Global IOT Enabled Fans Market Overview
Internet of Things (IoT) interconnects devices, objects and systems which allows sharing of information and coordination of operations between different systems and devices. IoT-enabled devices help the organizations to increase their operational efficiency and optimize business outcomes. IoT-enabled devices such as smart home devices are being used extensively as they are highly intuitive and have innovative features. Such IoT enabled devices help the consumers to improve home automation efforts, home security and safety. Devices such as sensors, wearable devices, medical equipment, health monitors and other medical devices etc. are also connected with IoT.
The IoT enabled devices are driven by the development of wireless networking technologies and connectivity that provides advantages such as mobile, low power, cheap and long-range connectivity for low bandwidth applications. With the growing importance of role of data, big data analytics, and automation, users are able to take information – based decisions which is driving the IoT enabled devices market. Moreover, there has been an increase in the adoption of cloud platforms which provides various advantages such as reduced costs, better collaboration between storage, developers and access to data.
The consumer IoT market is estimated to be worth around USD 46 billion and is expected to reach more than USD 100 billion by 2023 expanding at a CAGR of 17%. The global smart home appliances market is predicted to be worth USD 97 billion by 2025. The IoT enabled fans are next generation home appliances equipped with advanced features of receiving, processing and transmitting information using smartphones, laptops and tablets.
Market Size and Forecast
With use of efficient fans 70TWh/year energy can be saved and 25 million metric tons of carbon dioxide equivalent (CO2-e) emissions per year can be avoided globally.
There are mainly two types of fans:
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Axial or Propeller Fans
Propeller fans are the fans most commonly used for ventilation or cooling. They can fit in a wall or ceiling. Tubeaxial and vaneaxial fans are made to fit in a duct. Their application is limited to cleaning air.
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Centrifugal Fans
Centrifugal fans are in local exhaust ventilation systems for instance home furnace, vacuum cleaner etc.
The IoT enabled fans market is anticipated to record a CAGR of around 17% during the forecast period i.e. 2019-2027. The market is segmented by price range & distribution channel. Zero-level distribution channel segment is anticipated to have significant growth on account of technological advancements and increasing use of energy efficient appliances.
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Growth Drivers
Technological Advancements
Various technological advancements are being done in the products with the changing market conditions. People can use IoT enabled fans through internet. The number of internet users are increasing and there is a rise in the number of people adopting smart devices which is expected to boost the growth of the IoT enabled fans market.
Improving lifestyle of people
With an increase in the disposable income of individuals, their lifestyle has also improved, and they are switching towards smart living i.e. adopting smart home practices which will increase the demand for IoT enabled fans which is further expected to boost the growth of the market.
Rising cost of energy
World population is increasing which is leading to increased consumption of energy sources leading to increased cost of energy. According to the U.S. Energy Information Administration, the global energy demand is expected to increase by nearly 37% by 2035. In such a scenario, the adoption of IoT enabled fans is expected to increase as they facilitate the real-time communication to operate at low frequencies or shift the operations time to off-peak periods.
Consumer preference for increased convenience
Today people are more inclined to buy the technology that contributes to making their hectic life easier and relaxing which is expected to increase the demand for IoT enabled fans. Consumer preferences for increased convenience is expected to boost the growth of the IoT enabled fans.
Restraints
High cost of maintenance
The cost of maintenance of IoT enabled fans is high as every IoT enabled device has its own life as well as their parts which is expected to hamper the growth of the IoT enabled fans market.
Lack of awareness
People are not aware about the IoT technology and its uses and benefits which is expected to impede the growth of the IoT enabled fans market.
Market Segmentation
Our in-depth analysis of the IoT enabled fans market includes the following segments:
By Type
- Axial
- Propeller
- Centrifugal
By Distribution Channel
- Zero level
- One level
- Two level
- Three level
By Price Range
- Low
- Medium
- High
By End User
- Customer IoT
- Industrial IoT
By Region
On the basis of regional analysis, the IoT enabled fans market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to grow at a high rate on the back of the quick technological advancements. Asia- Pacific is expected to grow significantly on the back of rising energy and labor costs, high purchasing power of consumers and greater awareness about smart cities and integrated appliances.
The IoT enabled fans market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.
Top Featured Companies Dominating the Market
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LG Electronics
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Havells India Limited
- Orient Electric
- Other prominent players
