Smart Home - Greece

  • Greece
  • Revenue in the Smart Home market is projected to reach US$169.3m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.51%, resulting in a projected market volume of US$291.9m by 2029.
  • Household penetration will be 53.2% in 2024 and is expected to hit 68.1% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$58.85.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

The Smart Home market in Greece is experiencing a notable growth trajectory, driven by a combination of factors unique to the region.

Customer preferences:
Customers in Greece are increasingly drawn to the convenience and efficiency offered by smart home technology. The desire for greater control over household devices, energy savings, and enhanced security features are key factors influencing consumer preferences in the smart home market.

Trends in the market:
One prominent trend in the Greek smart home market is the growing demand for interconnected smart devices that can be controlled remotely via smartphone applications. This trend is fueled by the need for seamless integration and ease of use. Additionally, the emphasis on energy efficiency and sustainability is driving the adoption of smart home solutions that monitor and optimize energy consumption.

Local special circumstances:
Greece's unique geographical and climatic conditions play a role in shaping the smart home market trends. The country's warm climate and high energy costs have led to a focus on smart home solutions that offer effective climate control and energy management. Moreover, the increasing awareness of home security issues has contributed to the popularity of smart security systems among Greek consumers.

Underlying macroeconomic factors:
The economic landscape in Greece, characterized by periods of instability and recovery, has influenced the smart home market in various ways. As the economy gradually improves, consumers are more willing to invest in smart home technology as a long-term solution for cost savings and convenience. Additionally, government initiatives and incentives aimed at promoting energy efficiency have further bolstered the adoption of smart home systems in the country.

Methodology

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.

Overview

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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