Press Release Description
The Rising Use of Energy-Efficient Smart Appliances is Supporting the Market Growth
The Middle East Smart Homes Market is projected to grow at a CAGR of 22% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The Middle East Smart Homes 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 and 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 and 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 and 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 Middle East's smart homes market is experiencing significant growth and 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 Homes Market Analysis, 2023."
The 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. One example is the increasing adoption of smart refrigerators. These appliances feature built-in cameras that allow users to remotely monitor their contents, helping them keep track of groceries and minimize food waste.
LG offers a range of smart appliances, including washing machines and dishwashers, with advanced features and connectivity options. In 2023, LG's WashTower Compact laundry solution was launched which revolutionizes the washing and drying experience with its vertical design and seamless transition between the washer and dryer. LG's smart washing machines enable users to control and monitor their laundry cycles remotely using smartphones. It also incorporate energy-saving features, optimizing water and energy consumption for increased efficiency.
In 2022, Samsung Gulf Electronics offered a special promotion from October to December 31st for customers purchasing the Bespoke French Door Refrigerator in the UAE would receive a complimentary 3-year warranty, a Galaxy S22+ 128GB smartphone, and a set of panels. This promotion was aimed at enhancing customers' experience and providing more connectivity options in their homes.
As these companies continue to innovate and introduce new smart appliances coinciding with lucrative promotional strategies, a higher inclination among the customers toward smart home solutions is anticipated attributing to the market growth of home appliances in the smart home market during 2023-2028.
The 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. Firstly, 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. Secondly, the UAE government has demonstrated strong support for smart city initiatives and has made significant investments in digital infrastructure, creating an environment conducive to the growth of the smart homes market. Additionally, the UAE's commitment to sustainable and technologically advanced urban development, as seen in projects like Masdar City, showcases the nation's progressive vision and further fuels the adoption of smart home technologies. With luxury developments such as Dubai Hills Estate and 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. With a combination of government support, advanced infrastructure, and a focus on technological innovation, the UAE is poised to remain a prominent player in the region's smart homes 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
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various regions?
- How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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