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SMART HOME APPLIANCES MARKET

04-18-2017 11:13 AM CET | Fashion, Lifestyle, Trends

Press release from: Marketresearchnreports

Smart Home Appliances Market is expected to reach $38.35 billion by 2020, registering a CAGR of 16.6% during the forecast period of 2015-2020. Smart home appliances are next generation conventional home appliances, equipped with advanced features for receiving, processing, and transmitting information using smartphones, tablets, and laptops.

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Increasing use of appliances in homes has led to higher energy consumption, thereby, posing challenges for power companies to produce more electricity. According to the U.S. Energy Information Administration, the global energy demand would increase by nearly 37% by 2035. In such a scenario, the adoption of smart home appliances would increase, as they facilitate real-time communication to operate the device at low frequencies or shift the operations time to off-peak periods. Thus, smart home appliances offer revolutionary control features to consumers as well as service providers along with enhanced convenience, security, and efficiency.

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