Z-wave products such as lighting modules, thermostats, locks, sensors etc. help create smart and automated environments for homes and buildings, improving convenience, security and energy efficiency. The global Z-wave Products Market is estimated to be valued at US$ 12.91 billion in 2024 and is expected to exhibit a CAGR of 39.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The rising adoption of smart home automation is driving the demand for Z-wave products significantly. Consumers are increasingly opting for advanced home automation solutions that provide remote access and control over various devices and appliances via smartphones and other connected devices. Z-wave technology enables seamless connectivity of different smart home devices including smart locks, thermostats, lighting fixtures etc. thereby allowing users to monitor and manage their homes in an optimized manner from anywhere. This growing preference for smart and automated living is expected to boost the sales of Z-wave products during the forecast period.
Segment Analysis
Z-wave Products Market is segmented based on product type as Z-Wave Systems, Z-Wave Devices and Others. Z-wave systems sub segment dominates the market owing to increasing use of Z-wave interfaces and controllers for security monitoring and home automation applications. Z-wave systems provide ease of use and provides interoperability between different manufacturers making it the preferred choice.
Key Takeaways
The global Z-Wave Products Market Growth is expected to witness high growth.
North America is expected to dominate the market owing to high adoption of smart home technologies and presence of key players in the region. The Asia Pacific region is expected to witness fastest growth on account of rising disposable incomes, growth in construction activities and increasing smart city initiatives in developing economies like China and India.
Key players operating in the Z-wave Products market are Solvay, Samsung SDI Co., Ltd., Cymbet Corporation, Panasonic Corporation, Saft, BrightVolt Inc., and Solid Power. Solvay captures a major market share owing to its diversified product portfolio of Z-wave battery solutions targeted towards security systems, smart meters and smoke detectors. Samsung SDI Co manufactures Z-wave based memory backup solutions majorly targeting smart locks, doorbell cameras and thermostats.
For more insights, read- https://www.newsstatix.com/z-wave-products-market-trends-size-and-share-analysis/
For more details on the report, Read- https://ceocolumn.com/tech/what-are-field-programmable-gate-arrays-fpgas/
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