Energy efficiency could drive the smart home market to reach $125.9bn by 2025

By Sophie Chapman
A new report released by GMI Research, the global smart home market is forecast to reach US$125.9bn by 2025. According to...

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.

SEE ALSO:

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.

Share
Share

Featured Articles

UK and US announce energy partnership

The agreement will work towards reducing global dependency on Russian energy exports, stabilising energy markets, and stepping up collaboration

Alfa Laval to supply world’s largest green hydrogen plant

The facility is being built in NEOM, the US$500bn futuristic city being developed in Saudi Arabia

COP27 agrees to climate compensation fund

The deal is said to be a historic first in acknowledging the vast inequities of the climate crisis

North America's natural gas can help mitigate energy crisis

Oil & Gas

COP27: Egypt and Norway to build 100MW green hydrogen plant

Renewable Energy

Renewable energy company Masdar opens office in Saudi Arabia

Renewable Energy