July 18, 2022 04:58 ET | Source: Research and Markets Research and Markets

Dublin, July 18, 2022 (GLOBE NEWSWIRE) -- The "European Smart Home Market by Product (Lighting Controls, Security & Access Controls, HVAC Controls, Smart Speakers, Smart Kitchens, Home Appliances, Home Healthcare), Software & Service (Proactive, Behavioral) and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering. The European smart home market is projected to grow from USD 26.7 billion in 2022 to USD 41.2 billion by 2027; it is expected to grow at a CAGR of 9.0% from 2022 to 2027 Surging importance of home monitoring

Smart homes can perform intricate tasks such as automatically lighting up evacuation routes in the case of a fire alarm in addition to basic operations such as turning off lights, dimming lights, and shutting curtains.

Connectivity has become a high-end novelty in a variety of household equipment, including security cameras and utility or smart meters, which record the consumption of electric energy and communicate information to the user and thermostats. In the coming years, connectivity is anticipated to become a more prevalent trend, where connectivity will become an incorporated standard in practically every household gadget and equipment.

A smart home, also known as a connected or an automated home, is defined as a dwelling unit where partial or all functionalities can be controlled remotely or manually with the integration of required electronic devices and specialized software. Security and access control; energy management; and heating, ventilation, and air conditioning (HVAC) control are a few of the popular functions of a smart home. A smart home ecosystem envelops offerings such as electronic devices, software, and communication media. Increasing number of manufacturers expanding their smart home product portfolios

The smart home industry's value chain includes a significant number of component, device, and system manufacturers across the world. There are also a large number of software algorithms and service suppliers in the business. Samsung SmartThings, Amazon Echo, Google Home, and Apple HomeKit are just a handful of the smart home product breakthroughs announced recently by industry giants.

Homeowners have begun to use home automation systems on a broad scale due to the benefits they provide, which primarily include convenience, energy efficiency, and cost savings. With the high penetration rate of lighting controls (such as dimmers, timers, and occupancy sensors), HVAC controls (such as smart thermostats, sensors, and control valves), and security and access products (such as security cameras and smart locks) in Europe, smart home product manufacturers are expanding their product portfolios to cater to different application areas within a household, such as electrical energy conservation, water conservation, and security. Germany to grow at a fastest rate in the forecast period

Smart home products have a high adoption rate in Germany. According to a survey conducted by the German industry group Bitkom, 41% of all Germans had at least one smart home device installed in 2021. Ease, convenience, and comfort were the primary motivators for purchasing smart home goods, as cited by 78% of respondents, while 69% wanted to make their homes safer. Energy efficiency was rated as a high purchase criterion by 62% of respondents.

There have been several initiatives from the government and industry to make energy efficient, which will drive the adoption of smart home products and services.

For example, the German Federal Ministry of Economic Affairs and Energy in February 2022 created the "Smart Energy Showcases - Digital Agenda for the Energy Transition" grant initiative. The purpose of this initiative is to include market participants from all points along the value chain as well as to install and test forward-thinking energy systems. Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights

5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Growing Internet Access in European Region 5.2.1.2 Rising Need for Energy Saving and Low-Carbon Emission-Oriented Solutions 5.2.1.3 Increasing Number of Manufacturers Expanding Their Smart Home Product Portfolios 5.2.1.4 Ongoing Proliferation of Smartphones 5.2.1.5 Surging Importance of Home Monitoring 5.2.1.6 Increasing Safety, Security, and Convenience Offered by Smart Home Products 5.2.2 Restraints 5.2.2.1 High Switching Costs for Existing Smart Device Consumers 5.2.2.2 Smart Home Products are Adopted for Convenience Rather Than for Necessity 5.2.2.3 High Up-Front Costs 5.2.2.4 Complexities and Glitches in Setting Up Smart Homes 5.2.3 Opportunities 5.2.3.1 Favorable Government Regulations 5.2.3.2 Expected Incorporation of Lighting Controllers with In-Built Data Connectivity Technology 5.2.3.3 Use of Smart Home Products for Geriatric Applications 5.2.4 Challenges 5.2.4.1 Linking Disparate Systems, Limited Functionalities, and Lack of Open Standards 5.2.4.2 Cybersecurity Concerns of Smart Homes 5.2.4.3 Difficulty in Installing Smart Home Products in Existing Homes and New Constructions 5.2.4.4 Compatibility Issues of Smart Home Products 5.3 Trends/Disruptions Impacting Customers' Businesses 5.4 European Smart Home: Ecosystem 5.5 Technology Analysis 5.5.1 Internet of Things 5.5.2 Artificial Intelligence 5.5.3 Cloud Connectivity 5.5.4 Robotics and Automation 5.5.5 5G Technology 5.6 Value Chain Analysis 5.6.1 Planning and Revising Funds 5.6.2 Research & Development 5.6.3 Manufacturing 5.6.4 Assembly, Distribution, and After-Sales Services 5.7 Patent Analysis 5.8 Regulatory Landscape 5.8.1 Standards 5.8.2 Regulations 5.9 Trade Data 5.9.1 Export Data 5.9.2 Import Data 5.10 Case Study Analysis 5.10.1 Johnson Controls' Energy Saving Solutions for Morgan Stanley UK Office 5.10.2 Smart Homes for Geriatric Population in Italy 5.10.3 Installation of Building Automation Systems in Catania Airport 5.10.4 Siemens' Integrated Solutions to Reduce Energy Consumption of Louis Vuitton Museum, Paris 5.10.5 Honeywell's Video Monitoring Solutions for Ireland's Tallest Building 5.11 Key Conferences & Events in 2022-2023 5.12 Porter's Five Forces Analysis 5.12.1 Intensity of Competitive Rivalry 5.12.2 Bargaining Power of Suppliers 5.12.3 Threat of New Entrants 5.12.4 Threat of Substitutes 5.12.5 Bargaining Power of Buyers 5.13 Key Stakeholders & Buying Criteria 5.13.1 Key Stakeholders in Buying Process 5.13.2 Buying Criteria 5.14 Average Selling Price of Various Devices/Appliances Considered in European Smart Home Market

6 European Smart Home Market, by Technology & Protocol 6.1 Introduction 6.2 Cellular Network Technologies 6.2.1 Cdma Networks 6.2.2 Gsm/Hspa Networks 6.2.3 Lte Networks 6.2.4 5G 6.3 Protocols & Standards 6.3.1 Dali 6.3.2 Nema 6.3.3 Knx 6.3.4 Dmx 6.3.5 Lonworks 6.3.6 Ethernet 6.3.7 Modbus 6.3.8 Bacnet 6.3.9 Black Box 6.3.10 plc 6.3.11 Dotdot 6.3.12 Matter 6.4 Wireless Communication Technologies 6.4.1 Zigbee 6.4.2 Z-Wave 6.4.3 Wi-Fi 6.4.4 Bluetooth 6.4.5 Enocean 6.4.6 Thread 6.4.7 Infrared

7 European Smart Home Market, by Product 7.1 Introduction 7.2 Lighting Controls 7.3 Security & Access Controls 7.4 Products Covered Under Security & Access Controls 7.5 HVAC Controls 7.6 Entertainment & Other Controls 7.7 Smart Speakers 7.8 Home Healthcare 7.9 Smart Kitchens 7.10 Home Appliances 7.11 Smart Furniture

8 European Smart Home Market, by Software & Service 8.1 Introduction 8.2 Behavioral 8.2.1 Behavioral Software & Services Segment to Hold Larger Market Share During Forecast Period 8.3 Proactive 8.3.1 Proactive Software & Services Segment to Register Higher CAGR During Forecast Period

9 European Smart Home Market, by Sales Channel 9.1 Introduction 9.2 Direct Sales Channel 9.2.1 Direct Sales Channels are Used by Well-Established Players as Well as Other Small Players and Start-Ups Equally 9.3 Indirect Sales Channel 9.3.1 Indirect Sales Channels Involve Using Third-Party Service Providers to Sell Products Rather Than Manufacturers Selling Products Directly

10 Geographic Analysis 10.1 Introduction 10.2 Regulatory Framework 10.3 UK 10.3.1 UK to Lead Smart Home Market in Europe 10.3.2 Demand for Energy-Saving and Long-Lasting Lighting Systems to Drive Smart Home Market in UK 10.3.3 Decline in Cost of Broadband Services and Increasing Adoption of Cloud and IoT Infrastructure 10.4 Germany 10.4.1 Rising Demand for Smart Lighting Solutions in Homes is Driving Market 10.4.2 Increasing Penetration of Led Lights and Luminaries 10.4.3 Government Policies Regarding Energy Consumption to Propel Adoption of Smart Home Products 10.5 France 10.5.1 Rising Demand for Security & Access Controls Leading to Market Growth 10.5.2 Increasing Awareness of Energy Conservation 10.5.3 Rising Adoption of Smart Lights is Increasing Demand for Smart Home Products 10.6 Italy 10.6.1 Government Support for Energy Efficiency to Drive Adoption of Smart Home Products 10.6.2 High Demand for Smart Lighting in Smart Homes 10.7 Rest of Europe

11 Competitive Landscape 11.1 Overview 11.2 Key Player Strategies/Right to Win 11.2.1 Product Portfolio 11.2.2 Regional Focus 11.2.3 Manufacturing Footprint 11.2.4 Organic/Inorganic Growth Strategies 11.3 Market Share Analysis: European Smart Home Market, 2021 11.4 5-Year Company Revenue Analysis 11.5 Company Evaluation Quadrant 11.5.1 Star 11.5.2 Emerging Leader 11.5.3 Pervasive 11.5.4 Participant 11.5.5 Company Footprint 11.6 Start-Up/Sme Evaluation Matrix 11.6.1 Progressive Company 11.6.2 Responsive Company 11.6.3 Dynamic Company 11.6.4 Starting Block 11.7 Competitive Situations and Trends 11.7.1 Product Launches 11.7.2 Deals 11.7.3 Others

12 Company Profiles 12.1 Introduction 12.2 Key Players 12.2.1 Siemens 12.2.2 Johnson Controls 12.2.3 Schneider Electric 12.2.4 Assa Abloy 12.2.5 Resideo 12.2.6 Amazon 12.2.7 Honeywell 12.2.8 Apple 12.2.9 Robert Bosch 12.2.10 Abb 12.3 Other Players 12.3.1 Samsung Electronics 12.3.2 Sony 12.3.3 Ingersoll Rand 12.3.4 Delta Controls 12.3.5 Snap One 12.3.6 Axis Communications 12.3.7 Comcast 12.3.8 Alarm.Com 12.3.9 Vivint 12.3.10 Simplisafe 12.3.11 General Electric 12.3.12 Lutron Electronics 12.3.13 Legrand 12.3.14 Lg Electronics

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