China Cuts Steel Output as Beijing's Curbs Start to Take Effect
China churned out a lot less steel in May compared to the previous year as mills responded to the government's pledge to cut production.
It's the first year-on-year contraction in the monthly figure since Beijing vowed to address the industry's glut at its annual policy meeting in March, according to the statistics bureau on Monday. Production declined 6.9% to 86.55 million tons, pushing output 1.7% lower over the first five months.
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The global smart home market is projected to soar from USD 133.3 billion in 2025 to USD 1.03 trillion by 2035, growing at a CAGR of 20.47%. Key segments include entertainment devices and security controls, driven by IoT and AI innovations. North America leads, yet Asia is set for the highest growth. Smart Home Market Dublin, June 16, 2025 (GLOBE NEWSWIRE) -- The "Smart Home Market Industry Trends and Global Forecasts to 2035: Distribution by Type of Products, Type of Protocol, Type of Application, Type of Software & Services, Type of End User, Type of Sales Channel and Key Geographical Regions" report has been added to offering. The global smart home market size is estimated to grow from USD 133.3 billion in 2025, to USD 1.03 trillion by 2035, at a CAGR of 20.47% during the forecast period, to 2035 The report on the smart home market offers a detailed analysis across several key areas. It includes market sizing and opportunity analysis, examining segments by product type, protocol, application, software and services, end user, sales channel, and geography. The competitive landscape section evaluates companies based on parameters such as establishment year, size, headquarters location, and ownership structure. Company profiles provide in-depth information on leading players, including financials, management, product portfolios, and recent developments. Additionally, the report features a SWOT analysis with Harvey ball visuals to assess the relative impact of each factor, offering strategic insights into strengths, weaknesses, opportunities, and threats in the smart home domain. Smart homes are contemporary dwellings that offer convenience, security, and efficiency through the installation of internet-connected smart devices and appliances, enabling remote control via smartphones, tablets, and voice-activated interfaces. The range of smart home products includes various devices, such as smart lighting, security systems, cameras, thermostats, entertainment systems, and kitchen appliances, which are among the most favored smart home items. The aim of smart home technology is to enhance convenience, security, and overall home management from any location using connected devices, thus making a substantial contribution to the concept of smart cities. As advanced technology becomes more prevalent, the popularity of smart home devices continues to rise, driven by the emergence of artificial intelligence and the Internet of Things (IoT), which has resulted in increased demand for smart home products. Further, the increasing number of smartphone users paired with 5G internet technology has played a key role in the acceptance of IoT household appliances. The integration of AI and machine learning with digital assistants like Google Assistant and Alexa, which facilitate task automation through voice commands, is offering an enhanced and more convenient user experience. Notably, in August 2024, Apple revealed its intention to replace Siri with a home robot to deliver a more personalized experience for users. In addition to home automation, the smart office market has been primarily influenced by the widespread use of IoT technology household appliances in commercial settings. Moreover, the rising awareness for convenience is driving the adoption of smart homes, which provide improved comfort, efficiency, security, and overall quality of life. Moreover, the growing awareness of the benefits and accessibility of innovative products, the rise in IoT technology adoption, and heightened security concerns are some of the critical factors expected to drive the potential growth of the market during the forecast period. Smart home Market: Key SegmentsMarket Share by Type of Product According to our estimates, currently, entertainment device segment captured the majority share of the market. This can be attributed to the growing demand for smart displays / TVs, sound bars, and streaming devices. The rise in digitalization and the increasing integration of IoT technology have led to a surge in the adoption of smart entertainment devices. Additionally, the increase in consumer expenditure on entertainment software and devices has further bolstered the growth of this segment. However, security and access control segment is anticipated to experience the highest CAGR during the forecast period. Market Share by Type of Protocol Based on type of protocol, the smart home market is segmented into hybrid (C-BUS and Insteon), wireless protocol (Bluetooth, EnOcean BACnet, DALI, Ethernet, KNX, LonWorks, Modbus, UPB, and X10), and wired Protocols. According to our estimates, currently, wireless protocol captures the majority share of the market. This can be attributed to the increased demand for devices that connect wirelessly, like Wi-Fi, ZigBee, and Bluetooth for mobile connectivity. Market Share by Type of Application Based on type of application, the smart home market is segmented into new construction and retrofit. According to our estimates, currently, new construction segment captures the majority share of the market. This can be attributed to the simplicity of integrating smart devices in new projects and the rising number of residential buildings worldwide. Typically, new construction undertakings integrate numerous smart home products because of the straightforward logistics involved in their installation. However, retrofitting segment is anticipated to grow at a higher CAGR during the forecast period. Market Share by Type of Software and Type of Services Based on type of software and type of services, the smart home market is segmented into behavioral and proactive. According to our estimates, currently, proactive software segment captures the majority share of the market. Utilizing artificial intelligence and machine learning, proactive software can anticipate user needs and preferences while assisting in scheduling and making adjustments as needed. For example, a smart lighting system is capable of automatically modifying the lighting based on the time of day and the habits of the user. Further, this software offers tailored functionality for smart home devices and enables higher data transfer rates compared to its behavioral counterpart. As a result, this segment is expected to experience substantial growth throughout the projected period. Market Share by Type of End-User Based on type of end-user, the smart home market is segmented into residential end-users (luxury homes, mid-range apartments / homes, assisted homes and low-energy homes), commercial end-users (smart hotels and smart hospitals), and other commercial buildings. According to our estimates, currently, commercial end users segment captures the majority share of the market. This can be attributed to the widespread use of smart home technology in establishments like smart hotels and hospitals, which often necessitate advanced features such as surveillance cameras, alarm systems, smart locks, and lighting designed for human needs to ensure convenience, security, and safety. Moreover, these smart devices can be managed remotely using connected gadgets like smartphones, tablets, and remotes, promoting energy efficiency. However, residential user segment is anticipated to experience the highest CAGR during the forecast period. Market Share by Type of Sale Channels Based on type of sale channels, the smart home market is segmented into direct and indirect. According to our estimates, currently, indirect sales channel captures the majority share of the market. However, direct sales channels, or physical retail stores segment is anticipated to experience the highest CAGR during the forecast period. Market Share by Geography Based on geography, the smart home market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. According to our estimates, currently, North America captures the majority share of the market. This can be attributed to the growth in the number of smart homes and the rising demand for energy-efficient smart home technologies, along with the presence of numerous tech companies in the region. However, market in Asia is anticipated to experience the highest CAGR during the forecast period Sample Players in Smart Home Market include: ABB ADT Amazon Apple ASSA ABLOY Control4 Crestron Electronics Emerson Electric Ecobee General Electric Google Honeywell Johnson Controls LG Lutron Legrand Robert Bosch Samsung Electronics Schneider Electric Siemens SimpliSafe Sony Wozart Technology Additional Benefits Complimentary Excel Data Packs for all Analytical Modules in the Report 10% Free Content Customization Detailed Report Walkthrough Session with Research Team Free Updated report if the report is 6-12 months old or older For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Smart Home Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
