The residential Internet of Things (IoT) market continues to gather steam as consumers find value in connected devices that help automate their homes and provide greater energy efficiency. The result is an emerging paradigm where utility customers have access to affordable tools for creating more intelligent homes that enhance comfort, security, and efficiency. Navigant Research expects this IoT trend to grow in the coming years as industry stakeholders meet the demand for integrating disparate devices and in-home systems.
Overall revenue from residential IoT device shipments is expected to more than quadruple in the coming 10 years. Smart thermostats and electric vehicle (EV) charging systems are among the numerous products consumers are connecting to home area networks and the energy grid. However, as consumers adopt an increasing number of connected devices, they face challenges in how to integrate these devices. Key stakeholders can help consumers sort this out by providing added value through data insights. According to Navigant Research, global revenue attributed to residential IoT devices is expected to grow from $26.5 billion in 2016 to $117.3 billion in 2026.
This Navigant Research report analyzes the global market for residential IoT devices and services. The devices covered 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 trends related to residential IoT devices, with an emphasis on the residential built environment, larger electrical load devices, and devices that enable generation or storage.