The global household smart appliance market is projected to grow from $3.06 billion to $15.12 billion, from 2011 to 2015, according to a new market report.
The smart appliance market is expected to grow hand in hand with the smart grid, and could be a leading driver of wealth creation over the next 10 to 15 years, states the Smart Appliance Report by Zpryme.
Countless companies are chomping at the bit to figure out the best way to enter the quickly evolving industry, led by major players like GE (NYSE: GE) and Whirlpool (NYSE: WHR).
The report highlights market segments for smart appliances under development for future smart grid consumers, dubbed 'gridders.'
In 2015, the global market size for smart washers and smart refrigerators will reach $3.54 billion and $2.69 billion, respectively.
In 2011, the US is projected to dominate the household smart appliance market, accounting for 46.6% ($1.43 billion) of the global market. In 2015, the US market share is projected to decrease to 36.0% ($5.46 billion) of the global household smart appliance market.
In 2011, China is expected to follow the US with a market share of 11.6% ($355 million). In 2015, China is projected to account for 18.2% ($2.76 billion) of the global household smart appliance market.
In 2011, the UK and Australia are projected to account for 4.8% ($146.0 million) and 2.8% ($87.0 million) of the global household smart appliance market. In 2015, the UK and Australia are projected to account for 6.4% ($969.0 million) and 3.1% ($470.0 million) of the global household smart appliance market.
The rest of world (ROW) is expected to account for 34.2% ($1.05 billion) of the global household smart appliance market in 2011. In 2015, ROW is projected to account for 36.3% ($5.51 billion) of the global household smart appliance market.
Energy efficiency and government subsidies are among the trends expected to drive the development of the smart appliance market. While China currently leads in total smart grid stimulus funding with $7.3 billion, the US leads in smart grid stimulus per capita with $23.09 followed by Spain $19.90, South Korea $17.00, and Australia $16.92 respectively.
Major manufacturers will be another driving force, supported by connectivity technology partners like Trilliant and Tendril Networks.
Consumers are expected to initially aim to purchase larger appliances such as refrigerators, dishwashers, clothes washers and dryers, and stoves/ovens.
Whirlpool expects to create cleantech jobs through its DOE-supported goal of producing one million smart dryers by 2012.