The global smart home market is projected to grow from USD 84.5 billion in 2021 to USD 138.9billion by 2026; it is expected to grow at a CAGR of 10.4% from 2021 to 2026. The key factors fueling the growth of this market include the increasing importance of home monitoring in remote locations and growing concern with regards to safety, security and convenience among general population, the increasing number of internet users and growing adoption of smart devices along with growing need for energy-saving and low carbon emission-oriented solutions has been crucial for increased demand of smart home systems.
The smart home market is dominated by key global established players such as Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these, , Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), and Lutron (US).These companies focus on adopting both organic and inorganic growth strategies, such as product launches and developments, partnerships, contracts, expansions, and acquisitions to strengthen their position in the market.
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Honeywell offers building automation systems (BASs) adopted in smart homes through the Building Technologies segment. Its offerings enable commercial building owners and occupants to create a safe, energy-efficient, and sustainable environment. The other products and services offered under the segment include controls and displays for heating, cooling, maintaining indoor air quality, ventilation, humidification, combustion, lighting and home automation; advanced software applications for home/building control and optimization; sensors, switches, control systems, and instruments for measuring pressure, air flow, temperature, and electrical current; products, services, and solutions for measurement, regulation, control, and metering of gases and electricity; metering and communications systems for water utilities and industries; access controls; video surveillance; fire products; remote patient monitoring systems; and installation, maintenance, and upgrades of systems that keep buildings safe, comfortable, and protected.
Honeywell has a strong presence in the smart home market, mainly due to its broad product portfolio comprising various products and services related to security and fire and building control & software, among others. The company has a diversified set of offerings through its business segments and has a strong worldwide presence. Honeywell also establishes strategic partnerships with its suppliers, dealers, retailers, and other stakeholders. This allows it to leverage the stakeholders, if need be, in the future. Furthermore, automating various stages of production has facilitated more efficient use of resources, thereby reducing production costs. Moreover, it has also enabled the company to attain consistency in the quality of its products and has provided the ability to scale up and scale down production as per the demand in the market.
Johnson Controls operates through two major segments—Building Technologies & Solutions and Global Products. The Building Technologies & Solutions segment offers home security solutions. The company has a widely distributed geographic presence, with the US being a major market. The company also offers smart home products through its Building Technologies & Solutions business segment. This segment primarily caters to the needs of the HVAC and building automation industries. It manufactures and markets a wide range of humidity transmitter devices and provides complete technical assistance and energy management consultancy for HVAC systems, building management systems, controls, mechanical equipment, residential air conditioning and heating systems, and industrial refrigeration, among others. It sells a wide range of products pertaining to HVAC equipment and caters to the residential market through notable brands such as Luxaire, Coleman, York, and Guardian.
Johnson Controls 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 control 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 ~49% of its total revenue from the US in 2020, indicating its stronghold in the country. Furthermore, it has a wide geographic reach with a presence in all major countries such as Europe, the Middle East, APAC, and the Americas. The company has 100,000 employees working in nearly 2000 locations worldwide. In 2018, Johnson Controls announced a definitive agreement to sell its Power Solutions business to Brookfield Business Partners L.P. (US) in a cash transaction valued at USD 13.2 billion. The divestment is completed as of 2020 and has rendered financial flexibility to the company.
Other major players in the smart home market are mainly focusing on acquisitions and partnerships along with new product launches to achieve continuous and sustainable development.
Smart Home Market with COVID-19 Impact Analysis by Product (Lighting Control, Security & Access Control, HVAC Control, Smart Speaker, Smart Kitchen, Smart Furniture), Software & Services, Sales Channel, and Region - Global Forecast to 2026
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