Singapore, 21 September 2020 – The Asia Pacific smart homes market is expected to have stable growth, at an estimated compound annual growth rate (CAGR) of 16 per cent over the coming years. Government organisations across the region such as China, Japan, Singapore and India are gearing towards smart cities, so they encourage the adoption of smart-home technologies.
In Asia Pacific, a Shanghai-based ASSA ABLOY Group develops smart locks that are specifically customised for residential doors. Troy Jackson, the Managing Director for Smart Residential and E-Business, said, “It is about delivering to consumers a peace of mind. With a smart lock, the front door’s security is ensured while granting easy access to friends and family.”
Meanwhile in Southeast Asia, Statista reported that:
- Revenue in the smart home market is projected to reach US$1,459 million in 2020;
- Revenue is expected to show a CAGR 2020–2025 of 22.1 per cent, resulting in a projected market volume of US$3,952 million by 2025; and
- Household penetration will be 3.1 per cent in 2020 and is expected to hit 10.6 per cent by 2025.
In Singapore, the House Development Board (HDB) Smart Enabled Home Initiative has been launched with the aims to improve daily living in HDB homes by:
- Monitoring the household energy and water usage;
- Allowing for access to real-time usage pattern;
- Setting targets and automating energy-saving measures; and
- Remotely controlling home appliances.
Research on energy conservation through smart homes in Singapore has been published in Energy Policy, which shows that people’s investment in smart technology is motivated mainly by energy savings and comfort, followed by increased security.
Research on the factors that affect user’s intention to adopt smart home technology in Malaysia, as published in iJIM, shows that besides information accuracy, a clear interface and attractiveness also have a significant effect in the adoption.
– Construction+ Online