There is widespread growth throughout the global market, with washing machines leading the way in smart appliance purchases according to a new study from SBI Energy.
A substantial component of the residential demand response capabilities of the smart grid is made up of the growth and development of smart appliances, as well as the installation of home energy management systems.
The smart appliances are marketed as stand alone products and highly energy efficient, that operate with minimal user maintenance. This however, is dependant on the successful development of the larger smart grid as a whole.
The report estimates the global market for smart appliances to reach $7.7 billion in 2012. Expansion through 2016 is expected to occur at a five-year compounded annual growth rate of nearly 8% to reach $11.3 billion.
Washing machines have a consistent and rapid growth curve, and are the leading segment of smart appliances . They will have the largest ROI among all the consumer products due to the ability to defer use to off-peak periods and their intermittent use.
“U.S. manufacturers will focus the majority of their product development efforts on washing machines through 2021,” commented SBI analyst Darren Bosik, who authored the report. “Washing machines alone will make up roughly 2.3 million global units, of the 12 million smart appliances expected to be in production by 2021.”
Future or current smart appliances include tumble dryers, refrigerators, freezers, ovens, electric water heaters, dishwashers and air-conditioners.