Smart grids are mainly the amalgamation of various smart technology such as smart meters, small wind generator, home energy management systems and power grid. Companies in smart home equipment industry are innovating user friendly platforms for end consumers. This has helped smart home equipment industry to improve their serviceability. Another driver for smart home equipment industry are smart grids. Globally, Smart grid technology market is expected to witness growth over the forecasted period owing to aging power grid network. Decreasing reliability of power grids on account of environmental changes and power blackouts, has resulted in further development of power grid. BY integration of various smart grid technology reliability of power grid could be achieved. Some other drivers which will fuel the growth of market over the forecasted period are advancement in infrastructure industry, advancement in IT and Telecom industry.
Another prominent driver for Smart home equipment industry is IoT( internet of things) trend. Iot means integration of wireless and digital technologies in physical systems and objects. IoT will be significantly amplified over the forecasted period as the number of devices connecting to internet is increasing day by day. So the smart home equipment industry is likely to have more devices that can be integrated in the smart home. Another factor that will fuel the growth of smart home equipment industry rising tablet market. As tablet could be used for providing the effective remote control to manage all the systems.
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Another driver that are driving the smart home equipment market are increasing government regulation on energy consumption, increasing energy cost, increasing awareness about security concerns and environmental changes. The main challenges for smart home equipment market industry are poor manageability, difficulty in integration of security system and high ownership cost. The demand of smart home is deeply affected by the overall demand of house. So the smart home equipment industry is also affected. Lack of standardization is another factor that can pose challenge for smart home equipment market. The smart home equipment industry faces many challenges because of widespread adoption.
On the basis of region, the market can be segregated into Asia Pacific, North America and Europe. North America is expected to be witnessed largest market for smart home equipment industry owing to the increasing number of residential buildings and renovation. Due to high adoption rate and continuous growth in North America. The need to lower the power consumption and high investment in infrastructure is expected to drive the growth of smart home equipment market in Asia Pacific and Europe. Smart home equipment market can also be segregated into home assistance, e-health, home security / automation, home cloud. Home automation means designing A UI by which functionality of home security, utility management, home energy and lightning and entertainment can be controlled centrally. The challenge for this part is disparity in technologies. Home assistance means configuration of repair and maintenance services for tv pcs etc. The main challenge for this