COVID-19 IMPACT SURVEY MAY 2020
Amid the COVID-19 crisis and the looming economic recession, the Smart Homes market worldwide will grow by a projected US$118.8 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 16.3%. Lighting Control, one of the segments analyzed and sized in this study, is forecast to grow at over 16% and reach a market size of US$55.8 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Lighting Control market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 15.4% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over US$4.1 Billion to the region's size over the next 7 to 8 years. In addition, over US$4.9 Billion worth of projected demand in the region will come from Rest of European markets. In Japan, the Lighting Control segment will reach a market size of US$3.9 Billion by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Smart Homes market. Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 14.3% over the next couple of years and add approximately US$15.3 Billion in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Smart Homes market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Competitors identified in this market include, among others, Cisco Systems, Inc.; Control4 Corporation; Cortexa Automation, LLC; Crestron Electronics, Inc.; Emersion Electric Co.; FortrezZ; Guardian Protection Services, Inc.; Home Automated Living, Inc.; Honeywell International, Inc.; Lutron Electronics Co., Inc.; Monster, Inc.; Savant Systems LLC; Simply Automated Incorporated; Smarthome, Inc.; United Technologies Corporation (UTC); Universal Devices, Inc.; Vivint, Inc.