A Hands-On Intro to Today's Connected Home
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The connected home will fundamentally change the homebuilding industry. Twenty percent of homeowners now use at least one automated feature in their homes, and the majority want their next home to be "smart.”
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A Hands-On Intro to Today's Connected Home
- 1. © 2016 HomeSphere, LLC A Hands-On Intro to Today's Connected Home
- 2. © 2016 HomeSphere, LLC Ric Miles Principal Rachio John Webster Director of New Residential Construction Lennox Industries Mollie Carmichael Principal John Burns Real Estate Consulting Glenn Renner CEO HomeSphere 2
- 3. © 2016 HomeSphere, LLC Learning Outcomes Explore consumer research and the technology that today's buyer will pay to have. Identify the most sought-after connected products and systems on the market and how they can be used in current and future projects. Discover leading-edge technology and how it can be applied to future planning. 3
- 4. © 2016 HomeSphere, LLC 3.03 3.75 5.06 6.4 0 5 10 15 20 25 2013 2014 2015 2016E 2020E DevicesinBillions Connected Objects in Use 21 IoT Explosion 4
- 5. © 2016 HomeSphere, LLC IoT for the Home = A Booming Market $0 $100 $200 $300 $400 $500 2014 2015 2016 2017 2018 2019 Connected-Home Revenue (in Billions) 5
- 6. © 2016 HomeSphere, LLC IoT for the Home = Highly Desirable 0 5 10 15 20 25 30 35 Smart thermostat Wearable fitness Connected security Smart fridge Smart watch Self-driving vacuum Wearable display Smart clothing Percentage that own/plan to own Projected New Adoption by Consumers 5 years 1 year 6
- 7. © 2016 HomeSphere, LLC IoT for the Home by Category Smart Home Energy Smart Home Security Smart Appliances Other Systems 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2012 2013 2014 2015 2016 2017 2018 2019 ShipmentsinMillions Global Connected-Home Device Shipments Source: The Connected Home Report, BI Intelligence, 2014 7
- 8. © 2016 HomeSphere, LLC Mollie Carmichael, Principal John Burns Real Estate Consulting 8
- 9. © 2016 HomeSphere, LLC The Sample is Perfect for Builders!New Home Shopper Respondents: 21,065 Audience: Shoppers from New Home Offices Focus: “What do they want in their next home?” Source: Consumer Insights 2016 9
- 10. © 2016 HomeSphere, LLC Valid for New Home and Resale Shoppers 92% New 77% Resale Consumers were shopping both new and resale. Source: Consumer Insights 2016 10
- 11. © 2016 HomeSphere, LLC More Time. More Savings. More Comfort. Source: Consumer Insights 2016 The key ingredients to good technology? 11
- 12. © 2016 HomeSphere, LLC 85% want energy-efficient home products if it will save on their monthly expenses. Source: Consumer Insights 2016 12
- 13. © 2016 HomeSphere, LLC Buyers Will Pay to Save. Prove It. 26% 34% 14% 11% 15% 0% 5% 10% 15% 20% 25% 30% 35% 40% $5k for $50/Mo $10k for $$100/mo $20k for $250/Mo $30k for $250/Mo No interest Source: Consumer Insights 2016 What will they pay…by Monthly Savings 13
- 14. © 2016 HomeSphere, LLC Top Energy-Efficient Features 1. Lighting 2. Temperature Control 3. Tankless Water Heater 4. Insulation 5. Clean Air 6. Solar Panels Image Source: Consumer Insights 2016 14
- 15. © 2016 HomeSphere, LLC 65%want a smart home monitoring system for $2,500. Source: Consumer Insights 2016 15
- 16. © 2016 HomeSphere, LLC 57%want to manage their energy bills. Make them comfortable physically and financially. Source: Consumer Insights 2016 16
- 17. © 2016 HomeSphere, LLC What smart-home products generate sales and deliver benefits for builders/homebuyers? 17
- 18. © 2016 HomeSphere, LLC John Webster, Director of Residential New Construction Lennox Industries Ric Miles, Head of Strategy and Business Development Rachio 18
- 19. © 2016 HomeSphere, LLC Smart Systems that Intelligently Manage People’s Living Environment iComfort S30 3.1 smart communicating thermostat Control from smart device 19
- 20. © 2016 HomeSphere, LLC Smart Away Mode • Geo-fencing technology uses the GPS on your mobile phone to detect if you are home or away • Automatically adjusts your temperature when you leave the house and come home • You’re always comfortable and always saving money – without thinking about it • Adapts to your Life 20
- 21. © 2016 HomeSphere, LLC Leaving the Home Automatically sets the temperature back to save energy Returning Home Automatically returns system to normal schedule Smart Away
- 22. © 2016 HomeSphere, LLC Feels Like Temperature • Comfort is a combination of temperature and humidity • Just like the weather report, Feels Like factors in temperature and humidity • When you set it to 72, and it Feels Like 72 – all year long • With Perfect Temp – Set one set point and the system will heat or cool to keep it exactly where you want it 22
- 23. © 2016 HomeSphere, LLC Allergen Defender Monitors air quality by zip code Automatically turn on fan to clean the air Allergy relief when you need it 23
- 24. © 2016 HomeSphere, LLC 2016 Enhancements iComfort S30 3.1 2424
- 25. © 2016 HomeSphere, LLC Automatic Detection 25
- 26. © 2016 HomeSphere, LLC Automatic Equipment Setup 26
- 27. © 2016 HomeSphere, LLC Introducing the iComfort S30 Installation Report Verify Installation Review Settings Remote Troubleshoot 27
- 28. © 2016 HomeSphere, LLC Day View Hour View Toggle On/Off Cursor 10/16/15 See total runtime hours Performance Reports
- 29. © 2016 HomeSphere, LLC Advanced Warnings • Truly proactive system diagnostics • Prevent problems before they occur • Alerts homeowner and dealers about potential issues before they become problems 30
- 30. © 2016 HomeSphere, LLC Smart Alert Your system is experiencing a problem. Please contact a service technician 31
- 31. © 2016 HomeSphere, LLC Buyers Pay to Save
- 32. © 2016 HomeSphere, LLC What is the current adoption rate for connected products in the industry? At your company? 33
- 33. © 2016 HomeSphere, LLC Why do consumers adopt? 97% want the lowest operating costs. Source: Consumer Insights 2016 34
- 34. © 2016 HomeSphere, LLC Why do consumers adopt? 90% want to prepare for rising energy costs. Source: Consumer Insights 2016 35
- 35. © 2016 HomeSphere, LLC Why do consumers adopt? 87% ranked a functional layout over energy-efficient features. Image Source: Consumer Insights 2016 36
- 36. © 2016 HomeSphere, LLC Why do consumers adopt? Only 15% said energy efficiency was not important to them Source: Consumer Insights 2016 37
- 37. © 2016 HomeSphere, LLC Most Desired Smart Home Devices Source: 2015 State of the Smart Home Report – iControl Networks Most desired – Self Adjusting Thermostat 38
- 38. © 2016 HomeSphere, LLC Optimistic GrowthMillions • Acceptance of smart control products has been increasing at a rapid rate, driven by smartphone penetration and increased consumer awareness. • Lennox adoption rate has increased significantly. • Over half the high-end systems sold are controlled by smart thermostats. • Smart technology is a major driver for the HVAC industry. • Wi-Fi thermostat sales will double by 2017; 10X by 2020. 39
- 39. © 2016 HomeSphere, LLC Smart Controls = Smart $ • If it ain’t broke don’t fix it: historical sprinkler controller turnover rate has been around 6%. • But when it comes to smart, 86% of customers updated a working controller for a smart controller. • Market forces like drought, rising water prices and growing channels like Amazon are expanding the turnover rate.
- 40. © 2016 HomeSphere, LLC What does the future hold? 41
- 41. © 2016 HomeSphere, LLC Solutions on the Market Today 1. Security 2. Temperature control 3. Lighting 4. Entertainment 5. Appliances 6. Measured performance 7. Better health 8. Community Source: Consumer Insights 2016 42
- 42. © 2016 HomeSphere, LLC The Future Heated floors? 42% will pay $1,500 for heated bathroom floors. Another 8% will pay $4,500 for a heated driveway. Advantage? Comfort. Source: Consumer Insights 2016 43
- 43. © 2016 HomeSphere, LLC The Future 60% will pay for built-in speakers at $1,500. 58% will pay another $1,500 for a Bluetooth sound system. Advantage? Entertainment and Comfort. Source: Consumer Insights 2016 44
- 44. © 2016 HomeSphere, LLC The Future Smart Grid Appliances Turn appliances on remotely. Start dinner as you are leaving the office. Wash a load of laundry while on vacation. Monitor energy usage — from ANYWHERE. Turn your appliances on during non-peak times. What’s next? Tell your robot vacuum to have the house cleaned before you get home! Advantage? Performance. Longer-term savings. Source: CNBC Photo: LG Electronics Source: Consumer Insights 2016 45
- 45. © 2016 HomeSphere, LLC The Future Health devices as the Boomers get older Telehealth links doctors and patients to track health and safety. Videoconferencing with a physician for a scheduled checkup. Track diabetics by transmitting daily glucose levels via tablet. Updates on heart rate and weight with a step on the sensor-equipped treadmill in your home gym. Advantage? Comfort. Time. Potentially Savings. Source: Consumer Insights 2016 46
- 46. © 2016 HomeSphere, LLC The Future Virtual View Not everyone is blessed with the pocketbook to have an apartment or home with stunning view. Advantage? Views sell. Emotion. Comfort. Source: CNBC Photo: The Sky Factory Source: Consumer Insights 2016 47
- 47. © 2016 HomeSphere, LLC The Future How will the driverless car/Uber impact the garage? …or future transportation? Advantage? Time. Money. Comfort. Connection. Source: Consumer Insights 2016 48
- 48. © 2016 HomeSphere, LLC Moving beyond Early Adopters Homeowners purchasing/installing smart-home products to help sell the house faster Most popular smart-home technology currently installed: smart entertainment systems smart security smart temperature controls Source: Coldwell banker survey Half of Americans will have smart- home tech by end of 2016 49
- 49. © 2016 HomeSphere, LLC 1950’s 1970’s 2000’s Expanding core thermostat functionality to a ‘lifestyle’ tool … integrating other apps and services Source: IMS Research Worldwide Shipment Forecast for Remote Access and Control Thermostats (Millions), Gartner 2016 50
- 50. © 2016 HomeSphere, LLC Future: An Open Platform Prognostics Smart Diagnostics Performance Metric “Prevent problems before they occur” “Provide better information on what broke and how to fix it” “Provide information on system performance against baseline” Wireless connectivity iOT enablement “Provide wireless connectivity to HVAC equipment” “Provide seamless integration with other devices in the home” Controls “Stay cutting edge in design and development of controls”- connectivity of all HVAC components 51
- 51. © 2016 HomeSphere, LLC By 2020, 30 billion things will be connected … every product > $100 will be smart • New technology will be a “Game Changer” • As new technologies emerge prices will drop for smart products (i.e., mobile phones) • As prices drop adoption rates for smart home products will soar 52
- 52. © 2016 HomeSphere, LLC Future of Smart Sprinklers The Early Years: DIY Market Growing Up: Remodelers and Landscape Professionals Maturation: Customer Demand in New Builds 53
- 53. © 2016 HomeSphere, LLC Conclusions Now is the time to capture your share of the market, expected to reach $490 billion by 2020. Demand for IoT for the home will continue to grow, driven by: Full penetration of smartphone usage. A growing IoT market with smart home technology at the top of consumers’ minds, particularly: Increased comfort and security Cost savings, which remain top priority for consumers Opportunity for energy savings and “being green” Advances in technology that will overcome security and pricing concerns, lowering prices. 54
- 54. © 2016 HomeSphere, LLC Glenn Renner HomeSphere 720-974-6183 grenner@homesphere.com Mollie Carmichael John Burns Real Estate Consulting 714-317-4488 mcarmichael@realestateconsulting.com John Webster Lennox Industries 972-497-6232 john.webster@lennoxind.com Ric Miles Rachio 303-947-7559 ric@rachio.com Today’s handouts are available for download at www.homesphere.com Speaker Contacts 55
Editor's Notes
- Glenn – use for questions
- 5.5 million new things will get connected every day in 2016, according to Gartner More devices were put into use in 2015 than originally projected (initial projections were 4.9B, in Nov 2014) Consumer uses will continue to account for the greatest number of connected things, with cross-industry devices such as connected light bulbs, HVAC and building management systems comprising 1.1 billion or nearly 20% of total inventory. Consumer applications will amount to $546 billion of spending (hardware) in 2016.
- In 2014 connected home sales drove $61 billion in revenue, expected to grow at a compound rate of 52% to reach $490 billion by 2020 Mainstream consumers still don't fully understand what connected-home devices are and how they work, so demand for the devices hasn't reached its full potential. Adoption and awareness is still high for such a new category. Expect the devices to become more prevalent in homes in the next two years, when growth will peak.
- More than two-thirds of consumers plan to buy connected technology for their homes by 2019 Smart thermostats have the highest expected adoption rates -- 43% adoption in the next five years. Based on current demand, the majority of homeowners expect to install a smart thermostat; same with connected security Smart Home device penetration was up 5% in 2015, to a total of 18% of all US households with broadband. Currently 10 percent of all US households have at least one smart home device Among the key segment of consumers under 35, with high income and education, 1/3 own a smart home device and more than 50% intend to purchase one in the next 12 months.
- Connected product technology is dominated by systems that control lighting, home security, HVAC (such as Nest) and home entertainment systems, including both home audio and video. In 2014, security products were the most popular, capturing 30 percent of the market, but home energy is gaining ground, and is expected to surpass all other categories. Air Conditioning, Heating & Refrigeration News predicts that the $100 million smart thermostat market could reach $1.4 billion by 2020 Mollie will drill down into consumer insights
- Mollie 20% of homeowners now use at least one automated feature in their homes, and the majority wants their next home to be “smart.” 57% of respondents would be interested in having a "Connected Home”
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- A regular programmable thermostat can’t help you save energy because you have to set your schedule based on what you think it will be. But the smarter, more adaptable iComfort S30 helps you save energy without a second thought. The iComfort S30’s Smart Away mode works with an app on your family’s smart phones, to detect when the house is empty and automatically change the temperature to a more energy-efficient setting. And it detects when a family member is on the way home to return the temperature to its regular setting. Best part is – it works with the entire family. For example, lets say you have a couple. One person leaves the house and one person stays home. As long as one person is home, the system will know and the temperature will remain comfortable. However, if both people are gone, the temperature will setback.
- <SLIDE> Here is how it works. <ADVANCE> The iComfort S30’s Smart Away Mode works with an app on the homeowners phone. When the homeowners leaves, it senses the house is empty and it automatically sets the temperature back to save energy. <ADVANCE> When the homeowner or any other family member starts returning home, the app on the phone senses that you’re on the way and returns their system to a normal schedule. Why do homeowners love this feature? Because it can help them save energy and be comfortable all without thinking about it.
- Whenever you watch the weather – they often say “it is 95 degrees out, but it FEELS LIKE” 102 degrees with the humidity. They say this – because humidity has a tremendous effect on how our comfort. When it is 72 degrees with 10% humidity – it feels dry and cold. When it is 72 degrees and 95% humidity it feels hot and sticky. Introducing Lennox Feels Like Temperature. A simplified approach to comfort. Similar to the weather report, when you turn on “FEELS LIKE” – it combines the humidity in your house with temperature – so you set your “FEELS LIKE” temperature.
- <SLIDE> Now for those of you in the room who have tried the S30, you are already familiar with all of these great benefits. You are probably wondering, what’s new? In 2016 we are introducing some new features via software update. We are calling this update 3.1.
- <SLIDE> First off, it is plug and play. When you turn it on, it automatically detects all of the communicating equipment and will display pictures of everything that was found.
- <SLIDE> Next – it automatically configures the system for you! Saving the dealer time and money.
- <SLIDE> Introducing the iComfort S30 Installation Report. Dealers can login to DaveNet, click on a homeowners account and view the installation report. Using the installation report they can review settings and verify the installation was done correctly.
- <SLIDE> These smart alerts are going to help you identify problems, but we are also introducing performance reports. These graphs are amazing! <ADVANCE> ON the first page – you get what we are calling the Day View. On the day view you can see how the system ran that day and compare it versus the last 10 days. You can see things like indoor temperature, humidity, and set points. <ADVANCE> If you want to learn more about a particular day – you can zoom in to the hour view. On the hour view – you can see exactly how the system was running for the last 24 hours. <ADVANCE> You can look at everything at once, <ADVANCE> or just one or two things at the same time by turning on or off different variables. <ADVANCE> You will notice there is a Cursor. You can move this along the X-axis to change the time period you are looking at. As you move it, the information in the summary table will automatically change – so you can see the exact conditions during that time period. <ADVANCE> Finally – there is a runtime summary that shows the total hours of heating and cooling.
- <SLIDE> First off, it is plug and play. When you turn it on, it automatically detects all of the communicating equipment and will display pictures of everything that was found.
- The number one feature request from Dealers is – they want to know about problems before they happen. Advanced Warnings are like the check engine light. This says you are driving down the road, and the check engine light appears. It is telling you – you need to get service soon before a problem happens. In HVAC language – this is saying it is a pretty warm day in May. Your system is cooling your house and you probably feel comfortable right now, but is struggling just a little bit too much. It knows that on the hottest day in August – it will not be able to keep up. So a check engine light will appear so you can get service now – to prevent the problem later.
- <SLIDE> Introducing the Smart Alert The smart alert is not your average alert. A smart alert says - Your system is experiencing a problem and it will affect your comfort. Please contact a service technician
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- <SLIDE> Our goal with the iComfort S30 was to make a smart alert that indicated there was a problem with comfort. So over the last 3 years, we have been monitoring all of these installed systems and collecting billions of bytes of data. We have some extremely smart engineers who mine this data and have tried to find out what was noise and in what situations there was actually a problem with comfort.
- Chris Klein Notes: guessing this will be more conversational, but at a high level, we believe the that the market will finally move out of the strong DIY focus to more of a professional install focus, including ongoing services, allowing for more sophisticated products and pricing models to be created and installed.
- Glenn