GCC Smart Homes Market will grow at a CAGR of 16.32% by 2022 to 2028 | Renub Research
Renub Research latest report titled “GCC Smart Homes Market, Size, Forecast 2023-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” GCC Smart Home Market Size will reach US$ 1.39 Billion by 2028. Residential properties in the Gulf Cooperation Council (GCC) region equipped with advanced automation systems and technology, such as internet-connected devices, sensors, and intelligent appliances that allow homeowners to control and monitor various aspects of their homes remotely, are known as GCC Smart Homes. The designs of these systems enhance the convenience, comfort, and energy efficiency of dwellings while providing higher security and safety.
Various factors such as increasing disposable income, growing awareness and interest in home automation, improving technological infrastructure, and government initiatives to promote sustainable and energy-efficient living have led to the adoption of Smart homes by GCC countries. Furthermore, Smart homes are appealing in the region due to the extreme temperatures, as they provide better control over temperature and ventilation systems, resulting in greater comfort and reduced energy consumption.
The growth in GCC intelligent homes can be due to increasing urbanization and population density, rising disposable income, growing awareness and interest in home automation, improving technological infrastructure, and government initiatives to promote sustainable and energy-efficient living. Additionally, intelligent homes offer better control over temperature and ventilation systems, resulting in greater comfort and reduced energy consumption. Furthermore, the COVID-19 pandemic has further accelerated the adoption of smart homes, as people spend more time at home and seek to create more comfortable, efficient, and convenient living spaces. All these factors have led to the more growth of GCC Smart Homes Market.
Desire for Convenience helps in the dominance of smart appliances in the market
Smart appliances dominate in GCC smart homes market for several reasons, such as the high standard of living in the region, the increasing disposable income of residents, the desire for convenience and time-saving, and the need to enhance energy efficiency and reduce utility costs. Additionally, manufacturers have designed smart appliances to seamlessly integrate with other home automation systems, such as intelligent lighting, security, and temperature control. This feature lets homeowners conveniently control and monitor their home systems using a single device like a smartphone or tablet. Furthermore, government initiatives promoting energy efficiency and sustainability have also led to the adoption of intelligent appliances, which can optimize energy usage and reduce waste.
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Qatar will experience High Future Growth due to Sustainability Factors and Government Initiatives
Smart homes are becoming increasingly popular in Qatar for several reasons. Firstly, Qatar is known for having one of the highest standards of living globally, and residents strongly desire luxury and convenience. Smart homes offer comfort and automation that appeals to this demographic. Additionally, Qatar is a wealthy country with a high disposable income, meaning many residents can afford the expensive technology that comes with intelligent homes.
Moreover, sustainability is a top priority for Qatar, and reducing the country’s carbon footprint is a key focus. Smart homes are designed to be energy-efficient and can help residents to reduce their energy consumption and carbon footprint, which aligns with Qatar’s sustainability goals.
As more individuals become aware of the advantages of smart homes, the demand for this technology has increased naturally. Furthermore, the availability of innovative home technology has made it easier for residents to adopt intelligent homes. As a result, many service providers now offer installation and maintenance services.
The Qatari government has also played a significant role in promoting intelligent homes through its Smart Qatar program. This initiative aims to create a smart city prioritizing sustainability, safety, and quality of life. As a result, the government’s efforts have helped to drive the adoption of smart homes in the country.
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Competitive Landscape
Some major companies operating in the GCC Smart Home market are Johnson Controls Revenue, Schneider Electric, Emerson Electric Revenue, LG, LeGrand, Siemens AG, Honeywell, and Apple.
The increasing demand for smart homes in the GCC region has created a competitive market, with companies striving to offer superior products and services. With a growing population, companies aim to expand their market share. Ongoing technological advancements drive innovation and meet evolving customer needs. Governments’ support for innovative home technology has intensified competition for contracts and partnerships. As a new market, established companies defend their market share against new entrants.
Market Summary:
- Application – The Report covers GCC Smart Home Market, by application in 6 viewpoints (Comfort and Lighting, Control and Connectivity, Energy management, Home Entertainment, Security, and Smart appliance).
- Country – By country, the GCC Smart Home Market, breakup in 6 viewpoints (UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman).
- Key Players – All the major players in the report GCC Smart Home Market have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue) Johnson Controls Revenue, Schneider Electric, Emerson Electric Revenue, LG, LeGrand, Siemens AG, Honeywell, and Apple.
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