How HVAC Companies Can Benefit from the Growing Smart Home Market
HVAC companies can enter the growing smart home market by selling, installing, and maintaining smart HVAC and intelligent energy storage systems
The smart home market is expected to be worth nearly $41 billion by 2020, and intelligent energy storage is emerging as the crucial component that will facilitate its continued expansion. One of the main reasons for this is because intelligent energy storage can serve as a smart home’s central hub that integrates with other smart home technologies and controls how energy is distributed throughout
These systems typically consist of sensors and switches connected to a controller that users manage through an interface such as an app or wall-mounted terminal. They allow homeowners to control all their otherwise disparate smart home technologies from a central location. The result is lowered energy costs, greater lifestyle convenience, and a healthier environmental impact
We can expect energy storage market to heat up in the near future as the Federal Energy Regulatory Committee recently voted to remove barriers that hindered the industry’s development in terms of capacity, energy, and ancillary services. Kelly Speakes-Backman, CEO of the Energy Storage Association, said the FERC "signaled both a recognition of the value provided by storage today, and more importantly, a clear vision of the role electric storage can play, given a clear pathway to wholesale market participation."
As smart homes become more popular, home buyers increasingly expect new houses to be equipped with smart technology such as intelligent energy storage and smart home HVAC technologies. In addition, homeowners who are interested in lowering their homes’ carbon footprint are also becoming increasingly interested in intelligent energy storage that connects with renewable energy to become more self-sustaining while reducing waste.
Smart HVAC technologies include motion-sensor air conditioning with automated humidity control, ventilation with smart air filters, and lighting systems which power on only when someone is present in a specific area within a home. In addition, they can be programmed to automatically reach certain levels of energy usage when integrated with intelligent energy storage. Other smart HVAC technologies in high demand include thermal or ice-power air conditioning and on-demand hot water recirculators that allow cool water to be pumped back into a home’s water heater.
Smart HVAC tech, smart homes, and intelligent energy storage
However, there’s one problem: only highly qualified technical professionals can install intelligent energy storage systems. In addition, the smart homes market is fragmented with many competitors of various sizes vying for control of market share. However, this creates an opportunity for HVAC companies to expand their service offerings to their customers by partnering with smart home technology and intelligent energy storage companies to sell, install, and maintain their products. This is especially true because 75 percent of smart home devices are purchased through service providers today, and the industry has a 31 percent compound annual growth rate. This means that the opportunities for HVAC companies will likely only increase as time goes by, but those who enter the space earlier will have a greater advantage than ones that come late to the game.
As the smart home and intelligent energy storage market continues to develop, so too shall opportunities for HVAC companies to enter and profit from it. Contact us today to see how your HVAC company can profit from selling, installing, and maintaining WISE technology to your customers.