Smart Appliance Market to Reach Nearly $35 Billion Annually by 2020, Forecasts Pike Research
BOULDER, Colo.--(BUSINESS WIRE)-- As utilities around the world deploy smart meters, smart appliances (which use an intelligent power management strategy to optimize the load on the power distribution grid) have a significant role to play in realizing the vision of the smart grid. Currently, these appliances are limited in terms of availability and types of products, but they will start to represent an increasing share of the total appliance market after 2015. According to a recent report from Pike Research, a part of Navigant's Energy Practice, the annual value of the smart appliance market will grow from $613 million in 2012 to $34.9 billion in 2020.
"The market for smart appliances has not developed as quickly as anticipated, due primarily to the fact that there are very few smart appliances commercially available," says senior research analyst Bob Lockhart. "In order for this market to flourish, there needs to be a wider selection of appliances by type, by brand, and by price range. In addition, it will take time and education to bring smart appliance awareness and interest to the forefront of consumers' minds."
One interim technology, which could serve as a bridge to greater awareness of smart appliances, is smart plugs, according to the report. These devices act as sensors for conventional appliances and electronic devices, enabling consumers to track electricity usage by the outlet. While the number of smart appliances remains low, and prices of available models remain high, smart plugs may be able to provide consumers with a way to save money on energy bills while familiarizing themselves with smart household technology and its benefits.
The report, "Smart Appliances", examines the current state of the global smart appliance market, including an analysis of barriers and drivers, enabling technologies, regulatory factors, and key industry players. The study features detailed market forecasts of smart appliance unit shipments, revenues, and penetration rates, segmented by appliance product category and key world regions, through 2020. Key industry players are also profiled in detail. An Executive Summary of the report is available for free download on the Pike Research website.
About Pike Research
Pike Research, which joined Navigant's global Energy Practice on July 1, 2012, provides in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Smart Appliances," is a summary and reflects Pike Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
KEYWORDS: United States North America Colorado
The article Smart Appliance Market to Reach Nearly $35 Billion Annually by 2020, Forecasts Pike Research originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.