IoT Technology Driving Smart Household Appliances In The Global Electrical Equip
Posted by praneethtbrc on September 28th, 2018
The electrical equipment industry comprises establishments manufacturing electric lighting equipment, household appliances, electrical equipment manufacturing batteries, wires, and relay and other electrical equipment, electronic products and components.
The electrical equipment manufacturing market in this report is segmented into power generation, transmission and control manufacturing, household appliances manufacturing, communication and energy wire and cable, batteries manufacturing and electric lighting equipment manufacturing.
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The global electrical equipment manufacturing market has been growing in the past years with a CAGR of almost 5%. The year 2017 recorded growth in this market with a net market value more than 16% higher than that of 2013, as per TBRC’s in-house consultants.
TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the global electrical equipment manufacturing market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
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Household appliance manufacturers are integrating their products with IoT technology to make customers lives comfortable and convenient. Internet of Things technology is the interconnectivity of physical objects and devices that are integrated with sensors and software that allow them to exchange and collect data. Major technologies enabling smart household appliances include Wi-Fi, Bluetooth Low Energy, micro server and micro-electromechanical systems. For instance, LG has created homechat, an app that enables the user to monitor their refrigerators, cookers, washing machines and other devices from anywhere through their smart phones. The homechat technology was introduced by LG initially in South Korea and is moving to other global markets gradually. According to report by IHS, the global smart connected electronics shipments is estimated to be over 223 million by 2020.
Companies included in the report are Panasonic Corporation, Samsung Electronics, and ABB Ltd.
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