Artificial Intelligence
Global Home Energy Management Market By Product Type, By Technology, By Offering, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027
New York, Jan. 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Home Energy Management Market By Product Type, By Technology, By Offering, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06222248/?utm_source=GNW
Thus, consumers will be able to optimize their renewable energy use. The HEMS and environmental sensors will provide data to the servers. The cost of energy can then be regulated by combining renewable and fossil fuel energy sources. Different servers and types of EMS will be networked as the use of smart grid grows. Power system operations will be further optimized as they are able to work together. This kind of interconnection is known as a smart network.
Factors such as rapidly pervasive urbanization in developing countries, increased supply of connected devices through IoT, and increasing demand for power conservation solutions can expedite the growth of global home energy management devices in the forecasting period.
COVID-19 Impact
The global home energy management system market went under a significant loss during the COVID-19 pandemic. Due to the government guidelines of closing of all the industries across the world to prevent COVID spread, production of all home energy management systems was stagnated. Along with this, the disruption in the supply-chain activities of electronic products and other required materials become another major reason for the halted production of home energy management systems. Moreover, there are various factors that indirectly impacted the home energy management system market such as reduced capital budgets and postponed projects. However, economies across the globe are slowly recovering from the COVID-19 impact and may witness a rise in the demand for home energy management devices again. But, the fact that the pandemic slammed the home energy devices market across the world cannot be reversed.
Market Growth Factors
Ever-increasing power consumption in the residential sector
The power consumption in the residential sector which includes power used for lighting, heating, cooling, water heating, and consumer products, is constantly increasing. In addition, the power consumption of the residential sector is at its peak especially in developed countries. With the emergence of new consumer convenience technologies that require a huge amount of power, the need for an energy-efficient and cost-effective solution is also rising.
Energy conservation initiatives
The continuously increasing initiatives being conducted by the government and Non-government organizations in numerous countries with the purpose to conserve power and restricting the wastage of energy are crucial factors in spreading awareness for saving and better managing energy. Due to the rising awareness of energy conservation, people around the world are more attentive toward leveraging the methods to save energy.
Market Restraining Factors
Interoperability of home energy management systems
The issue of interoperability gets more serious due to the need of establishing a connection between traditional building equipment such as electric meters, roof-top chillers, and lighting control panels with advanced over the top instruments like sensors and switches in the electric power system to drive up the synchrony of energy flow and concurrent information and analysis flow. Setting up interoperability between smart homes and today’s EMS is a challenging task. Moreover, the interoperability of traditional home systems and advanced home energy management systems hampers the smooth functioning of different devices.
Product Type Outlook
Based on Product Type, the market is segmented into Lighting Controls, Programmable Communicating Thermostats, Advanced Central Controllers, Intelligent HVAC Controllers, and Self-Monitoring Systems and Services. The programmable communicating thermostats are easy-to-interact devices that can be operated wirelessly through the connected device. The programmable communicating thermostats connect with the utility through a meter over a wide-area network.
Technology Outlook
Based on Technology, the market is segmented into Ethernet, Z-Wave, ZigBee, Wi-Fi, and Other technologies. ZigBee is a wireless, cost-effective, and low-power mesh networking standard which is highly used to monitor the consumption of the energy in the premises. The cost-saving feature of this technology allows the user to use technology in wireless monitoring and control application without disruptions.
Offerings Outlook
Based on Offering, the market is segmented into Software, Services, and Hardware. The software segment of the system is the major component that enables the user to monitor and control the home energy consumption and devices. It can be operated through apps and dedicated web portals. The key offerings of this segment are managing, monitoring, backup, and solar power.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC would exhibit a significant growth rate in the market throughout the forecast period. The ongoing technological developments in the region can be responsible for the rise in the demand of the home energy management solutions.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Google, Inc. the major forerunners in the Home Energy Management Market. Companies such as Schneider electric S.E., Generac Holdings, Inc., Alarm.com Holdings, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Schneider Electric SE, General Electric (GE) Co., Intel Corporation, Honeywell International, Inc., Panasonic Corporation, Google LLC, Comcast Corporation, Vivint Smart Home, Inc., Alarm.com Holdings, Inc., and Generac Holdings, Inc.
Recent Strategies Deployed in Home Energy Management Market
Partnerships, Collaborations, and Agreements:
Jul-2021: Vivint partnered with Freedom Forever, a residential solar installation company, following this partnership, the companies would launch a portfolio of integrated Smart Energy. Through this partnership, the customers of Freedom Forever would have a Vivint smart home system perfectly installed as the first step in the solar installation process, and they have an opportunity of adding clean energy production. In addition, the company would also focus on enhancing its relations with homeowners by integrating solar in its portfolio.
May-2021: Ecobee, a subsidiary of Generac Holdings came into a partnership with Alarm.com, a developer of Security and Smart Home Solutions. The partnership aimed to allow Alarm.com’s customers to integrate Ecobee thermostats into the smart home and security solutions of Alarm.com. In addition, the integration would allow the customers to control Ecobee thermostats through Alarm.com’s platform. The new solution would be focused on reducing costs, and helping develop a sustainable world.
Mar-2021: Schneider Electric partnered with Workbench Energy, an artificial intelligence, machine learning, software, and consulting services provider. Through this partnership, the companies aimed to bring Energy Management Solutions to large-scale electrical users in Ontario. Together, the companies give abilities to the customers to manage and monitor the energy consumption during the peak time and significantly decrease their exposure to Ontario’s Global Adjustment (GA). In addition, this partnership would allow gathering data from connected devices and assists customers in making well-informed decisions regarding their energy patterns and behaviors.
Mar-2021: Ecobee, a subsidiary of Generac Holding partnered with Parity, a developer of core blockchain infrastructure. Under this partnership, the companies would combine Ecobee’s smart thermostats into Parity’s software allowing it to connect with the HVAC system of the building to increase energy efficiency. Moreover, the integration would enable the solution to monitor and optimize the operating system of the building to conserve energy as well as save cost.
Oct-2020: Schneider formed a technological and commercial partnership with SolarEdge, a provider of power optimizer, solar inverter, and monitoring systems for photovoltaic arrays, based in Israel. Through the partnership, the company aimed to expedite the residential solar market with a smart Home energy solution to offer impeccable energy management to homeowners in North America. In addition, the companies would fulfill the demands of their customers along with focusing on the sustainable and all-electric new energy world.
Jun-2020: Panasonic came into a partnership with Span, a developer of a residential energy storage device base in the US. Through this partnership, the companies aimed to introduce a combined energy storage and management portfolio for homeowners to experience enhanced control of their battery backup power with instinctive energy management for the entire home. Under this partnership, the companies would fulfill the demand of their customers for better energy management solutions by providing this integrated solution to both the homeowners as well as the installers. In addition, the smart panel would be available as a complementary to the existing solar system or in a combination for new solar installation.
Acquisitions and Mergers:
Dec-2021: Generac completed the acquisition of ecobee, a leading vendor of sustainable smart home solutions. Through this acquisition, Generac would expand its portfolio of intelligent home energy ecosystems by leveraging the energy management products of ecobee. Through this, the company aimed to assist homeowners to reduce the expenses of their energy consumption and help grid operators to balance demand and supply more affordably.
Sep-2021: Generac took over Tank Utility, a company that streamlines energy delivery for those that rely on truck-delivered propane or oil. Through this acquisition, the companies aimed to integrate Tank Utility’s monitoring and analytics expertise into Generac’s propane-powered backup generators, home energy management, and battery storage portfolio intending to facilitate vendors enhancing their performance as total home energy advisors for homeowners and to keep up with customer’s evolving requirements for off-grid and backup capabilities.
Product Launches and Product Expansions:
Sep-2021: Generac rolled out PWRmanager, a device that enables the customer to utilize their phone or tablet to easily operate circuits in their home. The new product aimed to allow customers to seamlessly experience extended battery runtime over long powercuts by de-energizing non-essential circuits.
Mar-2021: Alarm.com launched the Alarm.com Connected Car system, a plug-in that connects cars with smart homes. Through this, the company would offer customers, a seamless experience of monitoring the status and real-time location of their car through their home automation system. In addition, customers would also be able to operate a few smart home functions through the connected car.
Jan-2021: Schneider Electric launched enhancements in its Wiser smart home ecosystem at CES 2021 that focuses beyond smart to resilient and sustainable homes. Through the addition of sustainable energy products in its existing product offerings, the company aimed to enhance its proficiency, resilience, and sustainability. Moreover, the new enhancements would offer better safety and control while delivering sustainable energy management choices to homeowners.
Mar-2020: Generac unveiled PWRview ATS, the first-ever automatic transfer switch with Home Energy Monitoring Capabilities. The new PWRview ATS provides any home which is integrated with a home standby generator to instantly access robust and cost-effective insights regarding the energy consumption of a home. Moreover, it is an effective solution for energy conservation.
Feb-2020: Honeywell rolled out Honeywell Forge Energy Optimization, a cloud-based, closed-loop, machine learning solution. This new autoThe launch aimed to offer its first autonomous building sustainability solution that monitors and controls power usage of a building intending to regulate energy conservation across the globe. Moreover, the new product would focus on optimizing energy consumption along with meeting the customer’s requirements.
Jan-2020: Schneider rolled out Square D Connected Home Suite in North America. The new product line includes devices and applications to consolidate connected homes, appliances, and energy management into an instinctive digital experience for homeowners. Moreover, the company also showcased a new range of dimmers, switches, plugs, receptacles, and sensors which would be launched in markets across the US, Mexico, and Canada in 2020. The company aimed to fulfill the demands of its customers for digital tools to enhance their daily experiences.
Scope of the Study
Market Segments covered in the Report:
By Product Type
• Lighting Controls
• Programmable Communicating Thermostats
• Advanced Central Controllers
• Intelligent HVAC Controllers
• Self-Monitoring Systems and Services
By Technology
• Ethernet
• Z-Wave
• ZigBee
• Wi-Fi
• Other technologies
By Offering
• Software
• Services
• Hardware
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Schneider Electric SE
• General Electric (GE) Co.
• Intel Corporation
• Honeywell International, Inc.
• Panasonic Corporation
• Google LLC
• Comcast Corporation
• Vivint Smart Home, Inc.
• Alarm.com Holdings, Inc.
• Generac Holdings, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06222248/?utm_source=GNW
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Artificial Intelligence
Forum Systems Releases GenAI Productivity-Risk Framework and two Fine-tuned Models for Enterprise Customers
Announcing a framework to balance productivity and risk for enterprise deployments of GenAI models and releasing two fine-tuned models—Mistral QS-Sentry and Llama 3 QS-Sentry—with optimized productivity-risk profiles
Gartner Data & Analytics Summit 2024, LONDON, May 13, 2024 /PRNewswire/ — Forum Systems, a leader in LLM and API technologies, today announced the public release of two language models fine-tuned to optimize their productivity-risk profile from the Gartner® Data & Analytics Summit 2024. The research is discussed at length in two recent articles, Framework for LLM Selection by Balancing Model Risk with Workforce Productivity and Improving Productivity-Risk Profile through LLM Fine-tuning. This groundbreaking work presents a framework for balancing productivity and risk in GenAI deployments, an urgent question among business leaders today.
“LLMs security has its tradeoffs. More restrictive models will be safer but may hamper productivity. If enterprises aren’t measuring the productivity-risk balance of their models, they are in the dark about whether they’ve achieved an optimal tradeoff,” remarked Mamoon Yunus, CEO of Forum Systems. He continued, “classic machine learning metrics like precision and recall can serve as proxies for productivity and risk. Fine-tuning on extensive manual multi-vote labeled data, our LLMs show superior performance compared to base models.”
The fine-tuned models—Mistral QS-Sentry and Llama 3 QS-Sentry—are based on Mistral-7B-Instruct-v0.2 and Meta-Llama-3-8B-Instruct.
In the first article, Forum Systems developed a framework for balancing risk and productivity and assessed the productivity-risk profile of Mistral and Llama 3 before fine-tuning. It found that, when asked to classify prompts as either safe or unsafe, Mistral was more precise and thus aligned with higher productivity, while Llama 3 was more restrictive and thus aligned with lower risk.
The second article analyzed the models after they were fine-tuned on a hand-curated dataset of about 20,000 prompts. The study showed that the productivity-risk profile of both models can see meaningful improvements after fine-tuning. Forum Systems has released both fine-tuned models on Hugging Face to contribute to the broader community of researchers and those working in AI governance and AI alignment, believing its framework for analyzing the trade-offs between productivity will also prove valuable to business leaders deploying safe and effective GenAI offerings.
As Gartner analyst Arun Chandrasekaran recently stated, “Generative AI (GenAI) has the potential to transform businesses across industries. Most business and technology leaders believe that the benefits of GenAI far outweigh its risks.” He recommends, “Put responsible AI at the heart of your generative efforts. Promote harmonious interaction among humans and machines with design thinking and by incorporating human feedback into GenAI applications.” Forum Systems agrees with Chandrasekaran’s analysis and recommendation. Its work in optimizing productivity-risk profiles of small models demonstrates that enterprise-class responsible AI deployments are within reach through fine-tuning.
Source: Gartner, 10 Best Practices for Scaling Generative AI Across the Enterprise, Arun Chandrasekaran, Leinar Ramos, Alberto Pietrobon, 10 January 2024.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
About the Gartner Data & Analytics Summit 2024 Gartner analysts will provide additional analysis on data and analytics trends at the Gartner Data & Analytics Summits, taking place March 11-13 in Orlando, FL., March 26-27 in São Paulo, April 24-25 in Mumbai, May 13-15 in London May 21-23 in Tokyo, and July 29-30 in Sydney. Follow news and updates from the conferences on X using #GartnerDA.
About Forum SystemsForum Systems is leading the Enterprise GenAI revolution. Forum’s patent-pending QuantumSim™, together with Forum Sentry, mitigate the unpredictable nature of LLMs through integration with corporate APIs, ensuring LLM output is truthful and accurate. QuantumSim™ is secure by design and ships with industry-leading guardrails, moderation, data obfuscation, and observability for LLM-enabled offerings. Used by some of the largest global companies for building intelligent business workflows, Forum’s suite of products provides unique solutions that allow enterprises to reinvent themselves with GenAI.
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AI as Key Driver for Future Growth and Customer Experience Innovation
SEOUL, South Korea, May 13, 2024 /PRNewswire/ — LG Electronics’ (LG) CEO, William Cho, has embarked on a strategic business trip to the tech-rich western United States, a hotspot for global tech titans and dynamic AI dialogues. Throughout his week-long visit, Cho will focus on key tasks such as attracting top-tier AI talent, communicating the company’s vision and strategy to global investors and attending the influential MS CEO Summit. These endeavors are integral to LG’s comprehensive strategy to accelerate the incorporation of AI into all its business sectors.
AI as a Crucial Catalyst for Future Growth and Customer Experience Innovation
Throughout his trip, Cho aims to secure top-notch expertise in the AI field, an area that has recently surfaced as a critical turning point in the industry. He plans to leverage this as a springboard for transforming LG’s future business portfolio and revolutionizing the customer experience.
Annually, LG introduces approximately 100 million products to the market. Given a product lifespan of seven years, it’s estimated that nearly 700 million LG products are currently in use worldwide. Furthermore, the usage data gained from customers interacting with these devices exceeds 700 billion hours. Cho anticipates this enormous pool of usage data will help accelerate LG’s AI progression and the 700 million products will function not just as customer touchpoints but also as service platforms.
“AI, Cloud, and Big Data are new opportunities for LG”
Cho commenced his itinerary by hosting a tech conference in North America on the 11th in Cupertino, California. This program is aimed at drawing in top-notch talent from abroad. Key participants included LG’s AI Lab management team and executives from LG’s various businesses including Park Hyoung-sei, president of the LG Home Entertainment Company; Eun Seok-hyun, president of LG Vehicle component Solutions Company; Dr. Kim Byoung-hoon, CTO and executive vice president; Kim Weon-bum, CHO and executive vice president; and Dr. Sokwoo Rhee, head of LG’s North America Innovation Center.
LG extended invitations to about 50 AI experts currently working in large tech firms and startups in the Bay Area, as well as doctoral researchers from renowned universities in North America. The conference focused on discussions about the company’s vision, R&D strategy and the future trajectory of AI technology development.
Cho expressed, “In the face of transformative shifts such as electrification, servitization and digitalization sweeping across diverse industries, the application of AI, cloud and big data is paving the way for novel approaches and opportunities.” He further elaborated, “These emerging opportunities represent a new potential frontier for us, given our extensive accumulation of core technologies and expertise.”
He also provided detailed insights into LG’s AI vision of ‘Affectionate Intelligence’, which was unveiled earlier this year at CES 2024. Cho emphasized that “AI should fundamentally be used to care for and empathize with customers, provide tangible benefits and improve the customer experience,” a sentiment that deeply resonated with the attendees.
Following this, he announced, “LG is transcending its status from a global leader in the home appliance and consumer electronics to transform into a ‘Smart Life Solution Company’ that expands and interconnects various customer spaces and experiences.” He added, “I envision us collaborating to reinvent dreams as we undertake bold ventures, fueled by optimism for a brighter future and a better life.”
At the event, CTO Kim Byung-hoon spoke on the subjects of ‘Paradigm Shift’ and ‘LG’s Innovation Roadmap for the Future’, and vice president Han Eun-jung of AI Lab discussed ‘Daily Life with AI’. Professors from the University of Southern California and New York University were also invited to present on generative AI and robotics technology. A panel discussion on the theme of ‘Evolution of AI’ also attracted significant interest from the attendees.
Transition from a Leading Home Appliance Brand to a Smart Life Solution Company
Cho’s second agenda includes hosting a non-deal roadshow (NDR) on May 13, where he will interact with key executives from globally influential investment firms based in San Francisco. His strategy aims to depict LG’s transformation to a comprehensive ‘Smart Life Solution Company’. This transition is anchored in broadening the company’s business portfolio, which includes accelerating B2B business in areas such as EV components, HVAC, built-in appliances’ and signage solutions. The expansion of platform-based services like webOS, and venturing into new areas for LG such as robotics and EV charging, are also integral to this transformation plan.
In particular, Cho plans to highlight how LG is proactively engaging in the development and application of AI in its business operations. He aims to stress that creating tangible customer touchpoints is more crucial than merely having superior AI to provide authentic value and experience to customers.
In this regard, LG’s customer touchpoints, secured through its 700 million devices spanning diverse spaces from homes to vehicles and commercial areas, present a significant advantage that is unmatched by other global companies. LG’s goal is to realize Affectionate Intelligence in our daily lives by leveraging extensive real-time life data and expertise orchestrating devices and services to accelerate AI development using its devices as platforms.
Securing Global AI Allies and Discovering New Business Opportunities at the MS CEO Summit
Cho is also scheduled to attend the MS CEO Summit, a private, invitation-only event taking place in Seattle, where Microsoft’s headquarters is located, for three days starting from May 14. This summit serves as a platform for CEOs and representatives of globally leading companies to discuss and exchange ideas on various topics, including the economic and business environment, as well as industry trends.
LG is diligently working to establish world-class AI capabilities, guided by a ‘3B strategy’ that focuses on Building internal capabilities or Borrowing and Buying external resources. Given LG’s extensive global customer touchpoints and its possession of a vast amount of multi-faceted data and customer insights, the opportunities for future collaborations with globally influential tech companies are expected to become increasingly diverse.
About LG Electronics, Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 84 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, automotive components and solutions, and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.
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Artificial Intelligence
Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website
LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.
“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
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