TopicsBusiness Strategy Smart Home Strategy
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Powerley’s CEO, Manoj Kumar, discusses barriers to smart home adoption and how utilities are uniquely positioned to own the home energy management market.
Despite growing predictions of the smart home market, mass user adoption faces several challenges. The market is fragmented, and the current value proposition for the customer is sup-par. Observing this gap and the potential market value, many companies are vying for position.
Home energy management is at the cornerstone of the smart home proposition. For this reason, utilities have taken notice. Unlike new entrants to the market, utilities have several strengths that present a competitive advantage. For one, providing home energy management is a natural extension of existing services for utilities, and customers welcome the addition. In addition to providing new potential revenue streams, it also enables utilities to meet energy efficiency goals and implement successful demand response programs.
This is a pivotal point in the energy industry. Electric companies can be the victim of disruption or seize the opportunity to drive new levels of efficiency and growth.