BSRIA is forecasting a total global growth of 20 per cent in the smart home/light commercial market in 2017, with the largest growth being predicted for the UK market at a rate of 29 per cent.
Published in January this year, the new study divides the market into standalone products and whole home products and also analyses the value of system integration (value add) and service and maintenance.
The total value of the global market is forecast to be $15.8 billion in 2017. The US market remains the largest single market forecast at 29 per cent of the total market value. Despite the maturity of the US market, the growth forecast is expected to be in line with the global increase in value of 20 per cent, with standalone products being the segment showing the largest growth at 27 per cent.
Consisting of individual country reports on China, France, Germany, Netherlands, North America and UK, the study is predicting rapid growth in sales of both products and system integration, but due to the infancy of the market a lower level of sales for service and maintenance.
The reports show that the largest individual vertical sector is luxury villas, accounting for 25 per cent of the market value; the second and third largest segments, offices and hotels respectively, represent a combined total of 23 per cent of the market.
Forecasts extend until 2021 when it is estimated that the total global market will be worth $29.8 billion.
Zoltan Karpathy, operations manager, BSRIA Worldwide Market Intelligence division, said: “The sales of smart home products and the associated services are forecast to grow at high CAGRs; this is, in part due to the infancy of certain markets, and in part due to the increased awareness and expectations on the end users. The key drivers for the growth are subtly different in each country, ranging from a drive to improve energy efficiency, to improved security, but a trend that is gaining momentum is the use of smart home equipment in light commercial applications and it is forecast that this trend will accelerate” said.
For more information on the study contact: WMI sales team on +44 (0) 1344 465 645 or email@example.com