Dublin, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The "Smart Appliances Market with COVID-19 Impact Analysis by Offering, Products (Smart Washer, Smart A.C, Smart Dryer, Smart Refrigerator, Smart Cooktop, Smart ), Services, Technology, End-User-Industry, and Geography - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global smart appliances market is expected to grow from USD 33.8 billion in 2021 to USD 76.4 billion by 2026; it is expected to grow at a CAGR of 17.7% during the forecast period. The major driving factors for the growth of the smart appliances market include rising energy prices, changing lifestyles of consumers, increasing use of wireless connectivity, and increased government regulations to save energy.
Service segment to witness higher CAGR growth from 2021 to 2026
In terms of CAGR, the service segment in offerings is expected to increase significantly the smart appliances market during the forecast period from 2021 to 2026. The scope of services segment of the smart appliances market includes system integration services, repair & maintenance services, consulting services and others. The majority of smart appliances are used by residential end-users. Thus, the demand for after-sales services such as maintenance, repair, or consulting is high in the residential end-user segment.
High adoption of ZigBee and Z-wave technology drives the market growth
ZigBee uses ZigBee protocol, a lower power specification based on the IEEE 802.15.4 standard for personal area network. ZigBee is used to create personal area networks (PANs) with small, low-power digital radios and has a transmission distance of 10-100 m. ZigBee operates at a frequency of 2.4 GHz, like that of Bluetooth.
Z-Wave is a wireless communications protocol used for home automation. It was developed by a Danish startup named Zen-Sys (Denmark), which was later acquired by Sigma Designs (US) in 2008. It provides a simple and reliable ecosystem of low-power RF radio embedded into home electronics systems and devices such as security systems, home cinema, lighting, automated window treatments, and HVAC. Z-Wave's advanced wireless technology is gaining popularity owing to its high speed and reliability. The demand for these technologies have been increased in the recent time and is expected to drive the market.
The residential sector in the end-user industry to show significant growth in the smart appliances market, after COVID-19.
In the post-COVID-19 scenario, the smart appliances market for residential end-users is estimated to grow during the forecast period. The COVID-19 pandemic has affected the smart appliances market both positively and negatively. The demand for smart appliances such as refrigerators and washing machines has increased due to the COVID-19 pandemic. Post the outbreak of the virus, the majority of the population is working from home; thus, spending more time at home requires a large number of appliances that can complete tasks more efficiently as compared to traditional methods
North America to account for the second-largest market share during the forecast period.
In 2020, the outbreak of COVID-19 has severely affected the demand for smart appliances products in the US and other North American countries, which is likely to undermine the GDP of North American countries. North America, being a hotspot for the COVID-19 outbreak, is expected to witness a significant impact on the demand for smart appliances in the region. With the lifting of lockdown restrictions, the demand will revive slowly during the forecast period.
Research Coverage
This report segments the smart appliances market by offering(products & services), technology, sales channel, end-user industry, and geography. It also describes major drivers, restraints, challenges, and opportunities about this market, as well as includes market share analysis, value chain analysis, porter's five forces analysis, trade analysis, ecosystem, technological trends, pricing analysis, key patents, standards and frameworks, and case studies/use cases.
Market Dynamics
- Drivers
- Increasing Penetration of Internet and Smartphones Across World
- Rising Availability of Wireless Connectivity Solutions
- Intensifying Consumer Focus on Convenience, Cost Reduction, and Energy Conservation
- Restraints
- Data Privacy Concerns Among End-users
- Opportunities
- Rise in Demand for Smart Appliances due to COVID-19
- Integration of New Technologies, such as AI, with Smart Appliances
- Challenges
- Achieving Zero Carbon Emission and Circular Economy
- High Cost Associated with Installation of Smart Appliances
- Compatibility Problem Between Devices of Different Companies
Companies Profiled
- ABB
- Acuity Brands
- BSH Hausgerate
- Control4
- Crestron
- Electrolux
- Haier Smart Home
- Johnson Controls
- Koninklijke Philips
- Legrand
- Leoni
- LG Electronics
- Lutron Electronics
- Miele & Cie. KG
- Onida Electronics
- Open Appliances
- Panasonic
- Samsung Electronics
- Schneider Electric
- Siemens
- Simply Smart Home
- Smartec Systems
- Vivint
- Whirlpool
- Xiaomi
For more information about this report visit https://www.researchandmarkets.com/r/j7g9tc
