US Smart Home Market Will Create New Revenue Streams and Reduce the Carbon Footprint within the Built Environment
Powered by analytics and real-time automation, the smart home is emerging as a dynamic asset for orchestrating how power is generated and used
A new report from Navigant Research explores how smart home developments can demonstrate the potential for innovation in the built environment.
The impacts of technology disruption and digital transformation on the energy industry are rewriting the rules for how energy is generated and used. With residential primary energy consumption representing 11% of US energy consumption today, the smart home is an important part of the story. Click to tweet: According to a new report from @NavigantRSRCH, the smart home will create new revenue streams for technology and service providers, drive efficiency and convenience for homeowners, and help address climate change goals by reducing the carbon footprint within the built environment.
“Powered by analytics and real-time automation, the smart home is quickly emerging as a dynamic asset for orchestrating how power is generated and used through automated devices and systems,” says Casey Talon, research director with Navigant Research. “The orchestration of major energy-consuming end uses such as air conditioning and hot water heating alongside distributed energy resources (DER) like solar, storage, and energy efficiency measures will maximize the value of a smart home in the Energy Cloud by offering demand flexibility into the grid.”
To fully realize the potential of the smart home in the Energy Cloud, Navigant Research recommends architects, designers, and developers leverage building information modeling (BIM). OEMs must focus on amplifying their solutions with digital capabilities, while service providers should explore partnerships with digital technology and OEMs. Electric utilities are advised to develop partnerships for a stake in the smart home market.
The report, New Residential Construction in the US Demonstrates Smart Home Potential in the Energy Cloud, discusses how new smart home developments can demonstrate the potential for innovation in the built environment. The study examines the opportunity for a new kind of solution provider, an orchestrator, that will utilize IoT, automation, and DER to aggregate homes as a system for energy optimization. The report presents holistic smart home approaches to energy management that can bring even greater climate change impacts. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, New Residential Construction in the US Demonstrates Smart Home Potential in the Energy Cloud, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.