Z-Wave Products Market Soars by 13.18%
The Global Z-Wave Products Market was worth USD 9.89 billion in 2022 and is expected to grow to USD 11.15 billion in 2023 with a 13.18% CAGR, eventually reaching USD 26.65 billion by 2030. However, due to COVID-19, the Russia-Ukraine Conflict, and High Inflation, the market may face significant long-term effects. The report considers changes in consumer behavior, supply chain disruptions, and government interventions caused by the pandemic.
It also discusses ongoing political and economic uncertainty in Eastern Europe due to the Russia-Ukraine Conflict, which may affect demand-supply balances, pricing variants, and import/export and trading. Additionally, the report examines the impact of High Inflation on the global economy, outlining fiscal policies aimed at mitigating its effects on demand, supply, cash flow, and currency exchange.
- The market includes different types of devices such as Controllers, Energy Meters, HVAC, Lighting Controllers and devices, On/Off Switches or Devices, and Sensors. The HVAC category is predicted to be the most popular during the forecast period.
- During the forecast period, the market will be analyzed based on two components: hardware and software. The software component is predicted to have a significant share of the market.
- During the study of the market, different applications were analyzed, such as Connected Aging, Data Storage and transfer, Energy Management, Home Management, and Smart Security. The prediction is that Home Management will have significant growth in its market share in the upcoming period.
- The analysis of the market is broken down by region, covering the Americas, Asia-Pacific, and Europe, Middle East & Africa. In the Americas, the market is studied in Argentina, Brazil, Canada, Mexico, and the United States. The largest market share of 38.75% was held by the Americas in 2022, followed by Europe, Middle East & Africa.
Market Statistics:
The report provides information on market size and predictions in seven different currencies: USD, EUR, JPY, GBP, AUD, CAD, and CHF. This allows leaders to make informed decisions using different currencies. The report covers historical years from 2018 to 2021, and estimates for the years 2023 and 2030, with 2022 as the base year.
FPNV Positioning Matrix:
When looking at the Global Z-Wave Products Market, the FPNV Positioning Matrix is an important tool to use. It looks at important factors related to Business Strategy and Product Satisfaction to give a complete assessment of different vendors. This helps users make informed decisions based on what they need. Vendors are divided into four groups based on their level of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis:
The Market Share Analysis is helpful for understanding how vendors are doing in a particular market. Companies can use it to compare their performance and competition by looking at metrics like their contribution to overall revenue and customer base. The analysis can also show how competitive the market is by looking at trends like accumulation, fragmentation, dominance, and amalgamation over time.
Market Dynamics
Drivers
- Increasing adoption of home automation products
- High investments in smart cities
- Implementation of wireless technology for security
Restraints
- Limited coverage area and cost increased with repeaters or routers
Opportunities
- Increasing IoT penetration
- The inclination toward energy-efficient devices
Challenges
- Connectivity issues
Companies Mentioned
- ABB Ltd.
- ADT Inc.
- Aeotec Limited
- August Home, Inc.
- Fakro GB
- General Electric
- Honeywell International Inc.
- Inovelli LLC
- Jasco Products Company
- Leviton Manufacturing Co.
- LG Electronics Inc.
- Linear LLC
- Silicon Laboratories
- SOMFY
- ZWaveProducts
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