The smart home market is ready to explode. Homeowners have been getting their feet wet on smaller investments in efficiency and some renewables. Given their experience is generally good, we believe they will take a deeper dive into smart tech, including battery storage and high end management systems. The returns are compelling and will draw compounding investments.
Your willingness to jump in and fashion your home around smart tech will help dictate overall growth rates:
Smart technology and the Internet of Things (IoT) are enveloping the world in interconnectivity, and this is especially true in regard to smart homes and home automation. This year alone, $30.5 billion will be spent on smart home automation services as opposed to $8.1 billion in 2012, a 276 percent growth rate. In addition, the amount expected to be spent on smart home hardware this year is $41.3 billion.
There will be 10 smart home devices per household by 2020, and most homeowners, 66 percent, would prefer that their systems are installed by a professional installer according to Frost & Sullivan, a business consulting and research firm. Also, 71 percent of homeowners would sacrifice one feature of their home for smart home automation according to consumer research firm Loxone.
This means that there’s a large and growing opportunity for electrical contractors to sell, maintain, and install smart home and home automation systems. As a result, they’ll enjoy new revenue streams stemming from the enhanced services they can offer customers. WISE offers IoT-enabled smart technology solutions that electrical contractors can provide to their customers that will enable them to lower their electricity bill, shrink their carbon footprint, and automate their lifestyles for greater convenience.
Types of smart home systems electrical contractors can install
This is good for smart home customers too because electrical contractors are in the best position to professionally sell, install, and maintain smart home systems. Electrical contractors have a deep understanding of the technology when compared to DIY-ers, are up-to-date with relevant industry trends, and know how to integrate smart home systems for greater ease and convenience to homeowners. Here are some of the home automation systems that electrical contractors are currently able to provide to their customers:
Smart security systems – These systems allow homeowners to control keypads, locks, lights, cameras, motion sensors, and other aspects of home security remotely. Customers can also pre-program security controls so that their home will always be secure without them having to remember to turn on alarms or even lock the door. Smoke and carbon monoxide detectors can also be integrated to give you instant alerts the moment a dangerous situation arises.
Smart lighting systems – A home’s lighting can be programmed to automatically brighten or dim depending on the time of day or whether a person enters or exits a room. Customers can also monitor and control their smart lighting system’s energy usage throughout the to lower electric bills and reduce their carbon footprint.
Smart entertainment systems – Consumers can control home entertainment such as movies, music, and shopping all through centralized smart hubs in their home. They can also integrate smart pools, hot tubs, and saunas to make the most efficient use of energy for each.
Smart energy systems – Homeowners can monitor and control their home’s energy usage and store energy from the grid to use later. They can also combine these systems with renewables such as solar to minimize their dependence on the grid. As a result, they’ll lower their energy bills and reduce their carbon footprint at the same time.
The smart home market will continue to grow, and so will the opportunities for electrical contractors who sell, install, and maintain IoT-enabled smart home devices. Those who capitalize on this opportunity will be at an advantage over those that don’t.
For more information, visit WillCoEnergy.com.
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