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 4 • Growing prevalence of single-person households 4 : One significant population shift around the world is the rise in the number of single-person households. As more people elect to "stay single," have fewer children and live independently, these single-person households with typically smaller square footage homes, are looking for ways to cut energy usage and costs. The result has been an emphasis on heating systems and smaller appliances (including micro appliances) to better reflect space needs and usage habits. Bob, the mini-dishwasher New companies have emerged selling compact, less energy-intensive appliances. Bob is one example, catering to consumers living independently or in smaller spaces. 46% of global consumers reheat or prepare meals 1-2 times a week 33% of global consumers want outside space as a home feature A US Treadmill Company created a treadmill desk This US treadmill company created a new product for at-home workers, incorporating a desk for consumers to walk while they work. A US Multipurpose Cooker Company A suvie cooking tool is a new tabletop appliance that cooks frozen meals in around 20 minutes. It does everything from thawing the meal, to properly cooking each component at the right temperature and texture. 2. Changing Values 5 : Today's consumers are prioritizing flexibility and convenience in their daily lives. With the home continuing to be the center of a consumer's existence, greater home-energy generation is being required to power a broader set of household needs. This includes ensuring adequate energy to support full-office technology, workout equipment, cooking appliances, and outdoor spaces for wellness and escape. Consumers are looking through a more specific lens at: • Working from home 6 : The increasing trend to work from home – initially enforced by COVID-19 mandates – has made consumers designate space for home offices. With a need to rely on strong and stable internet connections throughout the day, at-home workers will need to make sure their homes are equipped with more modern products and systems to support changing lifestyles and the heightened demand on energy usage. • Upgraded appliances 7 : Another by-product of COVID-19 has been the increased focus on home-cooking. Around the world, consumers are experimenting with new gadgets and mini-appliances (e.g., air fryers and pressure cookers) to facilitate both greater convenience and enhanced meal preparation. In addition, various governments are creating policies and providing incentives to shift away from gas-powered ovens and cooktops and move to more sustainable appliances. (See our trend paper "Smart Homes: A look into Today's Trends and Opportunities" for an in-depth look at home appliance trends). • Home design in health and wellbeing: Following a difficult and challenging few years, consumers are taking stock of their lives in a post-pandemic world. One major area of focus is health and wellness, which is being prioritized in all aspects of life – from elevated home sanitary systems to investments in enhanced outdoor living. This emphasis on new systems and home space will also require new levels of energy usage throughout the home. Graphic source: Euromonitor's Passport Home & Garden Data 2020-2026 0 2,000 4,000 6,000 8,000 10,000 12,000 US Germany France UK China Italy Spain Japan USD Millions Global Market Sizes For Outdoor Living Accessories (Grills, Outdoor Furniture, etc.) 2020-2026 2020 2022 2024 2026 +30% +53% +30% +67% +91% +40% +43% +2% 2020-2026 Forecasted Growth Rate