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European Smart Home Market worth $29.24 billion by 2029 - Exclusive Report by MarketsandMarkets™
The new installation segment accounted for the larger share of the European smart home market in 2029. New installations involve the installation of state-of-the-art lighting systems with modern LED drivers and ballasts, sensors, switches, dimmers, and gateways. While retrofit installations do not, new installations entail complete replacement of a traditional lighting system by phasing out an existing conventional lamp and its associated controls and fixtures and the introduction of new lamps and associated controls and fixtures. A new installation transforms the whole system, resulting in an entirely different setup.
Indirect sales channels or third-party distributors hold a major share of the European smart home market in 2029. Most players in the market have strong sales channels and distribution networks to provide services to their end users. Indirect sales include the sales of smart home products through both online and offline modes. The offline sales channel comprises third-party cellular network carriers, wholesalers, retailers, and value-added resellers, whereas the online sales channel involves sales through e-commerce platforms and third-party retailers.
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UK is expected to hold the second largest share of the total European smart home Industry in 2029. The UK government's target of reaching net-zero carbon emissions by 2050 further drives the use of smart home technologies that help minimize energy consumption and carbon emissions. Cities such as London , Birmingham , Manchester , Edinburgh , Leeds , etc. got high adoption rate due to local smart city projects and emerging interest in smart home technologies. In terms of adoption towards smart home, it has been London in UK that has been leading, with ~50% of the household having access to smart home devices.
The key companies in European smart home companies include Johnson Controls Inc. ( Ireland ), Honeywell International Inc. (US), Schneider Electric ( France ), Siemens ( Germany ), ASSA ABLOY ( Sweden ), Amazon.com, Inc. (US), Apple Inc. (US), Resideo Technologies Inc. (US), Robert Bosch ( Germany ), ABB ( Switzerland ).
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