FOUNDATION FRAMEWORK
From the perspective of product commercialisation , Smart devices with powersaving functions , such as Smart plugs and Smart thermostats , have emerged and gradually gained popularity in overseas markets . These emerging products are parts of Smart Homes . Tuya ’ s product concept is even more aggressive , aiming not only to build an interconnected system of Smart devices but also to achieve precise electricity consumption data analysis . Ultimately , it seeks to truly achieve energy conservation and emission reduction in the Smart Home fields through home electricity strategy management .
Na summarised the logic behind this product as observation , execution , optimisation , and prediction . More specifically , it can be explained as the intelligence of electricity meters , the application of energy-saving devices , the optimisation of electricity use models , and the precise prediction and execution of electrical devices . This allows both passive monitoring and active and intelligent management of household energy , bringing convenience to users and saving money while being energy-efficient and environmentally friendly .
“ Assuming that the electricity system adjusts in real-time , and the lowest electricity cost occurs at 4 o ’ clock in the morning , with HEMS ’ s intelligent prediction and execution , washing machines can automatically turn on when electricity cost is lowest , achieving a win-win situation for consumers and electric power companies ,” Na said .
Once HEMS is widely popularised , the electricity bills received by consumers will be totally different . Future electricity bills can be similar to current mobile phone bills , with breakdowns of electricity usage and time for large and small appliances , lamps , and other products listed separately . For example , bills can show how much electricity the refrigerator and air conditioner used this month , or whether the appliance was more energy-efficient compared to the last month . This allows consumers to understand more directly the details of appliance power consumption and energy-saving algorithms of appliance operation , thereby optimising electricity consumption .
Currently , the best market for HEMS in Europe and America
Transitioning from empowering Smart Homes to providing home new energy management solutions is a huge blue ocean market , and the venture is in line with Tuya ’ s core competencies .
“ Tuya serves as a platform , so it can have diverse observations and identify blind spots for other enterprises more easily ,” Na explained . In recent years , energy prices in Europe and America have skyrocketed . “ People used to not care about electricity bills , but now an increasing number of consumers and companies are starting to explore ways to save electricity .”
From a global perspective , energy prices are rising , while the target date for implementing the Paris Agreement , which aims to address climate change , is approaching , and the concepts of zero carbon and peak carbon have taken hold . Regarding this , Na believes that currently , the best market is Europe and America , especially Europe , according to market research .
“ I think the European market is the most receptive and demanding of innovation . The cost of electricity in Europe is too high , so it is feasible to impress consumers with value-added services that can save electricity , “ Na said .
Ten years ago , Smart Home products seemed unaffordable , but now they have become common for households . Since the number of globally connected Smart Home products has exceeded tens of billions , the commercialisation of HEMS products will also be attainable in the future . Especially if the global heatwaves continue in the summer , the pace from vision to reality may significantly accelerate .
Looking into the development of the Smart Home industry , solutions for audio-visual entertainment , home and living , and home security systems have been greatly enriched , and the market competition is extremely intense . However , the Smart energy management field that has been neglected for a long time is still in its early stages of development , which means it has huge potential and is truly a blue ocean market .
Considering business development , Tuya seized the opportunity from the explosive growth trend of Smart Homes nine years ago , and firmly established the path of platform-based development with a focus on ‘ connectivity + ecosystem ’. Cooperating with AWS , Tuya has a significant chance to place itself at the forefront of HEMS deployment when the next decade ’ s opportunity arrives . �
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