Zigbee Market to Surpass USD 7.78 Billion by 2030 on Account of Rising Demand in Smart Homes and Expanding IoT … – Yahoo Finance

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According to SNS Insider’s research, as the zigbee market continues to witness remarkable growth, driven by diverse applications across industries, the aforementioned factors collectively contribute to its expanding influence

Pune, Dec. 13, 2023 (GLOBE NEWSWIRE) — The SNS Insider report indicates that the Zigbee Market, with a valuation of USD 4 billion in 2022, is projected to attain USD 7.78 billion by 2030. It is anticipated to exhibit a compound annual growth rate (CAGR) of 8.65% during the forecast period from 2023 to 2030.

Market Overview

Zigbee is a low-power, short-range wireless communication standard that operates on the IEEE 802.15.4 physical radio specification. This technology is specifically designed for applications that require low data rates, low power consumption, and secure communication. Zigbee’s architecture enables reliable and cost-effective communication between devices, making it a preferred choice for the Internet of Things (IoT) and home automation systems.

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Market Analysis

The increasing adoption of smart home devices, such as smart thermostats, lighting systems, and security cameras, has fueled the zigbee market growth. Its ability to support a large number of devices in a smart home ecosystem without compromising performance makes it a preferred choice for homeowners and manufacturers alike. Zigbee’s compatibility with a wide range of IoT applications, including industrial automation, healthcare, and agriculture, positions it as a key player in the growing IoT landscape. As industries continue to embrace IoT solutions, the demand for Zigbee-enabled devices is expected to surge. With an increasing focus on sustainability and energy conservation, Zigbee’s low-power consumption becomes a significant advantage. Battery-operated devices leveraging Zigbee technology can operate for extended periods, reducing the need for frequent battery replacements and enhancing overall energy efficiency. The continuous development of Zigbee standards and the collaboration within the alliance contribute to the technology’s widespread acceptance and integration.

Market Segmentation:

By Application

By Standard

Zigbee Market Report Scope:

Report Attributes

Details

Market Size in 2022

USD 4 billion

Market Size by 2030

USD 7.78 billion

CAGR

CAGR of 8.65% by 2023-2030

Market Drivers

Market Segments

Major Market Players

Dresden Elektronik, California Eastern Laboratories, Digi International, STMicroelectronics, Electronics Corporation, GreenPeak Technologies, Texas Instruments Inc., Microchip Technology, Silicon Laboratories, NXP Semiconductors N.V, Nivis and other key players.

Key Takeaway from Zigbee Market Study

  • The Microchip Technology segment stands out as a key player, leveraging its expertise in semiconductor solutions to provide cutting-edge components for Zigbee-enabled devices. Microchip’s commitment to delivering high-performance microcontrollers, transceivers, and other essential components has positioned it as a driving force behind the proliferation of Zigbee applications.

  • The Zigbee RF4CE segment emerges as a potent force in reshaping the Zigbee market landscape. Zigbee RF4CE, or Radio Frequency for Consumer Electronics, is a specialized variant designed to cater specifically to the needs of consumer electronic devices. This includes applications such as remote controls, where low power consumption and reliable communication are paramount.

Recent Developments

  • UEI Smart Thermostat Platform has recently broadened its capabilities by integrating Matter and Zigbee connectivity. This expansion is poised to elevate the interoperability of smart devices within the home, offering users a seamless and integrated experience.

  • Sengled, a prominent player in the industry, has unveiled a groundbreaking product – the health monitoring light bulb. This innovative integration of health monitoring features into a common household item marks a significant step forward in leveraging smart technology for holistic well-being.

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Market Dynamics Analysis

The Zigbee market has witnessed significant dynamics driven by a combination of factors that include drivers propelling its growth, restraints posing challenges, and emerging threats shaping the landscape. Among the key drivers fueling the expansion of the market is the increasing adoption of the Internet of Things (IoT) across diverse industries. Zigbee, known for its low-power, low-data-rate wireless connectivity, has become a preferred choice for IoT applications, fostering the growth of smart homes, industrial automation, and healthcare sectors. The demand for seamless and reliable communication between devices has surged, amplifying the market’s momentum. However, despite its rapid growth, the market faces certain restraints that demand attention. One notable challenge is interoperability issues arising from the existence of various standards within the IoT ecosystem. The lack of a unified standard can hinder the seamless integration of Zigbee-enabled devices with other IoT protocols, slowing down the market’s potential.

Key Regional Developments

North America stands as a pioneer in adopting Zigbee technology, with the United States and Canada leading the way. The region’s robust infrastructure and early recognition of the advantages offered by Zigbee in smart home applications have contributed significantly to its widespread adoption. In Europe, Zigbee has gained traction primarily in industrial applications. The region’s emphasis on Industry 4.0 and the need for seamless communication among devices in manufacturing processes have fueled the adoption of Zigbee technology. The Asia-Pacific region emerges as a hotbed for Zigbee market, driven by the rapid expansion of smart cities and the Internet of Things (IoT) ecosystem. Countries such as China, Japan, and South Korea are witnessing a surge in Zigbee adoption across diverse sectors, including healthcare, agriculture, and transportation.

Impact of Recession

One of the primary channels through which the recession impacts the Zigbee market is consumer spending. As disposable incomes shrink and uncertainty about the future prevails, consumers tend to cut back on non-essential expenditures. Smart home devices, a key application of Zigbee, may witness a slowdown in adoption as consumers prioritize essential needs over discretionary purchases. However, amidst challenges, recessions can also act as catalysts for innovation. Companies in the market may focus on research and development to enhance the cost-effectiveness and energy efficiency of their solutions. Adapting to market dynamics, including exploring new business models and strategic partnerships, can position companies for recovery when economic conditions improve.

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