"The integration of new technologies such as virtual voice assistants and IoT-enabled products will boost growth, spawn new revenue models and drive partnerships between connected home participants, device suppliers, utilities and technology giants such as Google, Amazon, and Apple," said Energy & Environment Senior Research Analyst Anirudh Bhaskaran.
Other developments driving accelerated growth include:
- The residential LED lighting market will witness a year-on-year growth rate of 16.7 percent in 2017, largely assisted by the rapid adoption of LED lamps in India, China, South Korea, and other Southeast Asian countries. IoT-enabled LED lighting will fast-track the growth of connected buildings and their services in 2017.
- The connected homes market will grow beyond $150 billion, with a revenue growth rate of 14.9 percent in 2017. Smart thermostats, Internet protocol cameras, smart door locks, and personalised mobile health services will see strong growth.
- Data analytics will penetrate beyond energy management in 2017, e.g. equipment management, people management, and supply chain.
- The cloud's full potential in energy management will be realised by developing a centralised data repository for customers to access their building's energy data.
- Connected HVAC systems in the commercial segment will augment predictive maintenance and remote diagnostics capabilities in 2017.
- Germany, Australia, the United States, and Japan will collectively witness over 90 percent growth in photovoltaic (PV)-associated storage capacity additions in 2017.
- Solar PV, LED, and lithium-ion technologies will have a high impact on the industry in the near term, with facilities management contributing the most revenue to the home and building industry.
- The residential energy storage market will witness significant growth in 2017, largely driven by international rollouts and government incentive schemes.
"The homes and buildings industry is crowded with both proprietory and open communication protocols, creating challenges related to interoperability and data security. The future industry is moving rapidly toward wireless communication protocols due to scalability and flexibility," said Anirudh. "To seize a significant growth opportunity, hardware manufacturers must develop products that are compatible with both wired and wireless protocol, while software manufacturers must develop vendor-agnostic, secured, open-source platforms that make all hardware work on a single platform, irrespective of the manufacturer."
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SOURCE Frost & Sullivan