Dublin, Oct. 22, 2020 (GLOBE NEWSWIRE) -- 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.
Conventional curtain and drapes vendors are increasingly looking to add motorized and connected shades to their offerings to be part of the smart home technologies to attract new generation consumers. For instance, Ikea is offering smart shades and motorized blinds. Also, in July 2020, Ikea started offering voice-activated smart shades that work with Siri, Alexa, and Google Home.
Over the coming years, voice-activated smart shades are expected to gain traction owing to the growing penetration of voice assistants in smart home technologies, and smart speakers with voice assistants are expected to be the control hubs for a major share of the smart home technologies.
According to the Bureau of Labor Statistics, the average annual expenditure on curtains and draperies per consumer unit in the United States during 2019 stood at USD 13.58 and saw an increase of 11.95% compared to the previous year. Over the forecast period, major economies in North America and Europe are expected to shift toward smart solutions for window coverings.
The complete motorized window covering units are comparatively costlier to the conventional coverings; this is posing a challenge in market growth. However, various new vendors are offering smaller devices capable of turning conventional curtains into smart solutions. For example, in October 2019, SwitchBor Curtain was released, which fits into the existing curtain rods and, with its motorized movements, turns the curtains into smart curtains.
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.
The market is fragmented and is home to numerous small and few large vendors but the product being in its initial stages of adoption in various regions of the market is open to a number of players offering their products. The vendors that are already operating in this space are looking to expand their presence and launch new solutions, along with strategical M&A activities.
Aug 2020- The company Somfy Systems Inc partnered with URC a global leader in smart home automation and control for residential and commercial applications ThE partnership between the firms is to create integrations between Total Control, URC's award-winning residential and commercial automation platform, and TaHoma, a gateway hub with embedded Radio Technology Somfy (RTS) and Zigbee 3.0 radio connectivity that communicates with both new and legacy
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
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
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.2.3 Asia Pacific
18.104.22.168 Rest of Asia Pacific
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Inter IKEA Systems BV
6.1.3 Lutron Electronics Co. Inc.
6.1.4 Somfy Systems Inc.
6.1.5 Griesser AG
6.1.6 Hunter Douglas
6.1.7 The Shade Store LLC
6.2 INVESTMENT ANALYSIS
6.3 MARKET OUTLOOK
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