Top Players Driving the European Smart Home Market Growth to 2029: Key Trends and Insights
Delray Beach, FL, Dec. 16, 2024 (GLOBE NEWSWIRE) -- According to a research report "European Smart Home Market by Lighting Controls, Smart Speakers, Entertainment Controls, HVAC Controls, Security & Access Controls, Smart Kitchen, Home Healthcare, Smart Furniture, Home Appliances, Wired, Behavioral, Proactive - Global Forecast to 2029", The European smart home market was valued at USD 22.11 billion in 2024 and is projected to reach USD 29.24 billion by 2029; it is expected to register a CAGR of 5.7% during the forecast period.
The European smart home market is being fueled by the several determinants such as the various government incentives to increase energy efficiency. For instance, the Green Homes Grant in the UK, which encourages people to incorporate smart technologies in their homes. Moreover, the demographic trends suggest that there will be a high demand for the solutions which allow the elderly to be more self-sufficient thus relieving some pressure from the health care systems. To some extent, the smart home technologies will help the elderly to reside within their homes in a secure manner.
Major European Smart Home companies include:
- Johnson Controls Inc. (Ireland)
- Honeywell International Inc. (US)
- Schneider Electric (France)
- Siemens (Germany)
- ASSA ABLOY (Sweden)
- Amazon.com, Inc. (US)
- Apple Inc. (US)
- Resideo Technologies Inc. (US)
- Robert Bosch (Germany)
- ABB (Switzerland)
Johnson Controls Inc.
Johnson Controls Inc. is the global leader in delivering integrated facility management services, energy solutions, and building technologies. It offers a bevy of innovative smart home products that enhance security, comfort, convenience, and energy efficiency for the home. In the pursuit of enriching the quality of life for the homeowner, Johnson Controls has developed a set of integrated solutions leveraging state-of-the-art technology in home automation. From smart thermostats and lighting control to quality door locks and superior security systems, Johnson Controls tailors services and products to suit every need in the home.
Schneider Electric
Schneider Electric is a leading smart home solution vendor. Schneider Electric provides integrated solutions across utilities, infrastructure, industries, data centers, and buildings. The products offered include energy distribution, automation, and control products, software, and services. With a commitment to sustainability, Schneider Electric is driving the development of more efficient energy management and automation of renewable energy toward a more efficient and sustainable world. The company operates through two business segments, namely, Energy Management and Industrial Automation.
Honeywell International Inc.
Honeywell International Inc. offers various products, software, solutions, and technologies that complement the connectivity and security of smart home products to be used by homeowners. Honeywell International is an advanced diversified technology and manufacturing company producing a wide portfolio of products and services in many sectors: aerospace, building technologies; performance materials; and safety and productivity solutions.
European Smart Home Market Segmentation:
By Installation type: new installations segment to account for the larger market share in the forecasted year.
The new installation segment accounted for the larger share of the European smart home market in 2029. New installations involve the installation of state-of-the-art lighting systems with modern LED drivers and ballasts, sensors, switches, dimmers, and gateways. While retrofit installations do not, new installations entail complete replacement of a traditional lighting system by phasing out an existing conventional lamp and its associated controls and fixtures and the introduction of new lamps and associated controls and fixtures. A new installation transforms the whole system, resulting in an entirely different setup.
By Sales Channel: Indirect sales accounted for a larger market share in the forecasted year.
Indirect sales channels or third-party distributors hold a major share of the European smart home market in 2029. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales include the sales of smart home products through both online and offline modes. The offline sales channel comprises third-party cellular network carriers, wholesalers, retailers, and value-added resellers, whereas the online sales channel involves sales through e-commerce platforms and third-party retailers.
By Country: UK is expected to hold the second-largest share of the European smart home market during the forecast period.
UK is expected to hold the second largest share of the total European smart home market in 2029. The UK government’s target of reaching net-zero carbon emissions by 2050 further drives the use of smart home technologies that help minimize energy consumption and carbon emissions. Cities such as London, Birmingham, Manchester, Edinburgh, Leeds, etc. got high adoption rate due to local smart city projects and emerging interest in smart home technologies. In terms of adoption towards smart home, it has been London in UK that has been leading, with ~50% of the household having access to smart home devices.
About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets Inc. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA : 1-888-600-6441 UK +44-800-368-9399 Email: sales@marketsandmarkets.com Visit Our Website: https://www.marketsandmarkets.com/
