Smart home market in the UK to grow at 24% through 2021: Technavio

Smart home market in the UK to grow at 24% through 2021: Technavio
The UK smart home M2M market will grow 24% annually between 2017 and 2021, according to a report released by market research company Technavio.

Smart Home M2M is defined as a technology that has an intrinsic network, intelligent control system and home automation system as its basic components.

The six major application segments in the UK, according to the report, are energy management and climate control systems, home appliances, lighting control systems, home entertainment systems, security and access control systems, and healthcare systems.

Three market drivers are highlighted for contributing to the growth of the smart home M2M market in the UK. They are ncreased installation of smart meters, rise in the use of thermostats, and adoption of cloud-based technologies.

Increased installation of smart meters

A smart meter combined with an in-home display (IHD) offers real-time data about the use of gas and electricity. These smart meters help the consumer to monitor and control energy devices effectively using energy management systems (EMS). Therefore, peak demand rates and blackouts can be avoided by installing these devices instead of the traditional systems.

“This rolling out of smart meters will help customers to experience energy-efficient methods, which drastically reduces the prohibitive costs of energy. Smart meters of the future will function as the gateway between smart homes and smart grids. They would be equipped to manage the demand and supply of the energy sources in tandem with the home energy management systems,” says Abhishek Sharma, a lead analyst at Technavio for M2M and connected devices research.

Rise in the use of thermostats

Programmable thermostats are devices that are used to adjust the room temperature to the desired level automatically. They are used to manage the energy supply inside homes. These devices enable users to set the required temperature inside the house from a remote location using a smartphone or a tablet. The maximum demand for these devices comes from energy and utility retailers.

The shipment of these devices is rapidly increasing in Western Europe including the UK region with the increasing need for programmable thermostats. Heating and cooling applications generally produce high electricity bills. Therefore, programmable thermostats and zone-based thermostats can be used as energy-efficient solutions to reduce the excessive costs of energy. Users can save up to US$180 per year by implementing home automation solutions like smart thermostats.

Adoption of cloud-based technologies

Most residential users are rapidly adopting cloud-based home security solutions that have self-monitoring and remote-service features. It provides a user-friendly interface to homeowners helping them to arm, disarm, and check the security status of their house from a remote location. Furthermore, cloud-based services are also used to store images captured by surveillance systems so that they can be used in the future.

“Cloud-based services ensure low cost of ownership and on-demand scalability without any additional cost to the homeowners. Hence, smart homes have the potential of having a huge presence in the UK market with the growth of cloud technology,” says Abhishek.
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