Smart Home Market Size Worth $537.01 Billion by 2030: Grand View Research, Inc. – PR Newswire UK
SAN FRANCISCO, June 14, 2022 /PRNewswire/ — The global smart home market size is projected to reach USD 537.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 27.0% from 2022 to 2030. The rising focus on energy conservation and reduced carbon emissions are anticipated to drive market growth during the forecast period.
Key Insights & Findings from the report:
- The security and surveillance application segment dominated the global market and accounted for the highest revenue share of around 31.0%. This is owing to the rising demand for smart home devices such as burglar alarms, window sensor alarms, and security cameras, which inform users of a potential threat or security breach.
- The energy management segment is anticipated to witness substantial growth due to increasing awareness regarding energy-efficient devices, coupled with the support of regulatory bodies for developing a smart grid and installing smart electricity, water, and gas meters.
- During the pandemic, many customers adopted smart home gadgets, out of health safety concerns and to curb the spread of the virus. Consumers used smart devices such as robotic cleaners to keep the home tidy, video doorbells for reducing hand contact, and innovative security cameras for safety purposes.
- Increased penetration of smart digital assistants, such as Alexa and Google Assistant, among households for easy communication and entertainment has led to significant market growth.
Read 300-page market research report, “Smart Home Market Size, Share & Trends Analysis Report By Application (Security & Surveillance, Lighting, Entertainment, Energy Management, HVAC, Smart Kitchen, Home Fitness & Wellness), By Region And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Smart Home Market Growth & Trends
The improved regulatory initiatives by governments for deploying smart home devices to save energy are encouraging people to adopt these products, thereby significantly impacting the market growth.
For instance, in June 2020, the government of the U.K. released new plans to deploy smart meters in homes across the region, guaranteeing that consumers may continue to save money on their energy bills and carbon emissions once the coronavirus pandemic-induced lockdown is removed. The growing elderly population is expected to significantly impact the market growth for smart homes due to an increasing demand for smart devices to monitor and control their health and set reminders for their medicines and appointments with physicians.
Increasing awareness regarding smart grids, higher personal income in developing economies, power line communication assistance, and the rise of the consumer electronics industry are factors likely to impact market growth positively. In developed and developing countries, smart home devices pose significant potential in the overall smart home industry.
Increased adoption of IoT has led to a faster deployment of smart devices, such as control lights, thermostats, heating equipment, door locks, and others, to streamline the control and management of basic household chores. Furthermore, the growing need for a luxurious lifestyle in developing nations owing to increased disposable income and preference among consumers for energy-efficient devices is propelling the market growth.
Smart Home Market Segmentation
Grand View Research has segmented the global smart home market on the basis of application and region:
Smart Home Application Outlook (Revenue, USD Billion, 2018 – 2030)
- Security & Surveillance