The "Smart Window Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global smart window market (henceforth, referred to as the market studied) was valued at USD 3.88 billion in 2019 and it is expected to reach USD 6.09 billion by 2025, registering a CAGR of 8.95%, during the period of 2019-2025.
Homes are increasingly becoming equipped with many advanced automation systems and smart products. With these various blinds and window covering, vendors are enhancing their offerings to offer connected and automated solutions to make window coverings smart.
Inter IKEA Systems BV
Lutron Electronics Co. Inc.
Somfy Systems Inc.
The Shade Store LLC
Key Market Trends
Growing Prominence of Smart Homes Drives Strong Demand for Automated Blinds and Shades
By volume, the United States commands a prominent share of the market, followed by Europe. However, Europe's demand for smart home solutions is growing significantly, owing to various government initiatives to adopt connected solutions. According to the Ambient, the US penetration of smart homes stood at around 32.4%, or an estimated total of 41.3 million smart homes.
The number of connected devices in a household is also on the rise; for instance, in 2019, Plume Households had an average of 18 Wi-Fi connected devices, and the company expected the numbers to go up to 31 by 2022. The explosion of smart home devices is not limited to just computers, phones, tablets, and the occasional digital assistant running on home Wi-Fi networks; these networks will be powering each and every device that will run and sustain homes worldwide, now and in the future.
Owing to the growing demand for smart home devices, especially smart speakers with virtual assistants, the demand for voice enabled smart devices in homes is expected to go up, thus driving smart window covering vendors to adopt the technology as part of their offerings to further enhance their offering's capabilities.
With the number of devices per household increasing, the demand for more smart solutions in homes is expected increase as well. Such developments are driving the demand for smart window coverings that are motorized and can be controlled via mobile devices.
Canada expected to Dominate Market Share
The growing concern for energy efficiency, an increasing number of smart residential projects, and the increasing trend for replacing old windows are some of the major factors driving the growth of the market studied in Canada.
The trend of old window replacements and investment in energy-efficient smart home products is increasing in the country. In Canada, Energy Star outlines 3 specific climate zones for window performance. Most urban regions in Canada fall under Climate Zone 2 and require windows to have an ER rating of 29 or higher.
Although the window manufacturing cost in Canada is high, an increasing number of new local players, and growing smart manufacturing adoption in the country are expanding the scope of the market studied. For instance, a typical large size window and window coverings manufacturing plant could cost at least USD 10 million; however, leveraging automation and existing manufacturing lines, this can be reduced. Many start-ups in the country are also playing a significant role in the market.
Many US-based companies are also expanding their presence in Canada, as the country is highly influenced by smart home trends in the United States. Therefore, many foreign companies that have penetrated the US market are also investing in the Canadian market.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Market Drivers
4.3.1 Growing Prominence of Smart Homes Drives Strong Demand for Automated Blinds and Shades
4.4 Market Restraints
4.4.1 Lack of Standards in Applications and Initial Costs
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Motorized Roller Shades
5.1.2 Motorized Zebra Shades
5.1.3 Motorized Drapery Systems
5.1.4 Other Product Types (Includes Connectable Controllers)
5.2.1 North America
5.2.3 Asia Pacific
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
For more information about this report visit https://www.researchandmarkets.com/r/h9g621
View source version on businesswire.com: https://www.businesswire.com/news/home/20201023005419/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900