SMART HOME INDUSTRY

 

By Sara Tormena

LIVING SMARTER CAN HELP YOU SAVE ENERGY

The size of the worldwide smart home market is estimated at USD 62.69 billion in 2021 and is anticipated to rise at a CAGR of 27.0% from 2022 to 2030.

According to the International Energy Agency (IEA), the world is facing for the first time a real and unprecedented energy crisis. Although COVID-19 has had a tremendous impact on the energy crisis, Russia brought the situation to a climax. In fact, the invasion of Ukraine may have long-lasting effects on the energy supply and markets for years to come. 

Whilst the world’s governments are cooperating to find a means with the aim to become more energy-independent, going through an energy transition, people around the world are facing huge inflationary pressure and a rise in the cost of living.

Utility bills are skyrocketing and households are looking for alternative solutions to reduce consumption. How could smart home devices help save money and reduce energy consumption?

 

THE SMART HOME INDUSTRY

Smart technology has been making its way into the market and into consumers’ homes for a few years now. It is an established trend that is expanding rapidly and can even be found at international industry events. Indicatively, in 2022 at IFA, smart technologies were one of the major industry trends alongside connectivity and sustainability. 

The “smart home” sector includes many products that can give your house more autonomy. Smart technology is not just a trend. Smart technology comes with several positive attributes including autonomy, energy efficiency, and cost reduction. On top of that, there are a lot of different types that one can choose from. Smart light bulbs, smart plugs, smart appliances, smart water leaks, freeze monitors, and smart home security systems are some examples. But how these devices actually can assist you in saving energy?

 

LET YOUR HOUSE HELP YOU

Heating costs are certainly one of the most significant expenses a household has to bear. Nest Labs released a smart thermostat study that found the average household could save 10–12 percent on heating costs and 15 percent on cooling by using a smart thermostat. These items can be remotely controlled and fully programmed using a smartphone. Additionally, some models adapt to your demands by learning your habits using Artificial Intelligence (AI).

Smart house lighting is undoubtedly one of the finest strategies to reduce your electricity usage. In fact, smart bulbs are fully manageable remotely via your smartphone and fully programmable. They will only work at the times you want them to. Alternatively, if you combine them with a motion sensor, they will only turn on when you are nearby. A lot of smart lighting types available today are dimmable, allowing you to change their intensity to your preference while lowering energy use.

Smart plugs are another class of incredibly practical smart home appliances. These are socket-mounted Wi-Fi-connected plugs that can be used to connect various electrical appliances and other devices. Smart plugs allow you to control power remotely, enabling you to turn it on or off even when you’re not at home. Another option is to schedule specific times of operation.

 

SMART HOME BENEFITS

Adopting a smart home automation system has obvious advantages. By incorporating this technology into your home, you will have better control of your energy consumption through your smartphone. In this way, you may save power by upgrading equipment, lowering utility costs, controlling the heating and cooling remotely and subsequently conserving energy.

In the upcoming years, it is projected that cutting-edge smart technologies, such as security and access controls, heating, ventilation, and air conditioning controllers, wireless technology, and entertainment control systems, will dominate the market.

At Tradesnest we believe in doing things the smarter way. Thus we are certain that smart home technology can help consumers deal with the current energy crisis and simultaneously lower carbon footprints. Some of the most creative and energy-efficient players on the market are among the ones we are proud to count as business partners.

Sign up here for free to discover all the brands and distributors you can collaborate with or book a consultancy call with one of our experts here.

 

Sources

Smart Home Market Size, Share, Growth & Trends Report 2030, https://www.grandviewresearch.com/industry-analysis/smart-homes-industry

Global Energy Crisis, https://www.iea.org/topics/global-energy-crisis