SAN FRANCISCO, Nov. 23, 2022 /PRNewswire/ -- The global smart home market size is anticipated to reach USD 537.01 billion by 2030, according to a new report by Grand View Research, Inc. The market is estimated to exhibit a CAGR of 27.0% from 2022 to 2030. The increasing inclination toward energy conservation and limiting carbon emissions is projected to propel the market growth during the upcoming years.

Key Industry Insights & Findings from the report:

• The security & surveillance application accounted for the largest revenue share of over 31.0% in 2021. This is attributable to the uptrend in the demand for smart home devices including security cameras, burglar alarms, and window sensor alarms, which inform consumers of a potential security breach or threat.
• The energy management application is projected to witness a noteworthy growth rate owing to the growing awareness about energy-efficient devices, paired with the support of government bodies for implementing smart grids and deploying smart electricity, gas, and water meters.
• During the pandemic, numerous consumers installed smart home devices, out of safety concerns and for curbing the spread of the virus. Many consumers across the world adopted smart devices including robotic cleaners to conveniently keep their homes tidy, innovative security cameras, and video doorbells for limiting hand contact and for safety purposes.
• The increase in the penetration of smart digital assistants, including Google Assistant and Alexa in households for entertainment and easy communication has led to substantial market growth.

Read 300-page full 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

In June 2020, the U.K. government released plans to install smart meters in homes throughout the region, ensuring that consumers may continue to save costs on energy bills and carbon emissions once the lockdown was eased. The surge in the geriatric population is anticipated to impact the market growth significantly owing to an increase in demand for smart devices for monitoring and controlling their health and setting reminders for medicines and upcoming appointments.

Factors including rising awareness about smart grids, increase in disposable income in emerging economies, advancements in the consumer electronics industry, and power line communication assistance are creating new growth avenues in the market. In developed as well as developing economies, smart home devices portray remarkable potential in the industry.

The proliferating deployment of IoT has steered a faster implementation of smart home devices, including door locks, control lights, heating equipment, thermostats, and others for streamlining the management & control of household chores. Moreover, the increasing interest in a luxurious lifestyle, especially in developing countries is opportunistic for the growth of the market.

Smart Home Market Segmentation

Grand View Research has segmented the global smart home market based on application and region:

Smart Home Market - Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Security & Surveillance
• Lighting
• Entertainment
• Energy Management
• HVAC
• Smart Kitchen
• Home Fitness & Wellness

Smart Home Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• Asia Pacific
• India
• China
• Japan
• South Korea
• South America
• Brazil
• Middle East & Africa

List of Key Players in Smart Home Market

• Honeywell International Inc.
• LG Electronics, Inc.
• Lutron Electronics Co., Inc.
• Google Nest
• NETGEAR Inc.
• Ring LLC
• Robert Bosch GmbH
• Samsung Electronics Co., Ltd.
• Schneider Electric SE
• Philips Lighting B.V.

Check out more related studies published by Grand View Research:

• Smart Home Automation Market - The global smart home automation market size is expected to reach USD 130.0 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for the convenience of remote and real-time operation of smart home automation system has increased the growth and penetration of the smart home automation.
• Smart Home Services Market - The global smart home services market size is estimated to reach USD 11.7 billion by 2028 and is expected to expand at a CAGR of 11.2% from 2022 to 2028, according to a new report by Grand View Research, Inc. The growing demand for cognitive systems at smart homes is surging the adoption of installation and maintenance of smart home devices. In addition, customization of smart home devices by professional installers has also supported the expansion in the industry.
• Smart Home Platforms Market - The global smart home platforms market size is expected to reach USD 60.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.9% from 2022 to 2028. Improved experience gained by the users owing to the integration of smart home platforms is the key factor fueling the growth of the market.
• Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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