fbpx
News Hub

Smart home devices set for strong growth

Written by Thu 8 Sep 2022

Smart Home Devices

New research released by ResearchAndMarkets.com finds that the global smart home devices market is forecast to grow from around $78 billion in 2021 to more than $92 billion in 2022.

Due to a number of factors, including the need for energy conservation, technology advancements, and increased time spent at home as a result of COVID limitations, the market for smart home devices is predicted to expand by 17.5% year until 2026, when it will be valued $176.1 billion.

Consumers have access to a very diverse selection of products, from smart speakers to smart smoke alarms and smart security cameras. People had to spend a lot of time at home in recent years due to the COVID pandemic, and many saw this as an opportunity to improve their living standards by purchasing the newest smart home technology.

“The rise in the need to save energy and decrease carbon emission drives the smart home devices market. This increase in the need for sustainable solution has been initiated by strict government regulations that introduced a cap on maximum carbon emissions allowed for each company. Conventional devices continuously use electricity until someone turns them off,” ResearchAndMarkets.com explains in a press release for the report.

However, unlike non-smart home devices, smart home devices usually require installation costs and can be more expensive, limiting the adoption rate among people on lower incomes. A survey by consulting firm, Parks Associates, discovered that 44% of respondents said smart home devices were too expensive to purchase at the moment.

As the technology continues to improve, cost efficiencies are likely to be found and the price point for smart products will fall. The current energy crisis across large parts of the world, including Europe, is leading many people and businesses to reevaluate their energy usage to try and reduce it when possible.

Written by Thu 8 Sep 2022

Tags:

Coronavirus costs energy consumption new technologies smart home
Send us a correction Send us a news tip