Smart Home Automation is Reaching New Heights in the United States – Exclusive Report by Mordor Intelligence
By: AB Newswire
September 30, 2021 at 15:08 PM EDT
Mordor IntelligenceSmart homes are on the rise, with nearly 30 million US households projected to add smart home technology shortly. Smart technologies and real-time energy management systems can decrease costs by an average of 15% and improve the bottom line by creating an ecosystem that reduces energy waste.
Smart Homes Market Overview
The smart homes market was valued at USD 79.13 billion in 2020, and it is expected to reach USD 313.95 billion by 2026 and register a CAGR of 25.3% over the forecast period (2021 - 2026). Globally, the increasing importance of the need to counter security issues is anticipated to fuel the demand for smart and connected homes over the forecast period. Moreover, innovative wireless technologies, including security and access regulators, entertainment controls, and HVAC controllers, are expected to foster market growth.
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Smart Homes Market - Geographical Overview
North America holds the largest market share in the smart homes market
Smart homes are on the rise, with nearly 30 million US households projected to add smart home technology shortly. The products consumers are looking to add to their homes include connected cameras (highest demand), video doorbells (2nd highest demand), connected light bulbs, smart locks, and smart speakers of late.
According to the US Department of Energy, the buildings sector accounted for about 76% of the electricity used, resulting in a considerable amount of associated greenhouse gas (GHG) emissions, thereby making it necessary to reduce energy consumption in buildings to comply with the national energy and environmental challenges and decrease costs to building owners and tenants. According to the New York State Energy Research and Development Authority (NYSERDA), enabling smart technologies and real-time energy management systems can decrease costs by an average of 15% and improve the bottom line by creating an ecosystem that reduces energy waste.
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Key Highlights of the Smart Homes Market
Related Reports & Links
List of Key Players in the Smart Homes Market
*List Not Exhaustive
Mordor Intelligence has segmented the global smart homes market on the basis of product and geography:
About Mordor Intelligence
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