Utilities have slowly moved from passively supplying electricity to consumers to innovating new business avenues and offering a wide array of energy and other products and services to existing customers. They have already entered the home rooftop solar and storage market and the energy management systems market. The automated home is a new market that a few utilities have started to explore.
The automated home market passed $23bn in 2018, according to GlobalData estimates, and is expected to reach $75bn by 2025, having grown at a compound annual growth rate (CAGR) of 18%. Much of that growth will be driven by smart thermostats, which are becoming increasingly common as consumers and governments look to control energy consumption.
Utilities have a huge opportunity to exploit in the home automation business. The biggest advantage is that utilities have a huge existing base of customers and do not need to spend capital and resources on customer acquisition. There are several routes utilities can take to enter the home automation market. Forming strategic partnerships with home automation device makers can prove to be a mutually beneficial arrangement for both the parties involved. The device makers get access to the huge customer base of the utility, and the utility, through the use of these devices by the customers, gains access to the consumption related data of the customers.
- This report explores the entry of utilities in the home automation market. The report discusses several trends in the home automation market and the trends of utilities in the market. It looks at several cases of utilities entering the home automation market through partnerships, acquisitions, and investments. The report discusses several players from each layer of the market’s value chain.
Reasons To Buy
- The report gives comprehensive analysis of the home automation market and then discusses how utilities have been entering this market and also possible straegies for the future of utilities in the home automation market.
- The report identifies major players from the home automation market; as well as the major utilities that have been active in the home automation sector.
- The report gives a chance to understand how utilities and home automation companies may move forward, collaborate and build automated infrastructure for residences.