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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