Shared on July 31, 2012 written by M2M.World.News via M2MWorldNews.com
According to a recent report by industrial and energy market research publisher SBI Energy, washing machines are leading the consumer charge in smart appliance purchases.
Smart appliances are the next generation of home appliances that have the ability to receive, interpret, and act on a signal received from a utility, then automatically adjust their operation to save energy or perform other functions. The report finds growth and development of smart appliances represents a substantial component of the residential demand response capabilities of the Smart Grid, as well as the installation of home energy management systems.
"The global market for smart appliances will likely reach $7.7 billion in 2012," estimates SBI analyst Darren Bosik and author of the report.
"Expansion through 2016 is expected to occur at a five-year compounded annual growth rate of nearly 8% to reach $11.3 billion."
Washing machines are the leading segment for smart appliances, with a steep, consistent and rapid growth curve, according to the report. They will likely prove to have the greatest ROI among all consumer smart products due to their intermittent use and ability to time-defer use during off-peak periods.
"U.S. manufacturers will focus the majority of their product development efforts on washing machines through 2021," said Bosik.
"Washing machines alone will make up roughly 2.3 million global units, of the 12 million smart appliances expected to be in production by 2021."
The SBI Energy report, Smart Appliances, segments the global market with data on historical sales (2006-2011) and forecasts (2012-2021) for the following products: washing machines, tumble dryers, freezers, ovens, electric water heaters, air conditioners, refrigerators, and dishwashers; specific markets covered include Europe, North America and Asia. The report also outlines the growing installations of home energy management systems, estimating energy savings and number of units to be installed through 2021. In addition, key company profiles of the leading manufacturers are contained in the study, including LG, Panasonic, General Electric, Whirlpool and others.
Keywords: Smart Appliances, Market Trends, M2M Devices
Citation: M2M.World.News. Washing Machines Lead $7.7 Billion Smart Appliances Market. In via M2MWorldNews.com. Retrieved July 31, 2012, from http://m2mworldnews.com/2012/07/26/69563-washing-machines-lead-7-7-billion-smart-appliances-market/.