Control & Connectivity - Canada

Canada

Revenue in the Control & Connectivity market is projected to reach €0.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.24%, resulting in a projected market volume of €1.3bn by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 9.3m users by 2029.
Household penetration will be 37.4% in 2024 and is expected to hit 87.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €202.00.

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Región

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Analyst Opinion

The Control & Connectivity market in Canada is experiencing significant growth and development.

Customer preferences: Customers in Canada are increasingly seeking control and connectivity solutions to enhance their daily lives. With the rise of smart homes and connected devices, there is a growing demand for products that allow users to remotely control and monitor their homes and appliances. Additionally, businesses are also looking for control and connectivity solutions to improve their operations and increase efficiency.

Trends in the market: One of the key trends in the Control & Connectivity market in Canada is the adoption of Internet of Things (IoT) technology. IoT devices are becoming more prevalent in both residential and commercial settings, allowing for seamless integration and control of various devices and systems. This trend is driven by the increasing availability of affordable and reliable connectivity options, such as Wi-Fi and cellular networks. Another trend in the market is the integration of voice control technology. With the popularity of virtual assistants like Amazon Alexa and Google Assistant, consumers are increasingly using voice commands to control their devices and systems. This trend is driving the development of control and connectivity solutions that are compatible with voice control platforms.

Local special circumstances: One of the unique aspects of the Control & Connectivity market in Canada is the country's large geographical size and relatively small population. This presents challenges in terms of connectivity and infrastructure, particularly in remote areas. However, it also creates opportunities for companies to develop innovative solutions to address these challenges and provide connectivity to underserved regions.

Underlying macroeconomic factors: The growth of the Control & Connectivity market in Canada can be attributed to several macroeconomic factors. Firstly, the country has a strong and stable economy, which provides a favorable environment for businesses to invest in control and connectivity solutions. Additionally, the Canadian government has been supportive of initiatives to promote innovation and technology adoption, which has further fueled the growth of the market. Furthermore, the increasing awareness and concern about energy efficiency and sustainability are driving the demand for control and connectivity solutions that enable users to monitor and optimize their energy usage. This trend is supported by government regulations and incentives aimed at reducing energy consumption and greenhouse gas emissions. In conclusion, the Control & Connectivity market in Canada is experiencing significant growth and development. Customer preferences for control and connectivity solutions, along with the adoption of IoT technology and voice control, are driving the market trends. The unique geographical circumstances in Canada present both challenges and opportunities for companies in the market. The favorable macroeconomic factors, including a strong economy and government support, are further contributing to the growth of the market.

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.