Electrical Business

News
Residential IoT device and services trend to keep climbing: Navigant Research


June 17, 2016
By Renée Francoeur

June 17, 2016 – The global market for residential Internet of Things (IoT) devices and services, including forecasts for shipments, installed base, average selling prices, and revenue was the focal point in a new report from Navigant Research.

The residential IoT trend is expected to continue grow during the next decade, particularly as industry stakeholders meet the demand for integrating disparate devices and in-home systems, the organization discovered. It also stated global revenue from shipments of residential IoT devices is expected to total more than $682 billion from 2016 to 2026.

“The momentum behind the IoT trend continues to accelerate, with the number of devices shipped annually likely to grow more than fivefold during the forecast period,” said Neil Strother, principal research analyst with Navigant Research. “The convergence of demand for connected devices and the supply of more affordable options and applications, is fuelling this growth, making the potential scale quite astounding.”

Smart thermostats, solar PV installations, connected lighting, and electric vehicle (EV) charging systems are among the numerous products consumers are purchasing and connecting to home area networks and the energy grid, according to the report.

Read the executive summary of the report, Market Data: IoT for Residential Energy Customers, HERE.