Smart housing equipment are internet-connected devices that can be remotely monitored and managed over a central control system or a smartphone application. Smart housing equipment includes smart lighting, smart security systems, smart temperature control systems etc.
Increasing penetration of internet of things is a major factor driving growth of the global smart housing equipment market. In addition, increasing adoption of smart grid technology, and rising need for energy efficient solutions and low carbon emission devices are factors further driving growth of the global smart housing equipment market. Emerging trend of smart city concept is further boosting demand for smart homes which in end is boosting demand for smart housing equipment. This factor is expected to further fuel growth of the global smart housing equipment to a significant extent during the forecast period.
High equipment and deployment costs are major factors hampering growth of the global smart housing equipment market. In addition, lack of standardization and complexity in deployment are other factors hampering growth of the global smart housing equipment market. Technological advancements and increasing R&D activities are expected to create potential business opportunities for key players in the global smart housing equipment market over the forecast period.
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The global smart housing equipment market report has been segmented on the basis of application, and region. On the basis of region, the global smart housing equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America holds largest share in the global smart home market, owing to factors such as increasing demand for reliable home energy management systems, enhanced home security levels, and growing popularity of smart devices and smart home solutions. The market in Asia Pacific is expected to grow at highest CAGR during the forecast period. Factors attributing to this are strong economic growth, increasing population, improving standards of living, and rapid urbanization in countries in this region.
Prominent players in global smart housing equipment market includes Siemens AG, Schneider Electric SE, Honeywell International, Inc., ABB Ltd, Samsung Electronics Co., Ltd., Apple Inc., LG Electronics Inc., Legrand S.A., Lutron Electronics Co. Inc., and Leviton Manufacturing Company, Inc.
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