The smart home industry is growing exponentially and this is attributed to the revolutionary advancements in the loT market; to meet the constant consumer need of convenience, security, safety, and energy saving solutions. According to the Markets and Markets Report, the Internet of Things market is expected to grow from USD 170.57 Billion in 2017 to USD 561.04 Billion by 2022. The smart light bulb market is expected to grow at an increasingly fast rate due to people‘s growing environmental concern on the repercussions of non-efficient energy usage. As people become more aware, there is a larger demand for spreading the word on the importance of utilizing home energy measurements in a newly renovated smart home.
Here are a few insights to bring things into perspective when planning to switch over to an energy saving smart home:
It Continues to Evolve
It is no surprise that this $121 billion smart home industry continues to evolve in developing new and innovative ways to keep up with this ongoing consumer need. Having an energy-efficient household ensures better security, energy management solutions and an overall peace of mind. According to a recent release from the Parks & Associates’, analysts have found that nearly 60% of U.S broadband households deem home automation important for their connected home needs, yet only 20% of U.S broadband households are aware of the energy-efficient smart tech options they have available to them. It is imperative to make the smart consumer aware of the smart home technology and the main value proposition it provides to continue to see it grow that much quicker!
A New Opportunity For Utilities
The smart home market works closely with utility companies to accelerate the adoption of energy programs and in turn, make more consumers aware of the options they have available to them. This is a great way for utility companies to incentivize customers to take advantage of energy programs that will essentially broaden the smart home market. Given that one of the crippling factors for an even faster growth in the smart home market is a lack of awareness, this could be a great solution.
A One of a Kind Energy Monitoring System
Smart home technology allowing the homeowner to outsmart their home in more ways than one. One of the great perks that home automated controls provides is the ability to be on top of when it’s best to limit energy usage during a time of peak demand. For example, a smart appliance such as an air conditioner can extend its cycle time to reduce its load on the grid resulting in less energy usage. This is not to say consumers are not able to control their appliances if during peak hours, however, they’re called smart technologies for a reason, it truly does the work for you.
The Smart Grid Interconnecting Your Home
Smart grid technologies working in synergy with grid operators and utilities is your way of saving energy for you and your neighbors. Thanks to computerized controls along with smart appliances, you can set up signals by your energy provider to minimize energy use at a time where the power grid is in high demand, and even shift the power use to times where there are lower energy costs. This is a great way for you and your neighbors to work together to create a sustainable energy system throughout your parameters that surround your home!
