European Commission's push to modernize buildings with energy efficiency will boost demand, says Frost & Sullivan
SANTA CLARA, Calif., May 6, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis on the European home automation systems market finds that innovative subscription-based business models are key to increase mass-market adoption of professional home automation systems in Europe. This new model would ease the financial pressure on customers by allowing them to make monthly or annual payments instead of fixed-cost offerings. The increasing demand for indoor air quality (IAQ) products and growing awareness of energy-efficient retrofitting are the main growth drivers for the European market. By 2027, the market is estimated to reach $1.50 billion from $495.3 million in 2020 at an impressive compound annual growth rate of 17.2%.
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"The European Commission's renovation wave strategy is expected to boost demand for home automation systems because the focus is on modernizing buildings with energy efficiency and adopting digital measures to sustain economic recovery," said Anirudh Bhaskaran, Energy & Environment Senior Industry Analyst at Frost & Sullivan. "Consumer awareness of the need for energy efficiency and introduction of government grants for green and energy retrofit homes will also expand the overall home automation products market—lighting, indoor climate control, entertainment control, and window/shutter/blind control—over the next 5 to 7 years."
Bhaskaran added: "Though a professional home automation system is seen as a luxury segment of the smart homes ecosystem, its attractiveness can be improved within the mainstream segment through value-added offerings. Additionally, with low prices, the do-it-yourself (DIY) smart home products pose a huge threat to professional home automation products. This encourages home automation systems market participants to acquire or partner with DIY mid-market players to help top-end participants thrive in the market by offering value-addition and competitive pricing."
To tap into the growth prospects exposed by the home automation systems market in Europe, participants need to focus on the following:
European Renovation Wave Strategy Drives Demand for Home Automation Systems (HAS) Market, 2027 is the latest addition to Frost & Sullivan's Energy & Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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European Renovation Wave Strategy Drives Demand for Home Automation Systems (HAS) Market, 2027
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