A new report from Navigant Research examines the global market for residential Internet of Things (IoT) devices and services, including forecasts for shipments, installed base, average selling prices, and revenue, segmented by device type and region, through 2026.
Connected devices have proliferated in the last few years, giving residential utility customers easy and affordable tools that allow them to create more intelligent homes with greater levels of comfort, security, and efficiency. 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. According to the report, 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 five-fold 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 fueling 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. As consumers adopt an increasing number of connected devices, key stakeholders can help consumers overcome challenges in integrating these devices and deriving benefits from them by providing ongoing data insights to achieve more automated and efficient homes.
The report, Market Data: IoT for Residential Energy Customers, analyzes the global market for residential IoT devices and services. The devices covered in this study include smart meters, connected or smart thermostats, connected lighting, smart appliances, security systems, smart plugs, EV chargers, solar PV systems, and onsite energy storage systems. Global market forecasts for shipments, installed base, average selling prices, and revenue, segmented by device type and region, extend through 2026. The report also examines the expected trends related to residential IoT devices, with an emphasis on the residential built environment, larger electrical load devices, and those devices that enable generation or storage.