European Smart Home Market (2022 to 2027) – Use of Smart Home Products for Geriatric Applications Presents Opportunities – GlobeNewswire

Dublin, July 18, 2022 (GLOBE NEWSWIRE) — The “European Smart Home Market by Product (Lighting Controls, Security & Access Controls, HVAC Controls, Smart Speakers, Smart Kitchens, Home Appliances, Home Healthcare), Software & Service (Proactive, Behavioral) and Geography – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The European smart home market is projected to grow from USD 26.7 billion in 2022 to USD 41.2 billion by 2027; it is expected to grow at a CAGR of 9.0% from 2022 to 2027

Surging importance of home monitoring

Smart homes can perform intricate tasks such as automatically lighting up evacuation routes in the case of a fire alarm in addition to basic operations such as turning off lights, dimming lights, and shutting curtains.

Connectivity has become a high-end novelty in a variety of household equipment, including security cameras and utility or smart meters, which record the consumption of electric energy and communicate information to the user and thermostats. In the coming years, connectivity is anticipated to become a more prevalent trend, where connectivity will become an incorporated standard in practically every household gadget and equipment.

A smart home, also known as a connected or an automated home, is defined as a dwelling unit where partial or all functionalities can be controlled remotely or manually with the integration of required electronic devices and specialized software. Security and access control; energy management; and heating, ventilation, and air conditioning (HVAC) control are a few of the popular functions of a smart home. A smart home ecosystem envelops offerings such as electronic devices, software, and communication media.

Increasing number of manufacturers expanding their smart home product portfolios

The smart home industry’s value chain includes a significant number of component, device, and system manufacturers across the world. There are also a large number of software algorithms and service suppliers in the business. Samsung SmartThings, Amazon Echo, Google Home, and Apple HomeKit are just a handful of the smart home product breakthroughs announced recently by industry giants.

Homeowners have begun to use home automation systems on a broad scale due to the benefits they provide, which primarily include convenience, energy efficiency, and cost savings. With the high penetration rate of lighting controls (such as dimmers, timers, and occupancy sensors), HVAC controls (such as smart thermostats, sensors, and control valves), and security and access products (such as security cameras and smart locks) in Europe, smart home product manufacturers are expanding their product portfolios to cater to different application areas within a household, such as electrical energy conservation, water conservation, and security.

Germany to grow at a fastest rate in the forecast period

Smart home products have a high adoption rate in Germany. According to a survey conducted by the German industry group Bitkom, 41% of all Germans had at least one smart home device installed in 2021. Ease, convenience, and comfort were the primary motivators for purchasing smart home goods, as cited by 78% of respondents, while 69% wanted to make their homes safer. Energy efficiency was rated as a high purchase criterion by 62% of respondents.

There have been several initiatives from the government and industry to make energy efficient, which will drive the adoption of smart home products and services.

For example, the German Federal Ministry of Economic Affairs and Energy in February 2022 created the “Smart Energy Showcases – Digital Agenda for the Energy Transition” grant initiative. The purpose of this initiative is to include market participants from all points along the value chain as …….

Source: https://www.globenewswire.com/news-release/2022/07/18/2480832/0/en/European-Smart-Home-Market-2022-to-2027-Use-of-Smart-Home-Products-for-Geriatric-Applications-Presents-Opportunities.html

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