BOULDER, Colo.--(BUSINESS WIRE)--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. Click to tweet: According to a new report from @NavigantRSRCH, 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 fivefold during the forecast period,” says 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. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Market Data: IoT for Residential Energy Customers, 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.