BSRIA predict growth in the smart home/light commercial market
BSRIA are predicting that there is going to be a total global growth of 20% in the smart home/light commercial market by 2017. They predict that the largest growth is going to be in the UK where the market will increase by around 29%.
Home automation technology enables the homeowner to monitor all of the building’s functions including the heating, lighting, ventilation, and security, as well as any other appliances. Access to the controls is usually via Wi-Fi, meaning that people can have control from wherever they are in the property. Its increase in popularity is inevitably due to how useful these systems are; it is also a huge benefit that as our knowledge and understanding grows, the technology becomes more advanced.
In 2017, the industry’s total value was around $15.8 billion, with the US having the largest market value at around 29%. They believe that by 2021, the total market value could be worth $29.8 billion.
According to BSRIA’s figures, China, France, Germany, the Netherlands, North America and the UK are supposed to have the greatest growth in terms of sales of products and system integration. However, due to the infancy of the market, these countries hold the lowest levels of sales for service and maintenance.
Zoltan Karpathy, the Operations Manager at BSRIA Worldwide Market Intelligence division said "The sales of smart home products and the associated services are forecast to grow at high CAGRs; this is, in part due to the infancy of certain markets, and in part due to the increased awareness and expectations on the end users. The key drivers for the growth are subtly different in each country, ranging from a drive to improve energy efficiency, to improved security, but a trend that is gaining momentum is the use of smart home equipment in light commercial applications and it is forecast that this trend will accelerate."