The smart home market is expected to grow from US$46.97 billion in 2015 to US$121.73 billion by 2022, at a CAGR of 14.07 percent between 2016 and 2022, according to a recent report by MarketsandMarkets.
The report also outlined several factors that may cause such growth spurt, one of which being environmental awareness.
With the popularity of smart lighting on the rise, analysts predict that devices that form part of the home energy management (HEM) sector will continue to help drive smart home to critical masses. The research firm also quoted the market for lighting control in smart homes is expected to grow at a high CAGR by 2022, as it is among the most highly sought after solution in the sector.
Meanwhile, smart meters are also one of the important drivers to potential smart home growth as these devices help consumers reduce their energy bills and also conserve energy, it said, citing that the smart home market for smart meters is expected to witness significant growth during the same forecast period.
Furthermore, as new residential projects continue to grow at an exponential rate in the Asia-Pacific region, most notably China, South Korea and Japan, this would also aid in the expansion of smart home market as many of these projects encompass the installations of HEM devices, including entertainment controls.