21/04/2017 – Independent / Innovation / Technology / Frost & Sullivan / Smart Homes
The House Goes Hi-Tech
The homes and building sector is expected to reach over $1.15 trillion in 2017. According to Frost & Sullivan’s Homes & Buildings team, technologies such as the Internet of Things (IoT), Big Data, data analytics and the cloud will play a vital role in this accelerated growth.
“Home is not where you live, but where they understand you,” suggested German poet Christian Morgenstern. And increasingly, it is the house itself that’s evolving to understand its inhabitants’ requirements – from smart gadgets that help you sleep better, to intelligent cooking appliances that have computer-like capabilities, and devices that offer a wireless yet interconnected security system spanning smart locks, CCTV cameras, smart doorbells, smoke detectors, and even your lights.
Transformational technologies are propelling double-digit growth and market expansion in the connected homes and light-emitting diode (LED) lighting sectors. This is augmenting growth in the building automation market and playing an important role in the delivery of products and solutions in traditional sectors such as heating ventilation, air conditioning, and fire and safety technology.
“The integration of new technologies such as virtual voice assistants and IoT-enabled products will boost growth, spawn new revenue models and drive partnerships between connected home participants, device suppliers, utilities and technology giants such as Google, Amazon, and Apple,” predicts Energy & Environment Senior Research Analyst Mr Anirudh Bhaskaran.
Developments driving accelerated growth
• The residential LED lighting market will witness a year-on-year growth rate of 16.7 per cent this year, largely assisted by the rapid adoption of LED lamps in India, China, South Korea and other South East Asian countries. IoT-enabled LED lighting will fast-track the growth of connected buildings and their services in 2017.
• The connected homes market will grow beyond US$150 billion, with a revenue growth rate of 14.9 per cent in 2017. Smart thermostats, Internet protocol cameras, smart door locks, and personalised mobile health services will all see strong growth.
• Data analytics will penetrate beyond energy management in 2017, to encompass equipment management, people management, and the supply chain.
• The cloud’s full potential in energy management will be realised by developing a centralised data repository for customers to access their building’s energy data.
• Connected HVAC systems in the commercial segment will augment predictive maintenance and remote diagnostics capabilities in 2017.
• Germany, Australia, the US and Japan alike will witness over 90 per cent growth in photovoltaic (PV)-associated storage capacity additions in 2017.
• Solar PV, LED, and lithium-ion technologies will have a high impact on the industry in the near-term, with facilities management contributing the most revenue to the home and building sector.
• The residential energy storage market will witness significant growth in 2017, largely driven by international roll-outs and government incentive schemes.
“The homes and buildings industry is crowded with both proprietary and open communication protocols, creating challenges related to interoperability and data security. The future industry is moving rapidly toward wireless communication protocols due to scalability and flexibility,” says Mr Bhaskaran. “To seize a significant growth opportunity, hardware manufacturers must develop products that are compatible with both wired and wireless protocol, while software manufacturers must develop vendor-agnostic, secured, open-source platforms that make all hardware work on a single platform, irrespective of the manufacturer.”
‘Global Homes and Buildings Industry Outlook 2017’ is part of Frost & Sullivan’s Homes & Buildings Growth Partnership Service (GPS) program, and provides a detailed analysis of growth opportunities, technologies, and transformation trends impacting the industry, alongside profiles on the companies to watch in 2017.
For complimentary access to more information on this analysis and to register for a Growth Strategy Dialogue, a free interactive briefing with Frost & Sullivan’s thought leaders, please email Anna Zanchi, Corporate Communications: firstname.lastname@example.org
Latest issue – Vol 3/21
– Security focus
– Global gas supply risk
– Deepwater dangers – Cyber-security on deepsea drill rigs
Suriname International Petroleum & Gas Summit and Exhibition 2021
International “Astana Mining & Metallurgy” Congress
Ukraine Gas Investment Congress 2021
PARKOVY Convention and Exhibition Center, Kyiv, Ukraine