Z-Wave refers to a wireless communications protocol developed for home automation and control applications, which has become the international open standard for smart home automation products. Some of the Z-Wave enabled devices include smart lighting, alarms, cameras, locks, thermostats and entertainment systems among others. These products provide remote control, monitoring and automation of home appliances and systems over an advanced wireless network. The increasing adoption of smart home solutions across residential and commercial spaces has boosted the demand for Z-Wave enabled devices that offer easy connectivity and interoperability for home automation applications.
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:
One of the major trends in the Z-Wave products market is the increasing integration of smart home technologies with home security systems. Home security systems based on Z-Wave wireless communication protocol allow remote monitoring and access control through smartphones and tablets. They provide intrusion detection, glass break detection, fire detection, along with remote access features for home owners. The advanced security features along with home automation controls have boosted the demand for integrated security solutions using Z-Wave technology. Moreover, the coronavirus pandemic has further accelerated the adoption of smart home technologies as people spend more time at home, driving the need for remote monitoring and control of security as well as other home systems using smart devices and solutions.
Threat of new entrants: The z-wave products market requires high initial capital investments and established distribution network which pose significant barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power in the z-wave products market due to the availability of substitutes and presence of established players.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative suppliers and differentiated nature of inputs.
Threat of new substitutes: Substitutes like Wi-Fi and Bluetooth pose moderate threat due to their popularity and easy availability.
Competitive rivalry: The market is moderately competitive due to presence of major players and availability of substitutes.
The global Z-Wave Products Market Growth is expected to witness high growth during the forecast period. North America is expected to dominate the market owing to high adoption of smart home solutions in the region.
North America is expected to hold the largest share in the global z-wave products market during the forecast period. The growth in the region is attributed to rising adoption of smart home technologies by consumers and availability of supporting infrastructure.
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.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it