The home and utilities technology sector is constantly changing with continuous innovations in IoT and data analytics technology. Convenience and efficiency are no longer a “nice-to-have” but have become a priority, and even an expectation, for homeowners and tenants. Smart home technologies that provide reassurance, added comfort and the ability to monitor and control will be winners in 2021.
The utilities industry no doubt underpins much of the innovation as it forms the backbone of these home technological advancements. A major buzzword in the utilities sector for the coming year seems to be energy efficiency – which isn’t a surprise considering we’re living in the age of green products and digital transformation. Here are some trends in the home and utility technologies sector:
1. Smart meters
Smart electricity meters play a significant role in the industrial, residential, manufacturing, and commercial sectors, as these meters measure the energy consumed by the consumers in almost real time. According to Mordor Intelligence, the smart meter market witnessed a shipment of approximately 131.23 million units of smart meters globally in 2019 and is estimated to reach 188.12 million units by 2025. Their key market trend predicts that smart electricity meters will be witnessing its highest growth between their date of the study, 2020, till 2026.
2. The use of data analytics
According to The Utility Expo, the convergence of Data and Analytics is a top technology trend for 2021. For years now, smart home technologies have been collecting data about how the devices are used. The future of technology, however, isn’t necessarily about collecting more data, the real gem lies in being able to analyse this data to make devices “smarter” and able to make predictions more accurately. Ultimately, companies want to understand and use this data to improve their customer experience.
3. Energy-efficient smart appliances
With an array of options like smart aircons, thermostats and sprinklers, it’s easier now more than ever to have complete control over your appliances even when you aren’t home. Complete control ensures that people are using energy efficiently and according to their specific needs. Many smart devices also give users the ability to switch the appliance off remotely especially if it’s not in use.
4. Smart plugs and lighting
They’re been around for years, but 2021 is the year we finally see smart plugs and lighting being the most mainstream option. For once they’re becoming the standard, not the exception. This has tons of energy consumption benefits as they tend to be more energy-efficient as well as more convenient.
5. The shift towards renewable energy
According to The Utility Expo, forward-looking utility providers are using technology to ease the transition as the energy sector shifts to solar, wind and other renewable sources. With more people working from home due to a global pandemic and the needs in the industry changing, more focus is being placed on finding alternatives to ease peak loads and find more “off-the-grid” solutions.
Only time will tell how changing consumer behaviour will impact the new home and utility technologies of the future. The good news is that energy efficiency is what comes out on top and 2021 will see major leaps towards a more intentional, greener future.