Portland, OR — (PRESS RELEASE JET) — 09/25/2017 — Smart home appliances are next generation conventional home appliances, equipped with advanced features for receiving, processing, and transmitting information using smartphones, tablets, and laptops. Increasing use of appliances in homes has led to higher energy consumption, thereby, posing challenges for power companies to produce more electricity. According to the U.S. Energy Information Administration, the global energy demand would increase by nearly 37% by 2035. In such a scenario, the adoption of smart home appliances would increase, as they facilitate real-time communication to operate the device at low frequencies or shift the operations time to off-peak periods.
Smart Home Appliances Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $38.35 billion by 2020, registering a CAGR of 16.6% during the forecast period of 2015-2020. The demand of smart home appliances has triggered owing to growing concerns of energy costs and availability of innovative and affordable smart appliances.
The key market players profiled in this report are General Electric Company, Panasonic Corporation, Electrolux AB, LG Electronics, Inc., Samsung Electronics Co., Ltd., Koninklijke Philips N.V., Apple, Inc., Haier Electronics Group Co., Ltd., Miele & Cie. KG, BSH Hausgerate GmbH and Whirlpool Corporation. New product launch is the key strategy adopted by renowned market players to sustain the market competition. However, these players focus on raising awareness through trade shows, events, and other promotional activities.
Key Findings of Smart Home Appliances Market:
– The global market for smart home appliances, is expected to grow due to availability of innovative and affordable smart appliances and increasing awareness among the populace during the forecast period (2015-2020)
– Wi-Fi, RFID and ZigBee are the most preferred technologies in the smart home appliances market
– North America, on account of tech-savvy end users and government incentives for smart appliance manufacturers, constituted the highest market share in 2014, followed by Europe
– Asia-Pacific would surpass the North American and European markets by 2018, emerging as the market leader
Global smart home appliances market comprises renowned players such as LG Electronics, Panasonic Corp., Samsung, Whirlpool Corp. and Haier, offering a wide range of products to the customers. The players are consistently introducing new smart appliances and associated applications in order to increase their market share, thereby making product launch as one of the majorly adopted growth strategies. Besides product launch, the players are also acquiring smaller players to widen their customer base.
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