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

Who is Greg Joiner, the new Head of Shell Energy?

Joiner will be formally be appointed as Shell Energy’s EVP on 1 April following a reshuffle of the division's top team

Watershed Workshop at Sustainability LIVE: Net Zero

Hosted on Day 1 of Sustainability LIVE: Net Zero, Watershed’s session was overflowing with ideas that apply to supply chain decarbonisation

Capgemini Invent Workshop at Sustainability LIVE: Net Zero

Explore how Capgemini Invent's workshop on Day 1 of Sustainability LIVE: Net Zero delved into climate adaptation & social sustainability for futureproofing

Energy Highlights from Sustainability LIVE: Net Zero

Sustainability

Sustainability LIVE: Leading ESG and Net Zero

Sustainability

International Women’s Day: Women in Energy with Julia Souder

Renewable Energy