Today, the smart home market is growing rapidly, with a wide range of companies—across multiple industries—recognizing the energy-saving benefits of these technologies. Utilities and homebuilders in particular are embracing ways this technology can empower consumers and drive smarter decisions over energy use. These new capabilities include leveraging automation for easier and more integrated ways to reduce energy use through utility savings programs.
Energy companies are highly motivated to invest in solutions providing more energy efficiency and home automation. This becomes increasingly important with net zero goals set by utilities. Smart home technology offers smart energy value for utilities. That can be realized via integration into a wide range of energy efficiency programs that incentivize customers to save energy. That can also mean integrating the smart home into builder programs that focus on net zero structures and reduced carbon emissions.
This is a dynamic time for the connected home industry, where multiple factors are aligning to drive interest in smart home devices and services that enable new applications in the home.
Parks Associates research reveals that US internet households now have nearly 16 connected devices on average, including 11 connected consumer electronics and three smart home devices on average. The firm also reports that 38% 37% of US internet households, about 40 million households, own at least one core smart home device, up from 9% in 2015. Key to the future progress of the smart home market is the ability of players across many industries to deliver a unified experience. Accomplishing that goal requires complex integration, extensive partnerships, and a focus on the consumer experience.
Parks Associates’ research finds that 11% of US internet households own a smart appliance, and 14% have a smart thermostat. Additionally, 25% of households report intentions to purchase a smart appliance in the next six months and almost one-third plan to buy a smart light bulb (32%), smart plug (30%), and/or a smart thermostat (29%).
Check out Parks Associates’ complimentary whitepaper “Next Frontier of Smart Energy Management,” in collaboration with SmartThings to explore how connected technologies are making energy management and advanced home controls a reality, with implications for utilities, device and EV makers, solar and HVAC companies, and home and multifamily builders.