International. The next residential energy revolution is about to get underway, with the value of the smart global market expected to more than double in the next five years.
According to a report by Zion Market Research, the global smart home market was valued at around $24.10 billion last year and is expected to reach approximately $53.45 billion in 2022, achieving a compound annual growth rate slightly above 14.5% between 2017 and 2022.
The company says a major growth driver for the smart home market is increasing awareness among consumers about electricity consumption and energy efficiency.
Another recent report, from global management consulting firm A.T. Kearney, puts the current global smart home market at approximately $15 billion. However, this does not include smart TVs and solar energy systems in the home, which it says are "inherently connected."
A.T. Kearney estimates that the total smart home market will increase to more than $50 billion by 2020 and then grow rapidly across five application categories to about $400 billion by 2030.
Among the categories that will explode in growth will be the energy and resource management sector, in which the firm's forecasts will have experienced a compound annual growth rate of 30% between 2015 and 2030.
The company says the smart cottage industry is currently in the exploration phase; situation that will change around the change of the decade in which it moves to the integration phase, followed by an expansion phase in 2025.
