European Smart Home Market

Market Leadership - European Smart Home Market

The European smart home market is expected to grow from USD 22.8 billion in 2018 to USD 44.0 billion by 2024 at a CAGR of 11.58%.  The growth of the European smart home market is driven by factors such as growing number of internet users and increasing adoption of smart devices in Europe; increasing awareness about fitness; increasing importance of home monitoring in remote locations; rising need for energy-saving and low carbon emission-oriented solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; large number of manufacturers expanding their smart home product portfolios; and growing concern about safety, security, and convenience among people.

The growing significance of intelligent devices to enable consumers to get remote access and control over their homes has resulted in the growth of the smart home industry. The market players headquartered or operating in Europe are significantly investing in different segments, including hardware, technology, software, and service, of the smart home industry. Johnson Controls International (Ireland), Siemens AG (Germany), Schneider Electric (France), Honeywell International, Inc. (US), and United Technologies Corporation (US) are some of the leading companies operating the European smart home market.  Most leading companies focus on organic growth strategies such as product launches and developments and inorganic strategies such as agreements, partnerships, and collaborations to boost their revenues.

A considerable number of product launches, partnerships, and agreements have been carried out by the players in the European smart home market between 2016 and 2018. There were also a significant number of mergers and acquisitions during this period.

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In 2018, entertainment and other controls, lighting control, security & access control, smart kitchen, and home appliances, constituted the major hardware products in the European smart home market. Entertainment and other control held the largest share in the market in 2018. The lighting control market held the second largest share of the smart home market in 2018. Cooper Lighting (US), Koninklijke Philips N.V. (Netherlands), Lumetric Lighting, Inc. (US), Acuity Brands Lighting, Inc. (US), Lutron Electronics Co., Inc. (US), and Leviton Manufacturing Co., Inc. (US) dominated the European smart home market for lighting control in 2018.

Johnson Controls International (Ireland) holds a strong position in the smart home industry. Johnson Controls International is one of the leading players in the European smart home market. The company has a wide product portfolio for the smart home market, with products ranging from HVAC systems to video surveillance systems. It caters to a large customer base, which helps the company enhance its revenues and profit margins. The company generate considerable share of revenue from Europe, which indicates its stronghold in the region. It also aims to strengthen its position in this region through strategic partnerships and collaborations. Also, the company is going through a multiyear portfolio transformation. For instance, in January 2016, Johnson Controls Inc. announced its merger with Tyco International (Ireland) and found the company based in Cork, Ireland. After the merger with Tyco, the company started targeting the home security system segment. With leading innovations in devices, controls, sensors, data analytics, and advanced solutions, the company focuses on opportunities in the smart building industry. Its leadership in technical services for security and energy management compliments the organic growth strategies implemented by Tyco to grow in the market for home security solutions. The company focuses on enhancing the existing portfolio of Tyco in the smart home market. With the combination of Tyco and Johnson Controls platforms, the newly formed company focuses on business expansion through cross-selling and channel network selling.

Siemens AG (Germany) is among the leader in the smart home market in Europe. It leading position is backed by its diversified product offerings, financial strength, manufacturing capabilities, and strong sales support. The company offers smart home products and solutions under its Building Technologies segment. This segment offers products, solutions, and services for fire safety, security, building automation, heating, ventilation, air conditioning, and energy management. Siemens AG focuses on product developments as a key strategy to attract new customers and expand the range of its product offerings and increase market share. In February 2016, Siemens’ Buildings Technologies division and IBM Corporation (US), together, developed cloud-based solutions for monitoring building system performance, energy demand, and energy supply. It has also partnered with other independent distributors and sales representatives worldwide to strengthen its foothold in the market

Related Reports:

European Smart Home Market by Product (Lighting Control, Security & Access Control, HVAC, Entertainment & Other Control, Smart Speaker, Home Healthcare, Smart Kitchen, Home Appliances, and Smart Furniture), Software & Services - Forecast to 2024

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