Smart Home Market to Reach $151.38 Billion by 2024

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The smart home market was valued at $76.62 billion in 2018 and is expected to reach $151.38 billion by 2024, at a CAGR of 12.02% during the forecast period.

The market for entertainment and other controls was valued at $22.72 billion in 2018. The large market share of this segment can be attributed to the high penetration rate of products such as smart meters and smoke. The increasing cost of electricity is a major concern for household consumers. These increasing costs are driving the households toward energy savings. Smart home appliances can communicate among themselves, and they have emerged as an effective solution to save energy. Thus, households are increasingly adopting smart home appliances to minimize their energy costs.

Moreover, the increasing popularity of smart plugs, smart hubs, and smart locks is also fueling the growth of the market for these products. The market for entertainment controls is driven by the increasing demand for audio and volume, and multimedia controls.

Leviton Manufacturing Co., Inc. (US), Control 4 Corporations (US), Elan Home Systems (US), and Crestron Electronics, Inc. (US), The ASSA ABLOY Group (Sweden), and Whirlpool Corporation (US) are a few of the major manufacturers of entertainment and other controls for smart homes.

The market for lighting control is likely to grow at a CAGR of 13.26% to reach $26.68 billion by 2024 from $12.64 billion in 2018, during the forecast period. Lighting controls reduce electricity consumption in homes during the day; the sensors adjust the intensity of artificial light according to the intensity of natural light at the daytime. As lighting accounts for high electrical loads in homes, lighting control products such as occupancy sensors, switches, and dimmers are widely preferred by the homeowners.