Monday, December 05, 2016

Insurance to drive sales of smart water devices in U.S.

IoT research firm shows 14% of U.S. broadband households plan to buy a smart water leak detector in 2016

A new report from Parks Associates finds annual sales of smart water leak detectors in North America will exceed 3 million in 2016, and these devices will get a boost from the insurance industry over the next four years. Only 3% of U.S. broadband households owned a smart water leak detector at the end of 2015, but 14% plan to buy one in 2016.

“Smart leak detectors are getting serious consideration by the insurance industry thanks to their potential to mitigate risk of water damage,” said Brad Russell, Research Analyst, Parks Associates. “Most current detectors are easily installed on top of existing home control systems, and new Wi-Fi models, such as the Honeywell Lyric Wi-Fi Water Leak and Freeze Detector, can serve as an entry point for smart home technologies. Currently insurers are offering device education and product recommendations to their customers and are looking to test new strategies to incentivize adoption of these devices.”

In addition to Honeywell, key players in smart water leak detectors include Aeon Labs, GE Security, FortrezZ, and leakSMART, along with those solutions offered by smart home platforms like Samsung SmartThings, Lowe’s Iris, and Insteon.

The Parks Associates report, Managing Home Resources: Smart Energy and Water Products, also examines smart energy technologies and smart sprinkler controllers. Nearly 10% of U.S. broadband households own a smart thermostat. Smart sprinkler controllers combine a variety of data sources to combat inefficient irrigation methods; North American households will buy nearly 2 million smart sprinkler controllers in 2016.

“The popularity of smart thermostats, invigorated by the Nest Learning Thermostat, continues to grow,” Russell said. “Twenty percent of U.S. broadband households plan to purchase one in 2016, driven largely by their ease-of-use and potential for energy and cost savings. Smart thermostats can quickly pay for themselves. The average U.S. household saves $173-$219 by using a smart thermostat.”

Managing Home Resources: Smart Energy and Water Products examines the market for smart thermostats, smart water leak detectors, and smart sprinkler controllers. It assesses which consumer segments are most likely to purchase resource management devices and what other device categories consumers are most likely to adopt. The report also examines key industry players and trends in energy and water management, and it includes five-year forecasts for smart thermostats, smart leak detectors, and smart sprinkler controllers.

Parks Associates will present new smart energy data at the firm’s Smart Energy Summit: Engaging the Consumer on February 20-22, 2017, in Austin, Texas. Visit www.ses2017.com for updates on the conference and the expanding market for energy solutions and home controls.

Managing Home Resources: Smart Energy and Water Productsis available to purchase at www.parksassociates.com. To schedule an interview with an analyst or to request specific energy management or smart home data, contact Holly Sprague at hsprague@gmail.com, 720.987.6614.

About Parks Associates: Parks Associates is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates creates research capital for companies ranging from Fortune 500 to small start-ups through market reports, primary studies, consumer research, custom research, workshops, executive conferences, and annual service subscriptions.

The company's expertise includes the Internet of Things (IoT), digital media and platforms, entertainment and gaming, home networks, Internet and television services, digital health, mobile applications and services, support services, consumer apps, advanced advertising, consumer electronics, energy management, and home control systems and security.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Smart Energy Summit: Engaging the Consumer, and Connected Health Summit: Engaging Consumers.

http://www.parksassociates.com

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