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