Smart Home Industry: Energy Efficiency A Key Driver

The next big residential power revolution is just about to kick off, as the value on the global smart home market is expected to increase by more than double in the next five years.

A smart home refers to a home where appliances and other features can be automatically controlled using biometrics, voice commands or remotely via the internet using gadgets like a cell phone. The appliances usually work in tandem with solar PV systems.

As innovative as they are, these automation technologies will help give home owners more control over their houses, appliances and energy consumption.

Based on the latest reports from Zion Market Research, the current global smart home market was worth about USD 24.10 billion in 2016 and is likely to hit around USD 53.45 billion by 2022, and attain a compound annual growth figure of about 14.5 per cent between 2017 and 2022.

The company claims that a key growth driver for their smart home market has been the growing awareness among users on energy efficiency and electricity consumption.

According to another new report by A.T. Kearney, a global management consulting firm, the global smart home market is today approximated at $15 billion. Notably, this doesn’t include smart TVs and residential solar power systems which it categorizes as “inherently connected”.

A.T. Kearney projects a rise in the smart home market to over $50 billion in 2020 and thereafter a rapid growth in five application categories to about $400 billion in 2030.

The energy and resources management sector is one of the categories that the firm estimates that between 2015 and 2030, it will have experienced a compound annual growth rate of 30 per cent.

Advertisment - Learn more

In addition, the company notes that the smart home industry is still in the exploration stage, a scenario that is likely to redefine the decade when it eventually moves to the integration stage, before moving to the expansion stage in 2025.

“Interoperability will no longer be an issue, and AI will be very advanced – making smart home products similar to a robot,” states the company.

Home automation is a technology that is poised to give Australians more control, comfort, convenience as well as a plethora of options for effectively controlling their energy costs.

As the day when solar + energy storage systems will work seamlessly with appliances in Australian homes as it is with the Internet of Things IoT) draws closer; and just like solar and storage battery forecasts in the past, it may become a reality sooner than expected.

IMAGE via swimfinfan

The Author

Hi, my name is Erin and I am a journalist, content creator and editor working within the Public Relations department at Australian Solar Quotes. I am passionate about the continuously developing renewable energy industry. I am eager to educate others about the benefits and advancements of sustainable living, and I encourage you to join the conversation by leaving a comment below.

×

Mark from Hammond Park, Western Australia asked for 3 quotes for solar about 2 hours ago!

G from Burleigh Heads, asked for 3 quotes for solar about 3 hours ago!

Keith from Highfields, asked for 3 quotes for solar about 3 hours ago!

Leah from Marian, Queensland asked for 3 quotes for solar about 4 hours ago!

ray from Bargara, asked for 3 quotes for solar about 4 hours ago!

Robin from Maryborough, asked for 3 quotes for solar about 4 hours ago!

Alister from Euleilah, asked for 3 quotes for solar about 4 hours ago!

john from Sunshine Acres, Queensland asked for 3 quotes for solar about 4 hours ago!

ernie from Cannonvale, Queensland asked for 3 quotes for solar about 6 hours ago!

wayne from Oakey, Queensland asked for 3 quotes for solar about 6 hours ago!

Marilyn from Armstrong Beach, Queensland asked for 3 quotes for solar about 6 hours ago!

Erkin from Craigieburn, Victoria asked for 3 quotes for solar about 6 hours ago!

Felicity from Northcote, Victoria asked for 3 quotes for solar about 6 hours ago!

Tracy from Gracemere, Queensland asked for 3 quotes for solar about 6 hours ago!

Nic from Greenvale, Victoria asked for 3 quotes for solar about 7 hours ago!

Allan from Jensen, Queensland asked for 3 quotes for solar about 7 hours ago!

Heather from Mount Waverley, Victoria asked for 3 quotes for solar about 13 hours ago!

fina from Mount Sheridan, Queensland asked for 3 quotes for solar about 13 hours ago!

Tina from Point Cook, Victoria asked for 3 quotes for solar about 14 hours ago!

Stephanie from Bundoora, Victoria asked for 3 quotes for solar about 18 hours ago!