report @
https://www.marketsandmarkets.com/requestsampleNew.asp?id=1290
Key Market Players
The key companies in European smart home market include Johnson Controls Inc. (Ireland), Honeywell International Inc. (US), Schneider Electric (France), Siemens (Germany), ASSA ABLOY (Sweden), Amazon.com, Inc. (US), Apple Inc. (US), Resideo Technologies Inc. (US), Robert Bosch (Germany), ABB (Switzerland).
About MarketsandMarkets
MarketsandMarkets has been recognized as one of Americas best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
