New York, Dec. 30, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Smart Apartments Global Market Report 2022” – https://www.reportlinker.com/p06193669/?utm_source=GNW
The global smart apartments market is expected to grow from $2.29 billion in 2021 to $2.67 billion in 2022 at a compound annual growth rate (CAGR) of 16.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.71 billion in 2026 at a CAGR of 15.3%.
The smart apartments market consists of sales of smart apartments and related services.Smart apartments have connectivity to smart amenities such as smart lights, smart locks, integrated services like home cleaning within an apartment.
The smart apartment comprises smart devices such as smart locks, smart thermostats, smart lights, smart TVs, blinds, cameras and kitchen appliances. A smart apartment also involves the use of technology that can be reprogrammed frequently based on the resident’s lease agreements.
The main types of products in smart apartments are building management system (BMS), heating, ventilating, and air conditioning (HVAC), lighting control, security and access control, emergency alarm and evacuation system, and audio and visual effects.Lighting controls are a class of smart lighting systems that can manage the amount, quality, and characteristics of light in a specific area.
These smart devices help to reduce electricity waste while also boosting energy efficiency. Smart apartments are used in residential, hotels, and others.
Asia Pacific is the largest region in the smart apartments market in 2021.Africa is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The smart apartments market is driven by the increased use of IoT (Internet of Things) devices by people in every aspect of their daily routine.IoT involves sending and receiving data by a network of sensors, appliances, meters and other devices.
The IoT-enabled sensors and devices are used to increase the efficiency of the appliances in a smart apartment making it more efficient, sustainable, safer such as a few IoT-enabled sensors are capable of automatically turning the lights on after sensing the presence in a room thus adding a distinctive attribute to the smart apartments.Thus, the increased adoption of IoT technology boosts the growth of the smart apartments market.
For instance, the global spending on IoT across markets grew 12.1% in 2020 to $128.9 billion . Thus, the increased demand for IoT devices that help ease the lifestyle boosts the growth of the smart apartments market.
The concept of using an apartment as a service (AaaS) is the latest trend driving the smart apartments market.In the apartment as a service concept (AaaS), fully furnished smart apartments are rented for very short to long periods of stays.
It helps to offer a cost-effective solution for tenants to live in a smart apartment.Using apartment as a service enables the rental operators to streamline their operations and costs thus enhancing the resident’s experience and discovering new revenue streams for the owner.
For instance, as reported by Entrata, a USA based provider of property management software, in the USA, almost 57% of apartment tenants can pay up to $20 per month if smart technology was installed in an apartment.
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