Global Smart Home Devices Market To Reach $176.10 Billion By 2026 From $92.48 Billion In 2022
DUBLIN , Sept. 5, 2022 /PRNewswire/ -- "Global Smart Home Devices Market Report 2022 by Technology, Application and Sales Channel" has been added to ResearchAndMarkets.com listings.
The global smart home devices market is expected to grow from $78.44 billion in 2021 to $92.48 billion in 2022 at a compound annual growth rate (CAGR) of 17.9%. The market is expected to reach $176.10 billion in 2026 with a CAGR of 17.5%.
The growing need to save energy and reduce carbon emissions is driving the market for smart home devices. This growing need for sustainable solutions was caused by strict government regulations that set a limit on the maximum allowable CO2 emissions for any company. Conventional appliances continuously consume electricity until someone turns them off.
However, in smart home devices, they are equipped with motion sensors that can detect the absence of people in the room for a certain period of time and automatically turn off, saving money and electricity. Saving unnecessary electronic devices and reducing the electricity demand from power plants helps to reduce CO2 emissions. For example, according to a study conducted in Europe in 2021, smart building technology can save up to 23% of energy consumption in office buildings.
High switching costs hinder the growth of the smart home devices market. Smart devices are expensive and involve other upfront costs such as installation and maintenance costs. High costs hinder adoption and adoption of smart devices by consumers, including many organizations. According to a survey released by the Parks Association in 2021, 44% of the 46.7 million homes surveyed said that smart devices are too expensive. Additionally, a smart thermostat costs about $250 in the US, while a traditional thermostat costs about $25. The price factor has a negative impact on the market.
Companies are developing voice assistants to control smart home devices. Voice assistants are digital assistants that respond to voice commands and provide relevant information. They differ from traditional keyboard searches. They put more emphasis on conversational terms for all content and prioritize long-tail keywords for every search. For example, Amazon and Google have introduced their own voice assistants in their smart speakers. Amazon launched voice assistant Alexa on its Echo smart speaker, while Google launched the voice assistant "Google Assistant" on its Google Home smart speaker.
The scope covers the market: 1) By technology: Wi-Fi technology; Bluetooth technology 2) By application: energy management; Air conditioning; health care system; home entertainment systems; lighting control systems; security and access control systems 3) By distribution channel: Online; In offline mode
Main topics covered:
1. Summary
2. Characteristics of Smart Home Devices Market
3. Smart Home Devices Market Trends and Strategies
4. Impact of COVID-19 on smart home devices
5. Smart Home Devices Market Size and Growth 6. Smart Home Devices Market Segmentation
7. Regional and Country Analysis of Smart Home Devices Market
8. Asia Pacific Smart Home Devices Market
9. China Smart Home Devices Market
10. Indian Smart Home Devices Market
11. The Japanese market for smart home devices
12. The Australian market for smart home devices
13. The Indonesian Smart Home Devices Market
14. South Korea's smart home market
15. Western Europe market for smart home devices
16. UK Smart Home Appliance Market
17. Smart Home Market Germany
18. The French market for smart home devices
19. Device market for a smart home in Eastern Europe
20. Russian market of smart home devices
21. North American Market for Smart Home Devices
22. US market for smart home devices
23. South American smart home market
24. The Brazilian market for smart home devices
25. The Middle East Smart Home Devices Market
26. The African market for smart home devices
27. Smart Home Devices Market Competitive Situation and Company Profiles
28. Major Mergers and Acquisitions in the Smart Home Devices Market
29. Future Outlook and Potential Analysis of the Smart Home Devices Market
30. Appendix
listed company
For more information on this report, visit https://www.researchandmarkets.com/r/zccwb2
Media contact:
Research and Markets Laura Wood, Senior Manager press@researchandmarkets.com
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