The Europe Smart Homes Market is valued at USD XX . XX billion in 2016 and is expected to reach a value of USD XX . XX billion by the end of 2022 , growing at a projected CAGR of XX . XX % during the forecast period of 2017 – 2022 . Europe smart home market is increasing steadily . The market in this region is not as big as in North America . The European market is improving since the financial crisis and the economy in many countries is back to normal and is performing well . The consumers , in turn , have stable jobs and more disposable income to spend . This is increasing the demand for smart homes in this region .
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The penetration in this region is increasing with the introduction and the increased usage of smartphones and tablets . These devices use modern technology and are portable . Technologies like bluetooth , GSM , Zigbee , wi-fi or RFID can be used to send the signals to control the devices . Installing these devices in newer homes is easier than retrofitting it in older houses . Architects these days , are taking this concept into consideration for the houses of the future . Technology has come a long way in the last decade , which has enabled a lot of devices to be connected by one device alone .
This is the technology that smart homes use . In smart homes , various devices like CCTV cameras , lighting , AC , TV , washing machine , etc . can be controlled by either a remote or a smartphone or tablet . The device can be turned on or off from anywhere outside the house provided the device controlling should get a signal . This can help in energy conservation when people often forget to switch off lights or some devices while leaving the house . As the CCTV footage can be seen anywhere , it gives the homeowners a sense of security leaving the house closed for a few days and even the alarm systems placed in the house can be controlled remotely if any burglary or theft is taking place in the house .
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There are some constraints for the market like the initial cost of installation of different equipment used in smart homes is high . There is continued research going on by the companies and development of new products that will reduce the costs , also there are new players coming into the market which will lead to a price war and reduction of prices in the coming years . Major companies in the market like ABB , Emerson , Honeywell , Schneider Electric , Siemens , LG etc . are releasing new products and services for the smart homes market . These companies
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