Redding, California, Sept. 06, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘‘Europe Smart Homes Market by Product Type (Smart Lightning Systems, Smart Speakers, Smart Security & Monitoring Systems, Smart Home Appliances), Protocol & Standard (Wireless Protocols, Wired Protocols, Hybrid Protocols) - Forecast to 2030,’ the Europe smart homes market is projected to reach $62.7 billion by 2030, at a CAGR of 11.1% during the forecast period of 2023 to 2030.
A smart home can be defined as a residence using internet-connected devices and appliances, enabling the residents to monitor, control and manage all the processes across the home. These processes include lighting, HVAC, security & surveillance, entertainment, and other process-participating appliances. Smart home or home automation systems are designed to connect all smart devices and appliances through a common network and operate synchronized per user preferences and habits. The smart home market report provides an in-depth market analysis of smart home systems, components, and standards & protocols in Europe.
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In this market study, all recent dynamics associated with smart home devices and appliances were thoroughly analyzed to estimate the future of the Europe smart homes market precisely. This study also includes profiling key Europe smart homes market stakeholders and segmenting them based on their market standings.
Based on product type, the Europe smart homes market is segmented into smart lighting systems, smart speakers, smart HVAC control, smart security & monitoring systems, smart entertainment systems, smart home appliances, smart kitchen appliances, smart home healthcare systems, and smart furniture. In 2023, the smart security & monitoring systems segment is expected to account for the largest share of the Europe smart homes market. The large market share of this segment is attributed to the rising sense of home safety and security. Smart security systems integrate various technologies like video surveillance, access control, and intrusion detection to provide comprehensive security coverage. This helps prevent crimes, detect unauthorized access, and respond promptly to security breaches. In Europe, where security and privacy concerns are significant, smart security and monitoring systems can be designed to adhere to strict data protection regulations like the General Data Protection Regulation (GDPR). This ensures that the benefits of these systems are realized without compromising individual rights and privacy. However, the smart speakers segment is projected to register the highest CAGR during the forecast period.
Based on protocol & standard, the Europe smart homes market is segmented into wireless protocols, wired protocols, and hybrid protocols. In 2023, the wired protocols segment is expected to account for the largest share of the Europe smart homes market. The large market share of this segment is attributed to the rising need to attain better energy efficiency. Wired protocols are crucial in establishing reliable and secure communication within smart home systems. They involve using physical cables to transmit data and signals between devices and components. Ethernet is a well-established wired networking protocol for local area networks (LANs). It provides high-speed data transmission and is commonly used for connecting devices that require fast and reliable internet connectivity, such as smart TVs, computers, and networked security cameras. However, the hybrid protocols segment is projected to register the highest CAGR during the forecast period.
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Based on country/region, the Europe smart homes market is segmented into Germany, the U.K., France, Italy, Spain, and the Rest of Europe. In 2023, Germany is expected to account for the largest share of the Europe smart homes market. Germany’s major market share can be attributed to the increasing incorporation of smart technologies and increasing government initiatives to support the adoption of smart gadgets in residential infrastructure. In 2021, 41% of Germans installed at least one smart home product, steadily increasing over the past two years (Source: German industry association—Bitkom). Though the interest is growing, there is still some concern over cybersecurity, which is causing consumers in Germany to be hesitant or avoid smart home products.
The key players operating in the Europe smart homes market are Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Siemens AG (Germany), Samsung Electronics Co., Ltd. (South Korea), Honeywell International, Inc. (U.S.), Johnson Controls International plc (Ireland), Schneider Electric SE (France), LG Electronics, Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY AB (Sweden), General Electric Company (U.S.), Legrand SA (France), and Axis Communications AB (Sweden).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/europe-smart-home-market-5601
Scope of the Report:
Europe Smart Homes Market Assessment—by Product Type
- Smart Lightning Systems
- Smart Speakers
- Smart HVAC Control
- Smart Thermostats
- Smart Vents
- Smart Air Conditioning
- Smart Security & Monitoring Systems
- Security Cameras
- Interface
- Smart Locks & Access Control
- Smart Entertainment Systems
- Smart Home Appliances
- Smart Washing Machines
- Smart Water Heaters
- Robotic Vacuum Cleaners
- Smart Kitchen Appliances
- Smart Refrigerators
- Smart Coffee Makers
- Smart Dishwashers
- Smart Ovens
- Smart Home Healthcare Systems
- Smart Furniture
- Smart Sofas and Recliners
- Smart Tables & Desks
Europe Smart Homes Market Assessment—by Protocol & Standard
- Wireless Protocols
- ZigBee
- Wi-Fi
- Bluetooth
- Z-Wave
- Thread
- Enocean
- Wired Protocols
- KNX
- UPB
- X10
- BACNET
- LONWORKS
- DALI
- MODBUS
- ETHERNET
- Hybrid Protocols
- Insteon
- C-Bus
Europe Smart Homes Market Assessment—by Country/Region
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Switzerland
- Sweden
- Denmark
- Russia
- Norway
- Rest of Europe
Quick Buy – Europe Smart Homes Market - Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/15431932
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