Big Market Research published a report titled "Global Smart Homes, Buildings (Energy Efficient, Automated) Market (Applications, Technologies, Products and End-User), Size, Share, Trends, Analysis, Research, Future Demand, Scope and Forecast, 2013 – 2020."
Big Market Research published a report titled "Global Smart Homes, Buildings (Energy Efficient, Automated) Market (Applications, Technologies, Products and End-User), Size, Share, Trends, Analysis, Research, Future Demand, Scope and Forecast, 2013 – 2020." The report forecast the market to attain a value of $35.3 billion by 2020, registering a healthy CAGR of 29.5% during 2012-2020. Rising environmental concerns, increasing cost of energy and stringent government regulations are propelling the market growth.
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Due to steep rise in the cost of energy and increase in the greenhouse effect, there is an increased demand for energy efficiency. This demand for efficient energy has been accepted by numerous construction business across the globe and hence, they are adopting automated system for their smart home and buildings.
The report is an extensive coverage on the global smart home and buildings market to make the investors understand the changing market scenario. In terms of application, the safety and security market is anticipated to reach $6,132.4 million by the year 2020, with a CAGR of 34.6% during the estimated period.
"This market is expected to evidence significant growth due to growing security concerns and enhanced safety features that smart automation systems can currently offer. With an increase in the working population, safety concerns with respect to aged parents and children is the biggest challenge. Smart home address these issues with highly-sophisticated remote monitoring technologies." states Shreyas Naidu.
However, factors such as interoperability, high upfront cost and lack of standardization would impede the market growth. Registering a CAGR of 25.9%, North America is expected generate a revenue of $12.4 billion by 2020. Asia Pacific would grow at a significant rate with a CAGR of 37.7% during the forecast period.
Key players listed in the market are :-
Emerson Electric Co. Leviton
Siemens Buildings Technologies
United Technologies Corporation (UTC)