Smart Home A New Concept In The Market
A smart home or building is a home that is implemented with special structured wiring to capacitate occupants to remotely control an array of home electronic devices with a sole command. For instance a smart home owner who is outside of his home can control security alarms, switch appliances on or off, control lightening and many more.
The smart home market is witnessing a grand prosperity nowadays and is expected to grow even bigger in the future. There are certain objects which are working abaft the success of smart home market. The rising cognizance among consumers about energy consumption, mounting disposable income in flourishing countries are some of the dialectics behind this rise.
With the advantages there are some of the disadvantages too in this smart home technology which are working as a barrier in the advancement of this market. Price is obviously high in this smart home technology resulting in a decreasing effect in the mind of a consumer before buying them. Other than this long device replacement cycle is also demolishing the market of smart home.
Segmentation of smart home market is based on the basis of merchandise. The products involved in this smart home are home healthcare, lighting control, smart kitchen and many more. The light market is controlling the largest share of smart home market. The reduced electricity consumption can be a reason behind the demand of lighting technology in smart home market.
Geographically North America is dominating the smart home market due to large use of home healthcare. The American government is also serving the market with the introduction of remotely control gas, power meters etc.
Asia Pacific is also growing in the smart home market and in the coming years it will surely create its footprint in the market.
To give examples we can mention a few names such as Legrand, Siemens AG, Samsung Electronics, Johnson Control Inc, Schneider Electric SE, Honeywell International Inc and many more.
Modern technologies and evolving smart cities will drive the smart home market and this sector is expected to grow substantially. Furthermore new business opportunities are predicted to emerge and flourish.