North America Smart home market is expected to grow at a healthy CAGR of 18.9% in the forecast period of 2019 to 2026. The years considered for study are as mentioned below.
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Smart homes are the setup of appliances and devices in a home in such a manner that all the devices are connected together and can be monitored and accessed with single unit. Devices equipped in smart home are connected together that can be accessed through a central point, or a mobile device, such as smartphone, tablet or PC. It enables the remote monitoring, means it lets the homeowner monitor his home and the connected devices, such as heating or lighting appliances whether he is away from the home or in the home.
Some of the recent developments that have taken place in this market are as follows:
In February 2019, Honeywell International Inc. launched its latest Micro Switch series in its portfolio of household appliances for use in hazardous locations where flammable gases may be present. These switches can be used to control the production of ice in a freezer or to turn on an interior light when the door is opened, in a typical household refrigerator.
The smart home has been brought as a concept among the consumers and industry experts with the invention of remote controls, introduced by Nikola Tesla in 1898. In 1900s, the first home appliances were introduced as the industrial revolution and the first vacuum cleaner was introduced in 1901. Though, the appliances introduced were not smart devices but were game changer for the technology-based industries in the 20th century. Home automation technologies were introduced during the 1930s, but the concept of smart home got materialized in 1966, with the development of Echo IV, the first smart automation system. This system enabled users to control the home/ room temperature, create the shopping lists, and turn home appliances on or off. In 1969, the kitchen computer came into the picture. In 1971, technologies became more accessible due to price reductions with the development of micro-controller in 1971. Several new technologies got introduced during 1990s, such as concept of gerontechnology. The rapid increase in popularity of smart home technology was realized during the early 2000s, as smart home solutions were offered with more affordable options.
Samsung
The company was founded in the year 1969 and headquartered in Seoul, South Korea. The company has major focus towards providing consumer electronics, IT technology and mobile technology, and device solution businesses. The company has the annual revenue of nearly USD 221,568.38 million in 2018 which has increased nearly USD 3813.8 million from year 2017. It has the global presence in Asia, Europe, Middle East, Africa, Oceania and North America.
The company has the subsidiaries such Samsung C&T Corporation (Korea), Samsung Electronics Mexico (Mexico), Dacor Canada (Canada), Harman France SNC (France), Samsung R&D Institute Japan (Japan) among others.
SIEMENS
Established in 1847 and headquartered in Munich, Germany. The company is focused towards providing power and energy solution to the energy and electricity industries, developing fossil fuel power plants and power generating component, mobility and automation. The company has the annual revenue of USD 98,822.36 Million in 2018 which has increased by USD 7233.89 million from year 2017. The company has the global presence in Asia-Pacific, Europe, America, Middle East and Africa.
The company has many subsidiaries such as Flender GmbH (Germany), Siemens healthcare logistic LLC (Egypt), Societe d’Exploitation du Parc Eolien de Bonboillon SARL (France), Siemens Healthcare S.r.l., (Italy), Dresser-Rand Services B.V., (Netherlands) and many more.
INGERSOLL-RAND PLC
Founded 1905 and headquartered in Dublin, Ireland. It is a one of the prominent player in the smart home market. The company has major focus towards developing and manufactures product for clean and comfortable product, safe and fresh food, energy efficiency with sustainable business practice. The company has the annual revenue of nearly USD 15,668.20 million in 2018 which has increased nearly USD 1,470.6 million from year 2017. It has the global presence in Asia-Pacific, Europe, America and Middle East & Africa.
The company has the subsidiaries such as Ingersoll-Rand S.A.I.C. (Argentina), Ingersoll-Rand Ltd. (Australia), Koxka S.A. (Belgium), Hussmann Inc. (Canada), Ingersoll-Rand Investment Company Limited (China).