Smart appliance market to reach nearly $35 billion annually by 2020, forecasts Pike Research

Pike Research Pike Research

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.

As utilities around the world deploy smart meters, smart appliances have a significant role to play in realising 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.

“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.

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 familiarising themselves with smart household technology and its benefits.

“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,” Lockhart concluded.

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.

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