European Smart Home Market

Market Leadership - European Smart Home Market

The European smart home market size is expected to grow from USD 23.2 billion in 2020 to USD 39.6 billion by 2025, at a CAGR of 11.3% during the forecast period. The growth of the market is driven by various factors, such as increasing number of internet users & growing adoption of smart devices, increasing disposable income of people in developing economies, the rising importance of home monitoring in remote locations, growing need for energy-saving & low carbon emission-oriented solutions, the rapid proliferation of smartphones & smart gadgets, expansion of smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population

In 2019, the European smart home market was dominated by Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell (US), and Siemens  (Germany). A few of the major strategies adopted by these players to compete in the smart home market include  Product launches, partnerships, and agreements have been carried out by the players in the smart home market from 2017 to 2019. There were also a significant number of product launches and acquisitions & mergers during this period.

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Johnson Controls (Ireland) is one of the leading players in the smart home market. The company has a comprehensive 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 increase its revenue and profit margin. The company generated approximately ~47% of its total revenue from the US in 2019, which indicates its stronghold in the country. It also aims to strengthen its position in other regions through strategic partnerships and collaborations. Also, the company is going through a multiyear portfolio transformation. In January 2016, Johnson Controls Inc. announced its merger with Tyco International (Ireland), and a new entity was formed after this merger that is headquartered at Cork, Ireland. This merger with Tyco brought together the best-in-class product, technology, and service capabilities across controls, fire safety, security, HVAC, power solutions, and energy storage systems to serve various end-users, including large institutions, commercial buildings, small business, and the retail, industrial, and residential sectors. This would eventually help the company to emerge as a strong player in the smart home market.

Honeywell (US) has a strong presence in the smart home market, mainly due to its extensive product portfolio comprising various products and services related to security & fire and building control & software, among others. Product launches, acquisitions, and expansion have been the major strategies adopted by the company for its business growth. To further broaden its product portfolio, the company focuses on strategic acquisitions and product launches. For instance, in august 2018, the company introduced Honeywell Vector Space Sense, a software solution that shows where, when, and how building spaces are used at any given point in time, by presenting actionable insights for more informed decision-making for the use of space. These developments have helped it broaden its offerings in the smart home market. Additionally, the company has made significant investments in R&D. In 2017, it invested 4.5% of its revenue in R&D. All these factors enable this company to be a reliable service provider in the smart home market.

Related Reports:

European Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Home Healthcare), Software & Services (Proactive, Behavioural), and Region - Global Forecast to 2025

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Report Code
SE 3326
RI Published ON
7/27/2020
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