Energy efficiency could drive the smart home market to reach $125.9bn by 2025
A new report released by GMI Research, the global smart home market is forecast to reach US$125.9bn by 2025.
According to the report, dubbed “Global Smart Home Market by Application and by Geography – Opportunities & Forecast 2016–2025”, the market in 2016 was valued at $48.7bn.
The industry is set to expand at a compound annual growth rate (CAGR) of 11.1% during the review period.
It is believed that the developments of technologies, such as IoT, and the influence of energy efficiency has led and will continue to lead the growth.
Home appliances are set to have the highest CAGR in the period, due to increasing disposable income – making home owners more willing to invest in appliances that will later reduce energy costs.
With current technological advances, home appliances are becoming digitalised, making for more accurate and effective energy readings and control.
For example, lighting control – the highest share in the market in 2016 – allows home owners to use less electricity due to sensors controlling light intensity.
Smart meters can also be used to monitor energy use, encouraging home owners to be more conscious of their consumption.
Drax advances biomass strategy with Pinnacle acquisition
The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.
The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).
This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.
In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.
The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.