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Smart Homes & Buildings Market:The proliferation of technology is ubiquitous in all phases of life and industries have quickly caught up with this trend. The real estate industry is not far behind with automation taking over all segments, be it residential or commercial buildings. The smart homes and buildings automation industry is growing at a fast pace with increasing adoption of new technologies like the Internet of Things (IoT) and artificial intelligence in making buildings more energy efficient while improving the wellness of its occupants.
The growth of the market can be attributed to the increasing awareness about climate change. An energy efficient building can save up to 40% of heating and cooling costs, while smart lighting can save up to 75% energy. Also, things like smart thermostats and smart glass vastly improve the comfort and wellness of its occupants. Smart components in office buildings are touted to increase the productivity of employees, while those used in malls help track shopping patterns of customers.
There is a lot of research going on in this segment and many startups are offering services for complete home and building automation.
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Segmentation
The industry segmentation of home automation can be done by application:
Safety and Security
Energy Efficiency
Wellness and Comfort
Intelligent systems are used for security purposes like video surveillance and smart burglar alarms that notify the owners when they are not at home and so on are a major segment of building automation that are already widely used and will only find increased adoption in the future. Energy efficiency systems like smart thermostats and control of HVAC, smart glass, lighting control, entertainment, smart meters for utilities, intelligent water management systems greatly improve operational efficiency and afford huge cost savings in the long run. This makes it attractive not only for homes but also businesses including offices, shopping centres and malls, hotels, and other institutional buildings like schools and hospitals. The components like HVAC control and smart glass also contribute to wellness and comfort of occupants leading to increased productivity.
Regional Overview
The major regions are North America, Europe, Middle East and North Africa (MENA), and the Asia Pacific (APAC). There already exists a high level of adoption in developed countries in North America, as well as Europe. The Middle East is another major market with high quality real estate developments taking place in countries like UAE, Bahrain, Saudi Arabia, and Oman. Asia Pacific, which includes Asia, along with Australia and New Zealand, is an up and coming market for this industry. Emerging markets like China, India, and Vietnam offer huge potential for growth with fast growing economies and rapid real estate development.
Industry News
The smart homes and buildings automation trend has caught on with many tech companies with conglomerates like Apple, Google, and Amazon all offering home automation devices. Even electrical and electronics companies like Panasonic are developing home automation products. A property management and home automation startup called SmartRent recently received funding from Amazon. The Wyatt FOCO recently became the first smart community in Colorado which would allow residents to control their home devices using their smartphones.
Continuous…
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