“European Smart Home Market by Products (Security, Access, Lighting, Entertainment, Energy Management, HVAC, Ballast & Battery Pack), Service (Installation & Repair, Renovation & Customization) and Geography – Global Forecast and Analysis to 2014 – 2020”, the total Market for European Smart Homes will reach $15.28 Billion by 2020 at a CAGR of 16.51% from 2015 to 2020.
A well-furnished home/residence/apartment with numerous networking technologies & communication systems such as energy management systems, security & access control systems, HVAC control systems, entertainment control systems, and health monitoring systems can be referred as a ‘smart home’. All these devices help to connect the key electrical appliances with mobile devices such as smartphone and permit the users to remotely control, monitor, and access the user’s residence.
Several technological developments and regulatory initiatives are taking place with regard to smart homes in this smart Homes Market. Smart homes could be of two types, namely, retrofit and newly built. Existing homes can be retrofitted to turn them into smart homes, without much brick work. Smart home technologies can be incorporated in the construction of new houses.
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Despite the numerous advantages offered by smart home systems such as reliability, security & privacy; huge initial cost are some of the important factors restraining the growth of the European smart homes market. On the other hand, the major drivers for the European smart homes market are the regulatory initiatives and mandatory measures taken by European Union (EU) and the enhancement of smart home devices and appliances with advanced features.
The overall European smart homes market is expected to reach $15.28 Billion by 2020 at a CAGR of 17% between 2015 and 2020. The report on European smart homes market analyzes the European smart homes value chain, giving a clear insight into all the major and supporting segments of the industry.
The market has been segmented on the basis of product protocol, technology, and geography (Germany, France, the U.K., Spain, Italy, and the rest of the Europe). The report also analyzes the market dynamics such as the drivers, restraints, and opportunities along with the industry’s challenges, trends, and technologies in the European smart homes market.
Some of the key players in this market include Siemens AG (Germany), Schneider Electric S.A. (France), ABB Ltd. (Switzerland), Ingersoll-Rand Plc. (Ireland), Tyco International Ltd. (Switzerland), Legrand S.A. (France), Hager Holdings GmbH (Germany), Albrecht Jung GmbH& CO. KG (Germany), Control4 (US), Tyco International Ltd. (Switzerland), and Infineon Technologies AG (Germany). Germany will remain the leading market for European smart homes throughout the forecast period due to high adoption rate and continuous development.
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