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The North America - smart home water sensor and controller market size is estimated to grow at a CAGR of 9.58% between 2023 and 2028. The market size is forecast to increase by USD 139.71 million. Several factors play a crucial role in the market's growth, such as the growing instances of water leakage and increasing cost of repair in the North, the growth in construction and smart city projects in North America, and the increasing number of product launches.
The research report on the North America - smart home water sensor and controller market, offers industry forecasts and segmentation based on Type including Wi-Fi, and others. It also segments the market by Application, which comprises Commercial and industrial, residential. The market size, historical data for 2018-2022, and future forecasts are presented in terms of value (in USD million) for all these mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing numbers of product launches is the key factor driving market growth. The smart devices market is in its initial stage of development, and market players of such devices often face struggles in gaining the trust of customers about the reliability of their products. In order to assure customers of the high reliability of their products and gain a competitive edge in the market, many players are focusing on innovations, product R&D, and new launches. Such initiatives have become a key part of the organic growth strategy of market players.
Moreover, the North America - smart home water sensor and controller market has an ample presence of early technology adopters, due to which vendors are constantly investing in enhancing the technological features of their products and introducing significant differentiation in their product portfolios. Increasing investments in R&D and innovations have led to the availability of a range of products in North America, which are rapidly gaining popularity among customers, thereby driving the growth of the market during the forecast period.
Integration with voice-controlled personal assistants is the primary trend shaping market growth. Voice-controlled devices allow users to control device features and functions from any part of the home without any hassle. North America - smart home water sensor and controller market players are providing advanced and innovative smart home water sensors and controllers by integrating voice-controlled personal assistant features.
For instance, Flo Technologies expanded its smart home capabilities by integrating with Amazon's voice-controlled personal assistant Alexa. Besides, Honeywell International's Lyric W1 Wi-Fi Water Leak and Freeze Detector can be integrated with Amazon Alexa voice commands. Thus, such factors will boost the growth of the market during the forecast period.
Upgrading and quality testing of sensors and controllers is a challenge that affects market growth. Market players invest a significant part of their revenue in products R&D. In order to ensure their reliable performance, products often undergo vigorous quality testing procedures. However, establishing efficient quality testing conditions is a challenging task for market players. Replicating the environment required for testing IoT-based devices is expensive and requires a significant amount of effort and time.
Furthermore, market players often find such regular changes to be a challenge, while the need for frequent upgrades makes the process time-consuming as well as capital-intensive. Therefore, issues related to product development and testing are among the key challenges faced by players in the smart home water sensor and controller market in North America, which is restricting the growth of the market in focus during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
North America Smart Home Water Sensor and Controller Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Wi-Fi segment is estimated to witness significant growth during the forecast period. A significant number of market players offer smart home sensors and controllers using Wi-Fi as their communication technology. Wi-Fi technology uses the local area network to provide Internet access within a limited area. The Wi-Fi technology works on star networking topology, where all the nodes/devices are connected to a central hub.
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The Wi-Fi segment was the largest segment and was valued at USD 135.59 million in 2018. Moreover, Wi-Fi-based smart home water sensors and controllers are easy to install and offer features such as direct connectivity with the smartphone of the user. These smart home water sensors and controllers can be controlled using any smart device, including smartphones, computers, tablets, and laptops, and do not require manual operation and monitoring. In addition, the Wi-Fi technology segment is witnessing steady revenue growth in North America due to the low cost and easy pairing advantages. Thus, these factors under the Wi-Fi technology segment will propel the growth of the market during the forecast period.
The North America smart home water sensor and controller market report forecasts market growth by revenue and analyzes the latest trends and growth opportunities from 2018 to 2028.
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North America Smart Home Water Sensor And Controller Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.58% |
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Market Growth 2024-2028 |
USD 139.71 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.37 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Conservation Labs Inc., D Link Corp., EcoNet Controls Inc., Flume Inc., Honeywell International Inc., Moen Inc., OVAL Digital Inc., Phyn LLC, Resideo Technologies Inc., Samsung Electronics Co. Ltd., Sencentric Inc., Sensored Life LLC, Simplisafe Inc., Smartlabs Inc., Stanley Black and Decker Inc., Vivint Inc., Wasserstein Home, Waxman Industries Inc., Winland Electronics Inc., and Zircon Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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