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Europe Smart Home Market Size

Report ID: GMI12046
Published Date: Oct 2024
Report Format: PDF

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Europe Smart Home Market Size

Europe smart home market was valued at USD 26 billion in 2023 and is estimated to grow at a CAGR of over 17.6% from 2024 & 2032. The European market is growing rapidly, driven by the demand for energy efficiency and sustainability.

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As energy costs rise and climate concerns intensify, consumers and governments are turning to smart home technologies to reduce consumption and environmental impact. Smart thermostats, automated lighting, and energy monitoring systems help homeowners optimize energy use and lower bills, aligning with Europe's strict environmental policies.

Europe Smart Home Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Smart Home Market Size in 2023:	USD 26 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	17.6%
2032 Value Projection:	USD 108.1 Billion
Historical Data for:	2021 - 2023
No. of Pages:	160
Tables, Charts & Figures:	83
Segments covered:	By Product, Connectivity, Price Range, Distribution Channel, Region
Growth Drivers:	Increasing demand for energy efficiency and sustainability Rising adoption of IoT and connected devices Government initiatives and smart city projects
Pitfalls & Challenges:	High initial costs and installation complexity Data privacy and security concerns

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Moreover, Europe aims to cut greenhouse gas emissions by 55% by 2030 and achieve climate neutrality by 2050. To support these goals, governments offer incentives for energy-efficient home technologies. Programs promoting renewable energy integration, such as solar panels and storage systems, further drive smart home solution adoption. These devices help manage power from renewable sources effectively. Increasing environmental consciousness among consumers is boosting the smart home market. Homeowners seek technologies that reduce their carbon footprint while maintaining comfort. Smart energy management systems that track and optimize usage help consumers make eco-friendly choices. This shift towards sustainable living has increased demand for smart home solutions that offer both environmental and economic benefits.

Additionally, energy costs and environmental concerns drive efficiency in Europe. Smart home devices offer real-time data and automation, cutting energy waste and costs. As energy prices climb, investing in smart home tech becomes more appealing. This growing demand for efficient, sustainable homes fuels the smart home market's expansion across Europe.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The European market for smart home was valued at USD 26 billion in 2023 and is expected to reach USD 108.1 billion by 2032, driven by a CAGR of over 17.6% from 2024 to 2032.

Entertainment devices accounted for approximately USD 6.5 billion in revenue in 2023 and are expected to grow at a CAGR of 17.1% during the forecast period, driven by the demand for integrated experiences.

Germany's market for smart home generated approximately USD 6.5 billion in revenue in 2023 and is expected to grow at a CAGR of 18% during the forecast period, driven by its strong economy and tech-savvy population.

Major players in the market include ABB Ltd, ASSA ABLOY AB, Deutsche Telekom AG, Emerson Electric Co., Honeywell International Inc., Johnson Controls, Legrand S.A., Loxone Electronics GmbH, Panasonic Corporation, Robert Bosch GmbH, and Samsung Electronics.