Encompassing fields such as the Internet of Things (IoT), renewable energy integration, energy efficiency and smart meters, Smart Home Energy management is set to grow, according to a new IHS report. The report notes that energy efficiency mandates and the need for electricity infrastructure upgrades will drive the market.
Households becoming more engaged in energy consumption is another key driver, embodied by the fast growth of connected devices in the much-hyped IoT field. Companies that have captured headlines in the sector include smart thermostat provider Nest, which was acquired by Google in January 2014 for $3.2 billion. Nest is currently collaborating with lease provider SolarCity.
There exist substantial overlaps with the solar industry in the Smart Home Energy field. Meter upgrades to facilitate residential solar arrays present the opportunity for smart meter rollout. Furthermore, intelligent device management and synchronization with PV production to optimize self consumption is also a good fit for Smart Home Energy management.
Intelligent solar+storage applications can also engage with Smart Home Energy devices and services.
IHS finds that in-home energy displays are expected to show strong market demand, in particular in the UK where there is a mandate to see them installed with smart meters.
The IHS Smart Home Energy Management Devices Report 2015 focuses on the Americas, EMEA and Asia.