The growing significance of intelligent devices to enable consumers to get remote access and control over their homes has resulted in the growth of the smart home industry. The smart homes market players from the Americas, Europe, and APAC are significantly investing in different segments, including hardware, technology, software, and service, of the smart home industry. Siemens AG (Germany), United Technologies Corporation (US), General Electric Company (US), Schneider Electric (France), and Honeywell International, Inc. (US), are some of the leading companies in the smart home market. Most of the leading companies focus on organic growth strategies such as product launches and developments and inorganic strategies such as agreements, partnerships, and collaborations to boost their revenues.
A considerable number of product launches, partnerships, and agreements have been carried out by the players in the smart home market between 2014 and 2017. There were also a significant number of mergers and acquisitions during this period.
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In 2016, lighting control, security & access control, HVAC control, entertainment control, home healthcare, smart kitchen, and home healthcare constituted the major hardware products in the smart home market. Lighting control market held the largest share of the smart home market in 2016. Cooper Lighting (US), Koninklijke Philips N.V. (Netherlands), Lumetric Lighting, Inc. (US), Acuity Brands Lighting, Inc. (US), Lutron Electronics Co., Inc. (US), and Leviton Manufacturing Co., Inc. (US) dominated the smart home market for lighting control in 2016. The market for smart home appliances is also witnessing a considerable growth and is expected to grow exponentially during the forecast period. The government regulations regarding energy consumption is also one of the factors driving the growth of the market for smart home appliances.
Top 2 players in the smart home market:
Siemens AG (Germany) held the leading position in the smart home market in 2016 because of its diversified product offerings, financial strength, manufacturing capabilities, and strong sales support. The company offers smart home products and solutions under its Building Technologies segment. This segment offers products, solutions, and services for fire safety, security, building automation, heating, ventilation, air conditioning, and energy management. The company is concentrating on enhancing its product portfolio by actively offering innovative products according to its consumers’ requirements.
It also invests significantly in R&D to drive profitable growth and optimize manufacturing capabilities. Its Building Technologies division’s R&D is focused on enhancing comfort and operational and energy efficiency in buildings and infrastructure, offering protection against fire and security hazards and minimizing related risks. Siemens AG focuses on product developments as a key strategy to attract new customers and increase its product offerings and market share. In February 2016, Siemens’ Buildings Technologies division and IBM Corporation (US) developed cloud-based solutions for monitoring building system performance, energy demand, and energy supply. It has also partnered with other independent distributors and sales representatives worldwide to strengthen its foothold in the market.
United Technologies Corporation (US) held the second position in the smart home market in 2016. The company offers smart home products under its UTC Climate, Controls, & Security business division. It offers various products for HVAC controls for residential purposes. This division also offers various security and fire safety products such as intruder alarms, access control systems, video surveillance systems, and fire detection systems. Its product portfolio includes HVAC and refrigeration solutions and fire safety and security solutions.
The company’s products cater to a wide range of applications such as residential, commercial, industrial, remote access control and transportation facilities. The company has a presence in the Americas, EMEA, and APAC. United Technologies Holding GmbH (Germany), Goodrich Corporation (US), Elevadores Otis Ltda. (Brazil), Kidde America Inc. (US), Nippon Otis Elevator Company (Japan), Otis Elevator Company (India) Ltd. (India), and United Technologies France SAS (France) are some of its key subsidiaries. The company focuses on enhancing its technology business through product launches, partnerships, and acquisitions. For instance, in August 2016, the company launched linear heat detectors, which are suitable for hazardous environments. Furthermore, in July 2015, Chubb Edwards (Canada), a subsidiary of UTC Climate, Controls, & Security, acquired Fahrenheit 451 (Canada), a fire safety solutions provider, to fortify its presence in North America.
