The region's growing desire for energy-efficient solutions is a prominent trend driving the development of smart home solutions. According to the US Energy Information Administration, the average US household consumed 20.75 quadrillion BTUs of energy in 2020, indicating that some of that energy is being squandered. According to the US Department of Energy, the average household utilized energy that produced an estimated 17,320 lbs. of CO2. To put this figure into context, the average household emits 70% more CO2 emissions than the average passenger vehicle on a yearly basis. Such examples address the demand for smart home solutions.
North America Smart Home Market was valued at USD 33150.75 million in 2021 and is expected to reach USD 156002.13 million by 2029, registering a CAGR of 18.30% during the forecast period of 2022-2029.
“Growing rollout of 5G technology is bolstering the market growth”
With the massive implementation of 5G in the United States and upgraded Wi-Fi technologies, such as Wi-Fi 6, smart home devices may be linked via faster, more powerful networks, implying improved access to cloud processing and data resources. 5G technology is also transforming the delivery of IoT services, including smart home technologies, by enabling devices to operate without wires or connections and with minimum power consumption.
What restraints the growth of the North America Smart Home Market?
“Complexities associated will restrain the market growth"
The high cost of smart home setups is a market constraint. Market expansion is projected to be hampered by the price range. Furthermore, consumer security and privacy issues associated with more connected devices are expected to be a barrier for the smart home market over the forecast period.
Segmentation: North America Smart Home Market
The smart home market is segmented on the basis of product type, technology, software and service and sales channel.
- On the basis of product type, the smart home market is segmented into entertainment controls, security and access control, HVAC control, home appliances, smart kitchen, lighting control, smart furniture, home healthcare and others.
- On the basis of technology, the smart home market is segmented into wireless and wired.
- On the basis of software and service, the smart home market is segmented into behavioral and proactive.
- On the basis of sales channel, the smart home market is segmented into direct and indirect.
Regional Insights: U.S. dominates the North America smart home market
The United States dominates the North American smart home market because to its robust manufacturing base and supporting infrastructure. The North American smart home industry is expanding as a result of the increased usage of IoT-based home devices and powerful connectivity solutions.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/north-america-smart-home-market
The Prominent Key Players Operating in the North America Smart Home Market Include:
- Honeywell International Inc. (U.S.)
- Siemens (Germany)
- Johnson Controls (Ireland)
- Axis Communications AB (Sweden)
- Schneider Electric (France)
- ASSA ABLOY (Sweden)
- Amazon (U.S.)
- Apple Inc., (U.S.)
- ADT (US)
- ABB (Switzerland)
- Robert Bosch GmbH (Germany)
- Sony Corporation (Japan)
- Samsung (South Korea)
- Ooma Inc., (U.S.)
- Delta Controls (Canada)
- Comcast (U.S.)
- Crestron Electronics Inc., (U.S.)
- SimpliSafe Inc., (U.S.)
- Armorax (U.S.)
- LG Electronics (South Korea)
- Lutron Electronics Co., Inc (U.S.)
- Legrand (France)
Above are the key players covered in the report, to know about more and exhaustive list of North America smart home market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: North America Smart Home Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
