Smart Homes and Buildings Market (Energy Efficient, Automated)
Smart homes, building market overview
Smart Homes, Buildings (Energy Efficient, Automated) Market size was valued at $32.0 Billion in 2020 and is projected to reach $78.2 Billion by 2030, growing at a CAGR of 9.4 % from 2021 to 2030.
Major players profiled in this report include Cisco Systems, Inc., Control4 Corporation, Leviton MFG. Company Inc., Schneider Electric SA, Siemens Building Technologies, United Technologies Corporation, Honeywell Scanning & Mobility, Smarthome, Inc., Emerson Electric Co. and LG Electronics Inc.
The major factors responsible for the growth of the smart home and building (energy efficient, automated) market include remote control of home functions, increased energy efficiency and improved functionality of appliances.
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Smart homes are a priority area of strategic energy planning and national policy. Adoption of smart home technologies (SHT) relies on potential users’ perception of clear benefits with acceptable levels of risk.
Asia-Pacific recorded the highest market share and is expected to maintain it over the forecast period.
Based on applications, lightning control segment emerged as the global leader in 2020 and is expected to be the largest market during the forecast period.
According to technology, Wi-Fi segment has emerged as the global leader in 2020 and is expected to be the largest market during the forecast period.
The residential segment has become the global leader in 2020 and is expected to be the largest market during the forecast period.
High installation costs, unreliable internet connection, security issues, and technological issues in connected homes are restraining the growth of the market.
Part of the Internet of Things (IoT), smart home systems and devices often work together, sharing consumer usage data with each other and automating actions based on homeowner preferences.
A smart home is a residence that uses internet-connected devices to enable remote monitoring and management of appliances and systems, such as lighting and heating.
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Smart home technology, also often referred to as home automation or home automation (from the Latin “domus” meaning home), provides homeowners with security, comfort, convenience and energy efficiency by allowing them to control smart devices, often through a smart home app on their smartphones or other networked devices.
Sales of gadgets for smart homes and buildings (energy efficient, automated) are directly proportional to the sales of electronic gadgets. Disruption in import and export business has led to decline in the production of these gadgets, which in turn has led to decline in market growth of smart homes and buildings (energy efficient , automated).
The COVID-19 pandemic has had a significant impact on the construction sector. The COVID-19 outbreak has severely disrupted the economy, with devastating effects on global trade and it has simultaneously affected households, businesses, financial institutions, industrial establishments and infrastructure companies.
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According to the United Nations Industrial Development Organization (UNIDO), 30.0% to 70.0% of the pre-COVID-19 workforce of various industries, such as electricity and other suppliers third, have migrated to their hometown, due to uncertainties and loss of income during the lockdown.
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