Smart Appliances Market: Introduction
Smart appliances allow the user to manage everyday home appliances, such as ovens, refrigerators, stoves, and air conditioners. They are the class of next-generation connected equipment that are designed to be controlled with the help of commands from a central system or communicate with other appliances in a network and make certain decisions for the owner. A smart appliance makes use of a home area network to interface with other devices in the customer’s premise, or other channels to communicate with utility systems. Smart home devices help in decision-making, solve daily challenges, and make life healthier and safer. Currently, people do not have to worry about whether a device at home is left on. Smart technology automatically switches off the device if no one is at home. In a nutshell, smart appliances are the domestic face of the Internet of Things (IoT).
Key Drivers of the Smart Appliances Market
- Increasing popularity of home automation is giving the smart appliances market a major head start. Other factors that are helping bring about a remarkable change in the way consumer appliances are designed and manufactured include the need for more energy efficient appliances, a massive rise in the use of smartphones, and an increasing number of technology-savvy consumers.
- Government regulations across the globe have increased the importance of energy saving that further drives the global smart appliances market. Moreover, the promise of added convenience when using these appliances, the amount of time saved as compared to operating them manually, and the reduction in power and energy consumed are drivers propelling the popularity of smart home appliances on a global scale.
Integration of technology and appliances creating opportunities in the smart appliances market
The future of integration between appliances and technologies creates new opportunities. For instance, smart homes can become “intelligent homes.” In that vision, lighting and temperature settings can anticipate the users’ needs without commands. Latest innovation in smart appliances are customizing materials and finishes for kitchen appliances according to one’s needs. Instaview feature that comes with an app for voice-activated assistant offers multiple cooking modes. Water heaters have technology that promotes faster water heating and lower electricity consumption and allows to monitor the system remotely. Smart appliances have enhanced consumer security, privacy, and confidence with better connectivity, wireless remote control, and robots at home.
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Government regulations for consumer protection and other factors a restraint for the smart appliances market
Governments set regulatory requirements for smart appliances through primary or secondary legislation. Regulatory requirements are based on the principles of interoperability, data privacy, grid-stability and cyber-security, and consumer protection. Governments work in tandem with industry to develop technical standards for smart appliances as needed. Governments also align internationally whenever that is in line with the interests and obligations of other countries.
Asia Pacific the largest growing market
Emerging economies such as South Korea, China, and India register high demand for smart appliances. With increased disposable income and easy affordability, demand for various home appliances such as lighting systems, household robots, smart refrigerators, vacuum cleaners, smart HVAC, microwave ovens, smart TVs, air conditioners, hot water systems, and smart washing machines are likely to be high in the region. The expanding network of high-speed internet and advancement in sensors, microchips, hardware products, and connectivity mediums are aiding the growth of the global smart appliances market.
Key Players Operating in the Global Market
Companies are working on product innovation and development to increase their customer base. Furthermore, key companies are adopting the merger and acquisition strategy to improve their market revenue at the global level. Some of the major companies identified in the smart appliances market are:
- AB Electrolux
- Samsung Electronics Co. Ltd
- Whirlpool Corporation
- LG Electronics Inc.
- BSH Home Appliances Corporation