Hardware Retailing The Industry's Source for Insights and Information
Smart energy management devices such as thermostats and smart lighting are entering more homes, giving people greater control over their energy use and more options for altering the ambience of their surroundings, says Steven Hummel, manager of market research for the Consumer Technology Association (CTA). According to the CTA’s Exploring the Smart Home in 2022 report, over 70% of households in the U.S. own at least one smart home device. Mordor Intelligence found that the worldwide connected home market is projected to grow at a compound annual growth rate (CAGR) of 25% from 2020 to 2025.
“Given current economic and geopolitical conditions like the impending global recession and the ongoing war in Ukraine, U.S. consumers will increasingly look to savings where they can, especially where it keeps energy costs down,” Hummel says. “Beyond smart energy management, connected appliances will continue to offer convenience, customization and easier ways to get things done in the kitchen and around the home.”
As more and more consumers look for smart solutions in their homes, consider stocking these smart energy management devices and appliances:
