Homes will keep getting smarter
It's no secret that the push is on to make our homes smarter.
Business Insider Research estimates that connected-home device sales will drive over $61 billion in revenue this year. That number will climb at a 52% compound annual growth rate to reach $490 billion in 2019.
Leading the way are thermostats and smoke detectors, and then consumers will be more likely to adopt smart appliances (washers, dryers, refrigerators, etc.), safety and security systems (internet-connected sensors, monitors, cameras, and alarm systems), and energy equipment like smart thermostats and smart lighting.
Kristen Metropoulos, product manager with Bosch Thermotechnology, thinks home controls and smart home technology will grow exponentially in the next five years.
We’ve already seen a lot of this in the market stemming from the smartphone. Water heating constitutes the second largest home expense behind space heating and cooling. If homeowners have this information on their phone – how high their energy consumption is and where there is waste – this can help reduce energy costs.
We will see controls and increase connectivity in both existing homes and new construction. A lot of people have already added it to existing homes, and all this equipment and new technology is available both for new construction and retrofit applications. As the technology begins to develop with more connected devices, it’ll be easier and easier to retrofit.
The primary energy usage in most homes is heating and cooling, so smart thermostats directly address this. The second highest usage is water heating, so connected water heating apps increase energy efficiency and decrease energy waste.