Canada Smart Home Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 3.02 Billion |
| Market Size (2029) | USD 4.68 Billion |
| CAGR (2024 - 2029) | 9.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Smart Home Market Analysis
The Canada Smart Home Market size is estimated at USD 3.02 billion in 2024, and is expected to reach USD 4.68 billion by 2029, growing at a CAGR of 9.20% during the forecast period (2024-2029).
- The rapid evolution of digital technologies, particularly in computer, communication, and network systems, has ushered in a new era of urban living. Smart home technologies, a vital facet of this movement, are reshaping people's lives, offering luxury and energy savings in the real estate sector.
- Amid escalating living costs, Canadian homeowners are increasingly adopting energy-saving solutions to reduce expenses and minimize their environmental impact. A recent study from Schneider Electric reveals that 73% of Canadian homeowners experienced a rise in their electricity bills over the past year. Additionally, 71% are interested in integrating energy monitoring systems, while 63% are considering smart switches to mitigate these financial increases. Through the adoption of smart home technology, homeowners can pinpoint the most cost-effective energy sources and optimize their usage. By leveraging data-driven AI predictions and automation, Canadians stand to slash their consumption and heating expenses by a substantial 50%.
- Further, homes and buildings remain a notable contributor to greenhouse gas emissions, accounting for 18% of Canada's total emissions, once electricity consumption for heating, cooling, lighting, and appliances is factored in. As Canada strives for net-zero emissions, balancing this with the pressing need for new homes amid an affordability crisis, energy solution providers play a crucial role. Schneider Electric has introduced a suite of connected living products tailored to meet the critical priorities of Canadian homeowners. These products simplify installation, ensure user-friendliness, and emphasize long-term durability and sustainability.
- Moreover, smart homes empower users to control various domestic appliances, streamlining daily tasks and enhancing convenience. By harnessing AI and other innovations, these homes are evolving toward complete automation, lightening the load on users in managing their appliances and routines. Canadian homeowners increasingly use technology to enhance their residences' safety and comfort.
- Smart security products, such as smart locks and smart surveillance cameras, have seen substantial investments and innovations due to increasing worry about personal safety and property protection. For instance, in October 2023, Ecobee unveiled its latest Smart Doorbell Camera (wired) innovation. This device boasts an unparalleled vertical field of view with crystal-clear day and night vision and radar sensing technology, and it offers enhanced detection and intelligent notifications. Notably, eschewing a battery, it is built to endure extreme temperatures, ensuring unwavering security. Moreover, it is primed for integration with the Ecobee Smart Thermostat Premium, enabling a feature: live streaming directly on the thermostat screen.
- However, the surge in data transmission via smart devices and wireless networks has heightened public worries about privacy and cybersecurity, acting as a significant hurdle to the widespread adoption of smart homes. Smart homes gather, process, and share a broad spectrum of personal data, even the most sensitive, like location, behavior, and health information, to offer perks like convenience and energy efficiency. Smart home technologies enabled by IoT effectively extend traditional home boundaries into the digital realm.
Canada Smart Home Market Trends
The Energy Management Segment is Expected to Hold a Significant Share in the Market
- With the advent of the smart grid era and the development of advanced communication and information infrastructures, bidirectional communication, advanced metering infrastructure, energy storage systems, and home area networks are set to transform electricity usage and energy conservation at consumption premises. Under the sustainable smart grid paradigm, smart homes equipped with a home energy management system (HEMS) significantly enhance distribution systems' efficiency, economics, reliability, and energy conservation.
- Further, Canadian consumers increasingly recognize the significance of curbing energy consumption and reducing carbon footprint. Consequently, there's a surging demand for smart home technologies like smart thermostats, plugs, and energy monitoring systems. These technologies empower homeowners to fine-tune their energy usage, ultimately aiming to slash utility costs.
- The government of Canada has rolled out a range of incentive programs and policies to boost the uptake of energy-efficient technologies, notably smart home solutions. For instance, many provinces provide rebates and tax credits, incentivizing the installation of smart thermostats and energy management devices, thereby catalyzing consumer interest.
- Canadian electricity prices have surged in recent years, straining household budgets. Smart home energy management products empower homeowners by offering precise energy monitoring and control, leading to tangible reductions in both consumption and costs. According to Energyhub, as of September 2023, the average electricity cost for end users in Canada stood at 19.2 Canadian cents per kilowatt-hour, showcasing regional disparities.
Increasing Inclination Toward Enhancing the Quality of Life is Driving the Market's Growth
- As the cost of living rises, Canadian homeowners increasingly seek affordable smart home solutions. Consequently, there has been a surge in the demand for smart home products and services. The widespread adoption of smartphones, coupled with the availability of high-speed internet, has significantly propelled the growth of smart home technology. Smartphones are the central control hub for many home automation systems, enabling users to monitor and manage various aspects of their homes remotely.
- In addition, consumer interest in adopting 5G in smartphones to avail elevated network performance to cater to high-performing video streaming accelerates the increasing penetration of smartphones in Canada, facilitating the seamless adoption of smart home automation. According to GSMA, mobile connections' 5G adoption rate is expected to increase to 49% by 2025.
- IoT devices with sensors and connectivity features establish seamless communication among themselves and homeowners, fostering a cohesive smart home ecosystem. This network empowers homeowners in Canada to manage lighting, temperature, security, and entertainment systems, enhancing their daily comfort and convenience. For instance, smart thermostats are crafted to monitor and fine-tune home temperatures, balancing comfort and energy savings.
- Smart home technology enhances convenience and comfort, granting homeowners unparalleled control over their living spaces. Through a centralized interface or simple voice commands, users effortlessly adjust settings and automate tasks.
- For instance, they can remotely illuminate their homes, tweak the temperature, or activate appliances such as coffee makers or air purifiers before entering the door. Such seamless control saves time and elevates daily comfort and efficiency.
Canada Smart Home Industry Overview
The Canadian smart home market is fragmented with local and global players. The significant players are strengthening their market positions through innovation, partnerships, and research on new technology, mergers, and acquisitions. Some of the significant players in the market are ABB Ltd, Ecobee, Schneider Electric SE, TELUS International, and Johnson Controls.
- March 2024 - ABB Smart Buildings expanded its ABB-free@home system, incorporating the latest Matter technology and additional partner add-ons. This update boosts interoperability and empowers users with enhanced flexibility. They can now select from a broader array of smart home devices, simplifying the process of expanding and tailoring their setups. ABB-free@home integrates with major smart home ecosystems like Apple Home, Google Home, Amazon Alexa, and Samsung by leveraging the Matter firmware, which gains traction as an open-source connectivity standard.
- September 2023 - Ecobee, a smart home company headquartered in Toronto, launched dual energy-saving initiatives. Collaborating with the Independent Electricity System Operator (IESO) and Hydro One, these programs aim to bolster Ontario's electricity grid by alleviating strain during peak demand. Ontario residents with smart thermostats stand to gain, receiving a USD 75 incentive upon enrolling in either the IESO's 'Save on Energy Peak Perks' or Hydro One's 'myEnergy Rewards' program.
Canada Smart Home Market Leaders
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Schneider Electric SE
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Ecobee
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TELUS International
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ABB Ltd.
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Johnson Controls
*Disclaimer: Major Players sorted in no particular order
Canada Smart Home Market News
- February 2024: The Government of Canada introduced a Smart Home initiative in Montréal, designed for young adults with intellectual disabilities, including those on the autism spectrum. This project aims to enhance the daily lives of individuals with intellectual challenges by providing a safe environment that promotes continuous learning, self-esteem, and independence. The Smart Home features advanced technologies such as smart mirrors, interactive learning screens, and multi-sensory rooms, all intended to assist residents with routine tasks, ensuring they maintain their progress and integrate into the community. Researchers from universities in Quebec have significantly contributed to this initiative, advancing knowledge in this specialized field.
- December 2023: Ecobee launched a new integration feature, allowing all its smart thermostats to seamlessly pair with Generac's 4G LTE Cellular Propane Tank Monitors. This collaboration lets users conveniently track their propane tank's fuel levels directly from the smart thermostat's display. The move underscores Ecobee and its parent company, Generac's, ongoing commitment to enhancing home energy systems for greater comfort, security, and efficiency.
Canada Smart Home Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Technology Snapshot
4.5 Impact of the Aftereffects of the COVID-19 Pandemic and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Concerns about Home Security and Safety
5.1.2 Advances in Technology, such as IoT, Artificial Intelligence, and Voice Controlled Assistants
5.2 Market Restraints
5.2.1 Complex Installation and Setup
5.2.2 Interoperability Issues
6. MARKET SEGMENTATION
6.1 By Product Type
6.1.1 Comfort and Lighting
6.1.2 Control and Connectivity
6.1.3 Energy Management
6.1.4 Home Entertainment
6.1.5 Security
6.1.6 Smart Appliances
6.1.7 HVAC Control
6.2 By Technology
6.2.1 Wi-Fi
6.2.2 Bluetooth
6.2.3 Other Technologies
7. Competitive Landscape
7.1 Company Profiles
7.1.1 Schneider Electric SE
7.1.2 Ecobee
7.1.3 TELUS International
7.1.4 ABB Ltd
7.1.5 Johnson Controls
7.1.6 Honeywell International Inc.
7.1.7 Seimens AG
7.1.8 Signify Holding
7.1.9 Microsoft Corporation
7.1.10 Google Inc.
7.1.11 Cisco Systems Inc.
7.1.12 General Electric Company
7.1.13 Dahua Technology
7.1.14 Emerson Electric Co.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Canada Smart Home Industry Segmentation
A smart home uses internet-connected devices to enable remote management and automation of household systems such as lighting, heating, security, and entertainment. These devices, which can be controlled via smartphones, tablets, or voice assistants, communicate with each other to optimize energy usage, enhance convenience, and improve security. The integration of IoT technology allows for seamless interaction and personalized control, making everyday tasks more efficient and convenient.
The Canadian smart home market is segmented by product type (comfort and lighting, control and connectivity, energy management, home entertainment, security, smart appliances, and HVAC control) and technology (Wi-Fi, Bluetooth, and other technologies). The Report offers the market sizes and forecasts for all the above segments in value (USD).
| By Product Type | |
| Comfort and Lighting | |
| Control and Connectivity | |
| Energy Management | |
| Home Entertainment | |
| Security | |
| Smart Appliances | |
| HVAC Control |
| By Technology | |
| Wi-Fi | |
| Bluetooth | |
| Other Technologies |
Canada Smart Home Market Research FAQs
How big is the Canada Smart Home Market?
The Canada Smart Home Market size is expected to reach USD 3.02 billion in 2024 and grow at a CAGR of 9.20% to reach USD 4.68 billion by 2029.
What is the current Canada Smart Home Market size?
In 2024, the Canada Smart Home Market size is expected to reach USD 3.02 billion.
Who are the key players in Canada Smart Home Market?
Schneider Electric SE, Ecobee, TELUS International, ABB Ltd. and Johnson Controls are the major companies operating in the Canada Smart Home Market.
What years does this Canada Smart Home Market cover, and what was the market size in 2023?
In 2023, the Canada Smart Home Market size was estimated at USD 2.74 billion. The report covers the Canada Smart Home Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canada Smart Home Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Smart Home Industry Report
Statistics for the 2024 Canada Smart Home market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Smart Home analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
