An increment in the demand of energy has led to the depletion of resources with a steep rate. This imbalance has made the building construction companies to come up with a smart and energy efficient solution for Homes and Buildings. Smart Homes and Buildings (SHB) also referred as Automated Building/Intelligent Building is an incorporation of various smart technologies. This enables better decision making and automation of response. (SHB) is such a framework which is self-sufficient of monitoring performance, detecting inefficiencies, diagnosing causes and making automatic adjustments in order to get the issues resolved automatically and in an energy efficient manner.
Depletion of non-renewable resources and high demand of energy is a major concern. This imbalance has resulted in the rise of cost of the energy resources. The demand of energy efficient solutions like SHB is increasing with a steep rate, which is a driving factor for the market. Also, rising concerns regarding greenhouse gas emissions is making governments to take initiatives in the favor of SHB market.
The major challenge for the growth of Smart Home and Building Market is the high initial investment that is required for the well-integrated smart technologies. Moreover, the lack of standards and interoperability can act as restraints for the market growth. Poorly implemented technologies can disempower occupants, taking away their control of the environment. The lack of suitable instructions or education may lead to the incorrect use of technology and so the inefficient operation of buildings. Consumers and construction business both, are adorning the energy efficiency customs. As a result, the use of building automation system in order to meet the growing demand for energy efficiency in smart homes and buildings has got bright future opportunities. The market is expected to offer tremendous opportunities for growth to companies that deal with energy efficient products and solutions.
The Smart Homes and Buildings is segmented by Application, Technology, End-User, Product and by Geography.By application the market is bifurcated into Energy management, lighting control, Appliance and entertainment, Home healthcare and child safety and security & safety. By technology it is further segmented as Bluetooth, Sigsbee, RFID, GSM and others. By products the market is categorized as remote control systems, thermostats, Home appliances and others. On the basis of Geography the market is segmented as North America, Europe, Asia-pacific and Rest of World.
Key Market Players are Cisco Systems, Inc., Control4 Corporation, Leviton MFG. Company Inc., Schneider Electric SA, Siemens Building Technologies, United Technologies Corporation, Honeywell Scanning & Mobility, Smart home, Inc., Emerson Electric Co., LG Electronics Inc.
Smart Homes & Buildings Market Segmentation
The market is segmented on the basis of Application, Technology, End-User, Product and Geography.
• Energy management
• Lighting control
• Appliance and entertainment
• Home healthcare and child safety
• security & safety
• Radiofrequency Identification (RFID)
• Wi-FI Technology
• Computing Technology
• Residential Users
• Commercial Users
o Corporate Offices
o Industrial Production Units
o Healthcare Facilities
o Retail Outlets and Convention Stores
o Hotel and Restaurants
o Government Organizations
• Safety & Security Products
• Home appliance & entertainment controllers
o Remote Controls
o Smart plugs and energy monitors
• North America
• Rest of World(Latin America, Africa and Middle-East)
Key Market Players
• Cisco Systems Inc.
• Control4 Corporation
• Leviton MFG.
• Company Inc.
• Schneider Electric SA
• Siemens Building Technologies
• United Technologies Corporation
• Honeywell Scanning & Mobility
• Smarthome Inc.
• Emerson Electric Co.
• LG Electronics Inc.