Smart home market to grow 30 percent YOY: Schneider Electric

NEW DELHI, INDIA: Schneider Electric today released Smart Homes Solutions survey, conducted on its behalf by AZ Research Partners, Bengaluru. The major outcome from the survey was that the smart home market is expected to grow at a rate of 30 per cent YOY, thereby ensuring that the market will double in revenue every 3 years. The survey was conducted among end customers of premium apartment complexes, duplex, triplex and villas. The survey revealed high awareness among respondents about Smart Homes, which was almost universal in metros and upper-end segments.

As per the survey, security, convenience and energy efficiency were the largest drivers for Smart Homes. Conversely, high cost and lack of clarity about the real value were the only barriers. In a few cases, lack of awareness was a likely barrier.

Speaking about the survey, Shrinivas Chebbi, Vice President, Buildings and Partner BU, Schneider Electric India, said: “Almost 75 per cent respondents were aware of Smart Homes, which was almost universal among the upper-end segment. But awareness was low among the lower end, since these respondents hailed from smaller towns, with 11 per cent not aware even on being prompted. The quality of knowledge about smart homes across budget segments was quite good, especially in metros, but vague in non-metros. Aware respondents identified smart homes with security systems such as CCTV cameras and video calling, lighting systems, fire and gas leak alarms, etc. On controls in smart homes, the highest salience was for security and lighting controls, followed by AV and entertainment.”

Smart Home Solution encompasses home automation, wiring devices, final distribution and safety energy management technologies.