Control & Connectivity - Malta | Statista Market Forecast

Revenue in the Control & Connectivity market is projected to reach US$830.2k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.88%, resulting in a projected market volume of US$1.2m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 25.0k users by 2029.
Household penetration will be 6.6% in 2024 and is expected to hit 10.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$56.76.

Definition:

The Control & Connectivity market includes the essential equipment (connected and remote-control devices) and services that are part of an intelligent home network. The segment includes smart speakers (Amazon Echo, Google Home, etc.), central control and communication units (hub/gateway), programmable control buttons (e.g. wall switches and adjustable dials), and smart plugs for the control of non-smart devices.

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Amazon and Google, renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Gateways/hubs that are capable of controlling devices of all segments (e.g., Smart Home Zigbee 3.0 Gateway Smik)
Smart speakers with a primary focus on control and digital assistants (e.g., Sonoro STREAM, Bose Smart Speaker 500)
Control buttons and smart plugs/sockets (e.g., TP-Link KE100 KIT, Aoycocr Wi-Fi Smart Socket)

Connected home appliances (see Smart Appliances)
Multiroom speaker systems with a primary focus on entertainment (see Home Entertainment)
Smartphones and tablets
B2B/C2C sales of any kind (e.g., to hotels or office buildings)

The Control & Connectivity market in Malta has been experiencing significant growth in recent years.

Customer preferences: Customers in Malta are increasingly demanding advanced control and connectivity solutions for their homes and businesses. They are looking for smart devices and systems that can enhance their convenience, security, and energy efficiency. This includes smart thermostats, lighting control systems, security cameras, and home automation systems. Additionally, there is a growing demand for connectivity solutions that can provide fast and reliable internet access, as well as seamless integration with other devices and platforms.

Trends in the market: One of the key trends in the Control & Connectivity market in Malta is the adoption of smart home technology. This trend is driven by the increasing availability and affordability of smart devices, as well as the growing awareness of the benefits of automation and connectivity. Smart home technology allows users to control various aspects of their homes, such as lighting, heating, and security, through their smartphones or voice commands. This trend is expected to continue as more customers recognize the convenience and energy-saving potential of smart home solutions. Another trend in the market is the rise of Internet of Things (IoT) devices. IoT devices are becoming increasingly popular in Malta, as they enable the connection and communication between various devices and systems. This includes smart appliances, wearable devices, and industrial sensors. The adoption of IoT devices is driven by the need for real-time data collection and analysis, as well as the desire for automation and efficiency. As a result, there is a growing demand for connectivity solutions that can support the seamless integration and management of IoT devices.

Local special circumstances: The Control & Connectivity market in Malta is also influenced by the country's unique geographical and demographic characteristics. Malta is a small island nation with a high population density, which poses challenges for the installation and maintenance of control and connectivity infrastructure. Additionally, the demand for control and connectivity solutions is driven by the country's strong tourism industry, as visitors often expect modern and technologically advanced amenities during their stay.

Underlying macroeconomic factors: The growth of the Control & Connectivity market in Malta is supported by favorable macroeconomic factors. The country's stable economy and high disposable income levels enable consumers and businesses to invest in advanced control and connectivity solutions. Additionally, the government of Malta has been actively promoting the adoption of digital technologies and smart solutions, which has further stimulated the demand for control and connectivity products and services. In conclusion, the Control & Connectivity market in Malta is experiencing significant growth due to customer preferences for advanced control and connectivity solutions, the adoption of smart home technology and IoT devices, local special circumstances such as the country's geographical and demographic characteristics, and underlying macroeconomic factors such as a stable economy and government support.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.