Energy & Lighting segment is growing at a highest CAGR of 14.8% during the forecast period
Latest market study on "Europe Smart Home Appliances Market to by Product (Appliances, Energy & Lighting, Security Measures, and Health & Fitness); Technology (Bluetooth, Wi-Fi, Zigbee, Z-Wave, and NFC); and End-User (Commercial and Residential) – Analysis and Forecast", The smart home appliances market across Europe was valued at US$ 4.08 Bn in 2018 and is expected to grow at a CAGR of 13.9% during the forecast period 2019 – 2027, to account for US$ 12.94 Bn by 2027. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The household appliances accounts for approximately two-thirds of the energy consumption by buildings. With an aim to conserve energy, the European Government is taking several initiatives to propel the adoption of smart home appliances in the region. For instance, the EC published a strategy on Connectivity for a European Gigabit Society in 2016. The strategy sets a vision of Europe where availability and acceptance of very high capacity networks allow the extensive use of products, services as well as applications in the Digital Single Market. Access to connectivity providing at least 100 Mbps for all households in Europe by 2025 is one of the key objective of the strategy.
Furthermore, the EC issued a recommendation for the roll-out of smart metering strategies. By 2020, it is anticipated that approximately 72% of the consumers in the region will have a smart meter for electricity. Since, smart Appliances as well as connected devices within the smart home are integrally connected with external conditions such as the access to broadband internet as well as smart meters, thus the above mentioned initiatives are expected to drive the smart home appliances market growth during the coming years.
Smart home appliances offer a great alternative to increase energy efficiency by monitoring energy usage of various smart appliances like smart light bulbs & lighting systems, smart thermostats, smart boiler and others. The smart appliances communicate with each other and also with energy control systems like smart meters to anticipate the energy peaks and lows. This interaction between smart devices and energy systems helps in observing and analyzing the energy usage pattern and with use of technologies like artificial intelligence the energy consumption can be optimized.
Smart Light Bulbs & Lighting Systems are a part of upcoming IoT technology, facilitating mobile and sensor based control on the luminosity of lights in a particular space. The intelligent connected lighting offers ecofriendly environment and effectively reduces the consumption of energy. Wireless technologies (Wi-Fi, NFC, Bluetooth and others) and IoT have become an integral part of day to day lives of tech savvy consumers and integration of these technologies in smart lighting solutions is considered to be one of the major reasons driving the smart lighting systems market.
New service providers including insurance and energy companies are also taking part in the market space. For instance, Aviva, an insurance provider in Europe partnered with Alarm.com, a platform provider for the connected property. Some of the key companies operating in the smart home appliances market includes BSH Hausgeräte GmbH, Samsung, Whirlpool, LG, Philips, Amazon, and Google among others.
The report segments the Europe smart home appliances market as follows:
Europe Smart Home Appliances Market – By Product
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