Issue link: https://te.mouser.com/i/1522749
TREND PAPER / HOME ENERGY STORAGE: NEXT GENERATION OPPORTUNITIES IN SMART HOMES Home Energy Storage Next generation opportunities in Smart Homes 6 9% growth in the consumer price index between 2021-2022, up from 5% from 2020-2021 1.7% growth in consumer savings globally between 2020-2022 7% CAGR is expected for the global clean energy technologies market size between 2021-2026 36mn Smart home appliances shipped to consumers in 2022. Electrolux's Appliance-as-a-service Model Electrolux has introduced a new business model where consumers can rent appliances. Aloe Care Health Medical Alert System This system, built on a smart hub, easily connects consumers to a 24/7 emergency response center through voice-activated calls for help. Other smart features include fall detection, and temperature and air quality reporting. Octopus Energy Heat Pump Installation This UK energy company is helping consumers transition their homes from gas-fueled central heating to renewable energy provided by heat pumps – an effort gaining traction in light of UK policies. China's new luxury EVs in 2023 The Yangwang U8 off-road SUV and the U9 supercar are recent developments in luxury EVs. With prices above $100,000, they offer extreme features including the ability to float in water. 4. Shifting Economic Power 14 : Consumers have faced a myriad of difficult financial situations over the past few years as COVID-19, geopolitical issues, and inflation have served to slow savings rates and increase spending. Energy costs have been a big part of this conundrum as both usage and prices have soared. As consumers look for ways to save, there is greater urgency in upgrading to cleaner energy systems, such as heat pumps and solar technology. Accessible pricing levels will also be an issue, with a clear need to cover installation costs. Factors that are shifting economic power include: • Greater demands for alternative energy 15 : In Europe and parts of APAC, energy bills are higher than ever as a result of the reliance on Russian natural gas and inflationary costs. With consumers unable to afford this type of energy, there is a heightened focus on using less energy and finding alternative energy forms that cost less. This is one area where government policies are playing a key role by offering subsidies for short-term relief, as well as incentive programs for long-term home-related investments. • Inflation encourages downgrades and second-hand buying 16 : With inflation high, price-sensitive consumers are looking for ways to save on their appliances. Purchasing or renting "used" equipment has emerged as one option. In Japan, Singapore and parts of Europe, appliance companies are also testing various business models to offer cost-effective and sustainable options. If price-sensitive consumers elect to downgrade to cheaper models, standby and usage power will likely be higher – an issue that will impact the requirements for home energy storage. 5. Technology 17 : Significant investments are continuing to be made in clean energy technology, driving the advent of newer and more sustainable products. As consumers deal with inconsistencies in power sources, they will be seeking more efficient, seamless, and overall elevated experiences from these new technologies in their homes and vehicles. One anticipated development will be the focus on home energy independence, allowing consumers to look to their homes for full energy generation, usage, and storage. As this reliance builds, safety features and backup systems will also become crucial for long-term usage. Taking a deeper look at these technology opportunities: • Rise in luxury and premium status of electric vehicle (EV) ownership 18 : Globally, the rising demand for EVs is not only being propelled by sustainability concerns, but also the "cool factor" these vehicles proffer. Vehicle manufacturers are answering this call by constantly advancing their EVs with sleeker, more premium designs and features. As a result, the market is expected to continue flourishing, with a range of hot new models. • Home devices require 24/7 connection and support 19 : New technologies continue to make the lives of consumers easier and more secure. People now have access to automated package deliveries and even telehealth services that allow for minute-by-minute monitoring of health conditions. To suit these new conveniences, homes need to be equipped with round-the-clock connection and adjacent support systems to allow for these technologies to function fully and safely.