Factors such lack of interoperability & lack of standards and high upfront cost would hinder the growth of smart home markets.
Portland, Oregon (PRWEB UK) 8 May 2014
Analyze Future 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".
Based on the report, the global smart homes and building market was valued at $4.8 billion in 2012. Further, it is expected to touch a mark of $35.3 billion by 2020, registering a CAGR of 29.5% during 2012-2020. Factors such as government regulations, rising environmental awareness, and rising energy costs are driving the growth of market.
To view the complete report, see here.
Due to rising greenhouse effect and growing demand for smart homes, energy efficiency needs due attention. Hence, many construction firms are implementing the concept of energy efficient smart homes.
Safety and security application would reach $6,132.4 million by 2020, with a CAGR of 34.6% during 2013-2020. "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 analysts.
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Factors such as lack of interoperability & lack of standards and high upfront cost would hinder the growth of smart home markets.
In terms of geographical analysis, North America would generate $12.4 billion by 2020, registering a CAGR of 25.9% during the same period. However, Asia Pacific region is expected to grow rapidly with a CAGR of 37.7% during 2013 -2020.
This report would provide a comprehensive view about key smart home players. The companies profiled are:
Emerson Electric Co. Leviton
Siemens Buildings Technologies
United Technologies Corporation (UTC)
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