New York, NY, U.S.A. — (METERING.COM) — July 26, 2012 – Smart appliances are experiencing widespread growth throughout the global market, with washing machines leading the consumer charge in smart appliance purchases, according to a new study from SBI Energy.
The report finds the growth and development of smart appliances represents a substantial component of the residential demand response capabilities of the smart grid, as well as the installation of home energy management systems.
However, while smart appliances are sold as standalone products and marketed as highly energy efficient machines that operate independently with minimal user maintenance, their growth trend is dependent upon the successful development of the larger electric smart grid.
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 are the leading segment for smart appliances, with a steep, consistent and rapid growth curve, according to the report. They will likely prove to have the greatest ROI among all consumer smart products due to their intermittent use and ability to time-defer use during off-peak periods.
“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.”
Other current or future smart appliances include tumble dryers, freezers, ovens, electric water heaters, air conditioners, refrigerators, and dishwashers.