European Smart Home Market Worth $29.24 Billion by 2029 Growing at a CAGR of 5.7%

(EstateNewsWire.com, October 29, 2024 ) The European Smart Home Market was USD 22.11 billion in 2024 and is expected to reach up to USD 29.24 billion by 2029 growing at a CAGR of 5.7 %. Owing to high internet usage and common accessibility to smartphones, the consumers have been easily able to connect their apparatus and manage it through the internet securely, the governments in Europe are also demanding the smart home system through incentives and policies, and the increasing knowledge among the consumers regarding the advantages of smart home devices which enhances safety and security and convenience.

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The growth of smart home devices is particularly evident due to a higher demand from consumers for convenient control of the devices used in homes, comfortable lighting, temperature plans, and security systems, leading to save electricity and improve the energy efficiency of devices. Another contributor to the increase in home automation popularity is the increased need for optimizing one’s home as more people work from home. In the regulatory sphere of interest, governments, for instance, the European Green Deal, embracing the use of efficient technologies, drive the uptake of smart technologies. In addition to this is the evolution of loT technology, enhanced internet connection as well as the adoption of affordable smart devices.

The entertainment and other controls segment accounted for the largest share of ~31% of the European smart home market in 2023; a similar trend is expected in the future. The market growth can be attributed to the growing desire for convenience and a seamless entertainment experience. Other than this, technological innovation is making entertainment devices highly immersive and engaging. The high-definition display, powerful sound systems, and voice searching capabilities of smart TVs are giving cinema-like feels from the comfort of one's living room. Smart speakers are becoming smarter and are now being integrated with other smart home devices to offer much more integrated and personalized entertainment environments. Moreover, growing interest in high-quality content streaming services, gaming platforms, and home automation features further raises demand. There is a growing interest from consumers in the personalization of entertainment, automation of routine activities, and device integration with the smart home to provide an immersive and more efficient way of living.

Behavioral system type segment accounted for the maximum market share of about ~96% in 2023, and it is expected to continue the same trend during the forecast period. These system types learn about resident routine and preferences, and behaviors using data obtained from several sensors and devices to learn and then predict the needs of the residents. Smart thermostats would make automatic temperature adjustments according to occupancy patterns, while smart lighting systems would vary according to the time of day and activity. This high level of personalization does not only improve convenience and comfort but also helps optimize energy use to reduce costs and become more sustainable.

The new installation type segment accounted for approximately a 66% share in the European smart home market in 2023 and is expected to continue through the forecast period. Since the number of devices being connected to homes such as smart thermostats, security system, automated lighting – is already ramping up, ease and efficiency and will sooner or later become a part of consumer’s life. Homeowners start to consider how smart devices help inhabitants in their daily routines and security and, at some point, energy efficiency. New installations and easy interfaces that they present also call for consumer attraction since complexity or high costs may scare consumers.

UK accounted for the largest share of ~32% in the European smart home market in 2023. One primary driver is the increasing emphasis on convenience and comfort. Smart home devices offer a level of automation and control that simplifies daily tasks. As utility costs rise and climate awareness grows, many UK residents are turning to smart home technologies to help reduce energy consumption. Devices like smart thermostats, energy-efficient lighting, and smart plugs allow users to monitor and control energy usage, optimizing heating, cooling, and electricity to lower bills and minimize environmental impact. This aligns with governmental incentives and policies encouraging greener living, pushing the demand for energy-conscious solutions.

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Key Market Players

The key companies in European smart home market include Johnson Controls Inc. (Ireland), Honeywell International Inc. (US), Schneider Electric (France), Siemens (Germany), ASSA ABLOY (Sweden), Amazon.com, Inc. (US), Apple Inc. (US), Resideo Technologies Inc. (US), Robert Bosch (Germany), ABB (Switzerland).

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