The Global Smart Shade Devices Market is Expected to Grow With a CAGR of Approximately 90.4% During 2016-2023: Occams Business Research & Consulting
INDORE, India, May 15, 2017 /PRNewswire/ --
Growing adoption of IoT (Internet of Things) in building and construction due to rising demand for smart homes across the globe is a major driving factor for the growth of the smart shade devices market. Growth in the IoT is a key driver for the growth of smart shade devices market. According to a European Commission study, the IoT market in EU (European Union) is expected to be more than $1.09 trillion by 2020. The global IoT market constitutes several wired and wireless technologies such as Zigbee, Radio Frequency Identification (RFID), Near Field Communication (NFC), Supervisory Control and Data Acquisition (SCADA). Growing adoption of such wireless technologies is boosting the growth in IoT market. These IoT technologies are also finding application in smart shade devices too which is pushing the market across the globe.
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According to Data Select UK, around 68% of the consumers in UK agree that the smart home concept is appealing. Moreover, in UK, approx. 25% of consumers possess at least one smart home device as per Data Select UK. According to National Science Foundation, IoT is on track to link 50 billion 'smart' things by 2020 and 1 trillion sensors soon after across the globe. In the Year 2015, Government of India planned to create a market of approx. $15 billion for IoT by 2020. It is expected that India will hold a share of 5-6% of global IoT industry by 2020. Such kind of initiatives and IoT growth shows increasing support to digitalization across the globe which encourages people to adopt smart solutions.
As per U.S. Department of Housing and Urban Development and the U.S. Census Bureau, the total number of privately owned housing units at seasonally adjusted yearly rate is around 1,216,000 houses till March 2017 up from around 1,077,000 units in March 2016. Thus, rapid increase in privately owned housing units is one of the major factors boosting the growth of the smart shade devices market.
Thus, growth in residential construction is expected to help increase the number of smart shade installations. IoT market growth also enables the growth of Wi-Fi enabled smart shade devices as they are highly accessible and trusted by consumers. The IoT allows smart shed devices to open, adjust and close the shade that is totally dependent on time of day and temperature in summers. Thus, IoT devices boost growth in the smart shade devices market.
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Technological innovations in smart shade devices are helping the growth in this market. For instance, On Aug 2016, Qmotion launched innovative Qadvanced motorized shade which is supported by ZigBee HA 1.2 profile. Such technology creates wireless gateway from the shades towards other third-party devices and an existing Internet router that is led by ZigBee. On July 2016, Hunter Douglas completed acquisition of Levolor and Kirsch window covering brands from Newell Rubbermaid. This acquisition aims to develop smart window covering brands. In 2016, Pella launched Architect Series windows which are designed to harmonize with the view. Thus, the growing development and technological innovations are also boosting growth in the global smart shade devices market.
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