Smart Home Energy Management Device Shipments

Adoption of smart home devices for energy management such as thermostats, smart lighting, and indoor smart plugs are steadily increasing due to the energy crisis, consumer awareness, rising in energy unit prices, good ROI, and local regulations pushing for improved energy efficiency.

Regulations, eco bonuses, and subsidies in Europe (France, Germany, and Italy) for installing thermostats in all households will become mandatory by 2027, also driving adoption during the forecast period.

Smart lighting and Indoor plugs are easy to install and require minimal technical knowledge, leading to a larger adoption rate compared to smart thermostats, which retail at US$300 and do require professional services for optimal function.

Additionally, smart plugs retail for less than US$10, while smart lights average US$40, a low investment cost for homeowners to plug, play, and test the benefits of smart home devices on a small scale. Smart lights have the highest Compound Annual Growth Rate (CAGR) of 22% over the forecast period, followed by smart plugs at 12% and smart thermostats at 10%.