Smart Home - Latvia
Latvia- The projected revenue for the Smart Home market in Latvia is set to reach US$25.5m in 2024.
- With an expected annual growth rate (CAGR 2024-2028) of 9.89%, the market volume is projected to reach US$37.2m by 2028.
- Additionally, the number of active households in the Smart Home market is expected to reach [users_currentlayer_yearend] by 2028.
- The household penetration rate, which measures the percentage of households with Smart Home market devices, is anticipated to be 10.9% in 2024.
- However, it is estimated to increase to 17.0% by 2028, indicating a growing adoption of Smart Home market technology among Latvian households.
- Currently, the average revenue per installed Smart Home market in Latvia is expected to be US$276.20.
- It is important to note that when compared globally, United States generates the highest revenue in the Smart Home market, amounting to US$38.8bn in 2024.
- The smart home market in Latvia is experiencing a surge in demand, driven by the country's focus on environmental sustainability and energy efficiency.
The Smart Home market constitutes the sale of networked devices and related services that enable home automation for private end users (B2C). Considered are devices that are connected directly or indirectly via a so-called gateway to the Internet. Their main purposes are the control, monitoring and regulation of functions in a private household.
The remote control and monitoring of individual devices and, if applicable, their direct communication with one another (Internet of Things), is an essential component of intelligent home automation. Therefore, services which are necessary for the maintenance or control of the household network are also considered, e.g. subscription fees for control apps or external monitoring services.
Devices whose primary function is not the automation or remote control of household equipment, e.g. smartphones and tablets, are not included here. Similarly, devices that relate to household connection and remote control only to a limited extent, such as smart TVs, are not included either.
In-Scope
- Digitally connected and controlled devices within a house that can be remote controlled
- Sensors, actuators and cloud services that support automation in any way
- Control hubs to connect sensors and actuators with remote controls and to each other
- B2C hardware and software sales as well as subscription fees
Out-Of-Scope
- Smart TVs
- B2B/C2C sales of any kind (e.g. to hotels or office buildings)
