Wednesday, February 15, 2012
Smart appliance market poised for significant growth
The rising popularity of smart grid technologies is having an affect on the smart appliance market surrounding it. According to a recent ABI Research report, smart grids looming popularity during the next few years will set the foundation for rising investments in smart meters and smart appliances in business and home settings.
With this large-scale expansion on the horizon, smart appliance shipments are poised to rise to 24 million units by 2017, according to the study. Currently, the smart appliance market has yet to take off. It is mired in expensive products and slow moving pilot projects. However, smart grid's steady rising is creating a larger market for smart appliances and the industry is set to begin moving forward during the next few years. As prices decline, the sector will accelerate until, in just a few years, it rises quickly in a major boom.
Smart grid is integral to this long-term success. The utility technology is rapidly becoming more popular and slowly beginning to revolutionize how businesses and consumers manage their power use and distribution. According to the news source, this is leading to increased investments in smart meter technology. This growth will lead more corporate and consumer entities to recognize the sustainability growth offered by smart technologies, creating an environment for smart appliance growth. Before long, the integration of smart grid, smart meters and smart appliances through home energy monitoring systems will become a major goal for businesses and consumers.
Craig Foster, senior analyst for home automation and M2M at ABI Research, said interest in HEMS investments is rising so quickly that many consumers are not waiting for their utility providers to get behind the movement.
"In the early stages of the HEMS market, an almost unanimous perception existed that utilities would lead the way in terms of the deployment of these solutions. However, utilities are now widely considered to have acted much slower than many anticipated, allowing many other routes to market to develop," said Foster.
The rise of smart grid is coming at a rapid pace. Though the technology has been in the undercurrent of the utility consciousness during the past few years, rising investments are quickly leading to more new projects as organizations work to conserve energy by upgrading an energy grid that has become outdated and overly difficult to maintain in many regions.
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