The Middle East Smart Home Market is projected to grow at a CAGR of around 22% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market is undergoing substantial growth due to factors, like rapid urbanization, increasing disposable incomes, government initiatives, and rising awareness of the advantages associated with smart living. These residences are equipped with advanced automation systems that enable residents to control lighting, temperature, security, and entertainment through smart devices & voice commands.
Smart homes play a crucial role in NEOM's vision, as the city incorporates state-of-the-art technologies to establish sustainable, interconnected, and digitally advanced living environments. NEOM is designed to achieve full integration, granting residents access to smart home features such as energy management systems & remote control of household appliances through a unified platform. The NEOM project exemplifies the Middle East's aspiration to embrace smart living on a large scale & demonstrates the integral role of smart home technologies in the development of smart cities.
As governments, real estate developers, and consumers recognize the benefits of smart living, the Smart Home Market is experiencing significant growth & fostering innovation, contributing to the region's goal of providing convenient, sustainable, and technologically advanced residential spaces during the forecast period, further states the research report, "The Middle East Smart Home Market Analysis, 2023."
Rise of Smart Home Appliances for Convenience, Connectivity, and Efficiency
Based on product type, the market is bifurcated into Entertainment Controls, Security & Access Control, HVAC Control, Smart Home Appliances, Smart Kitchen, Smart Lighting Control, Smart Furniture, and Others (Smart Plugs, Smoke Detectors, Smart Meters, etc.). Home Appliances are expected to hold the largest market share in the smart home industry, driven by factors, such as consumer demand for convenience and automation.
Many leading appliance companies offer a range of smart appliances, including washing machines, refrigerators, and dishwashers, with advanced features and connectivity options. In 2023, LG launched a WashTower Compact laundry solution, which revolutionized the washing & drying experience with its vertical design & seamless transition between the washer & dryer. LG's smart washing machines enable users to control & monitor their laundry cycles remotely using smartphones. It also incorporates energy-saving features, optimizing water & energy consumption for increased efficiency.
As the companies continue to innovate & introduce new smart appliances coinciding with lucrative promotional strategies, a higher inclination among the customers toward smart home solutions is anticipated upscale the Middle East Smart Home Market growth during 2023-28.
Smart Home Market in the UAE Accounted for the Largest Share
The UAE's emergence as a leading market for smart homes in the Middle East can be attributed to a combination of factors. The country boasts a robust internet infrastructure that ensures widespread access to high-speed connectivity, a fundamental requirement for seamless communication between smart home devices, which is creating a positive market outlook.
The government has demonstrated strong support for smart city initiatives & has made significant investments in digital infrastructure, creating an environment conducive to the growth of the Smart Home Market. Additionally, the UAE's commitment to sustainable & technologically advanced urban development, as seen in projects like Masdar City, showcases the nation's progressive vision & further fuels the adoption of smart home technologies.
Moreover, with luxury developments, such as Dubai Hills Estate & initiatives like the Dubai Smart City Initiative, the UAE is at the forefront of integrating smart home technologies into residential spaces, offering residents enhanced control over their lighting, temperature, and security systems. Hence, it could be predicted that the UAE Smart Home Market is poised to remain a prominent player in the regional market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including ABB Ltd., Johnson Controls, Loxone Electronics, Acuity Brands, Emerson Electronics Co., Honeywell International, Inc., Legrand S.A., Lutron Electronics, Inc., Schneider Electric S.A, Siemens AG, Robert Bosch GmbH, Samsung Electronics Co., Ltd., Haier Group, Crestron Electronics, Inc., LG Electronics, Inc., and others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report