Market Insights Digital

Smart Home - Norway

  • Norway
  • In Norway, the revenue in the Smart Home market is projected to reach US$1,086.0m in 2024.
  • The market is expected to show an annual growth rate (CAGR 2024-2028) of 7.40%, resulting in a projected market volume of US$1,445.0m by 2028.
  • Furthermore, the number of active households in the Smart Home market is expected to amount to [users_currentlayer_yearend] by 2028.
  • The household penetration is predicted to be 52.7% in 2024 and is expected to increase to 88.2% by 2028.
  • Currently, the average revenue per installed Smart Home market in Norway is expected to amount to US$799.60.
  • In a global comparison, it is noteworthy that United States generates the most revenue in the Smart Home market, with US$38,800.0m in 2024.
  • Norway's Smart Home market is booming, with a strong focus on energy efficiency and sustainable living.

Key regions: United States, United Kingdom, Germany, Europe, Norway

 
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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.

Overview

  • Revenue
  • Smart Homes
  • Demographics
  • Key Players
  • Global Comparison
  • Methodology
  • Key Market Indicators
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