In a new report published by Pike Research (News - Alert), a Navigant Consulting partner, the number of smart appliances in homes will triple by 2020. Smart appliance technology will play a significant role in driving the home appliance market in the near future, according to a recent Yahoo Finance article.
The term, smart appliance, refers to the use of a load optimization strategy by the appliance to manage the power being used during different times of operation. This allows for a drop in energy draw during periods of low operating conditions, for example over night when a refrigerator remains cold easily because it’s not frequently opened, allowing cold air to escape.
This type of technology will go a long way in reducing homeowner energy costs and the amount of power required by power stations.
The two main factors that have impeded their market impact up to this point have been availability and cost. The lack of a wide range of styles for most of the appliances have led to low demand, and thus, a higher cost to profit ratio for the select brands choosing to produce them. The current economic condition will drive the need to cut costs on household expenses and education on the smart appliance market is predicted to rise.
If this leads to an increase in demand for the products, more companies may dive into the market, forcing prices down.
Until those affordable options become available, there are alternatives to reduce the power consumption in your home. Smart plugs are devices that will plug into existing power outlets and use circuitry to monitor and control power usage. These plugs have to potential to pay for themselves within a six month window, and add confidence that you’re using the minimum amount of energy your need in your home.
Edited by Braden Becker