SANTA CLARA, Calif. , Aug. 23, 2022 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a global IoT development platform service provider, has taken the sustainability initiative into its own hands.
Recently, Tuya released a mini program that is suitable for all households to help general users save energy in even smarter and easier ways. The mini program can monitor household electricity consumption in real-time and is embedded with energy-saving tactics. Through the mini program, users can accurately trace the electricity consumption of each appliance or area at home, and then be notified when electricity usage is unnecessary. For example, the mini program will push a lights-off notification to users when it's time to sleep and if the lights are not turned off.
As one of the critical challenges of sustainable development, climate change has become a global issue. Many countries are striving to achieve "carbon neutralization" in order to minimize the impact of greenhouse gases on both the climate and the environment.
At the 75th session of the United Nations General Assembly (UN-GA), the U.N. presented the goal "to peak carbon emissions before 2030 and achieve carbon neutrality before 2060," entering a new stage of climate governance. Environment, climate risk, low-carbon, energy conservation, and carbon reduction are becoming the new global consensus and the universal ESG standards. Facing the increasing demand for energy efficiency and carbon reduction, traditional solutions are obviously not enough. A shift in supply and demand and technological innovations will inevitably bring new developments and opportunities.
Among them, IoT solutions have become a vanguard in the field of energy conservation and carbon reduction thanks to its technological advantages, including smart measurement of energy consumption, flexible data collection, visibility, controllability, and scientific decision-making. But enabling the synergy of IoT technologies and energy efficiency is no easy task. It requires long-term development in the industry and continuous exploration of different use cases to build an exclusive solution in line with the latest trends.
In early June this year, Tuya launched "Smart for Purpose," a social media campaign that continues to practice the company's responsibility for employees, the industry, and society in the fields of elderly care, energy conservation, and more. The campaign also encouraged Tuya's global business partners to participate in ESG practices and provide sustainable solutions and services to customers and society.
Tuya's sustainability initiative has brought a positive impact on the global market through various applications and has demonstrated the role of an IoT company in achieving carbon neutralization.
Achieving Energy Efficiency Through IoT Technology
Real environmental protection and carbon reduction does not mean radical changes in people's daily habits, but building a low-carbon and green lifestyle in feasible ways that are universal.
A good example would be the smart metering socket developed by Tuya Smart and its global partners. The product can be controlled through mobile phones and voice recognition. Users can set the timing, turn it on/off remotely, and even control electrical appliance switches through sensors to reduce energy consumption.
According to statistics, the smart metering socket powered by Tuya has saved almost US$200 million in electric bills for users around the world - a carbon reduction equivalent to planting 40 million trees per year.
For people who often forget to turn off the lights before leaving their home, Tuya Smart has launched the smart motion sensor light switch solution. The solution supports shifting between manual and automatic sensing modes, allowing Tuya's partners to build smart switches that are energy-efficient and user-friendly. Under automatic mode, the solution supports customized settings, such as sensitivity and delayed action. Under manual mode, it supports colorful lights, white light adjustments, and countdown functions.
Turning off the lights automatically to avoid leaving the lights on while nobody is at home would certainly help consumers effectively save energy and money.
Another example would be Tuya's collaboration with iHelios, a UK-based company specializing in heating and integrated property control systems.
By partnering with Tuya, iHelios launched an innovative and environmentally conscious household heating system, which has saved consumers over 30% on their electric bills. Reduced electric bills also means reduced energy consumption. The collaboration not only experienced success in energy conservation and carbon reduction, but it also brought a 40% increase in number of customers for iHelios.
The above examples are not individual cases. Tuya's IoT capability can now be applied to various aspects of users' daily lives.
As IoT permeates our daily lives, bringing people new smart home experiences, Tuya Smart's energy efficiency and carbon reduction initiatives do not stop here.
The world is now facing a significant bottleneck in the supply of energy resources, and the situation has only intensified this year due to geopolitical tensions. "The market won't balance itself out until 2024," said Gergely Molnar, an energy analyst at the International Energy Agency. "Until then, these financial tensions will be in place."
Countries and energy companies are committed to finding more effective solutions to save energy. So far, thermostats are considered the most popular and trending IoT product.
According to an Australian government report, the installation of smart thermostats can help residential customers save 10% of their air-conditioning power consumption. Based on the report published by Mordor Intelligence, the market size for smart thermostats is expected to reach US$3.3 billion by 2026 and is projected to grow at a CAGR of 23.1% between 2021 and 2026.
The smart thermostat solution developed by Tuya can monitor temperature and humidity levels, and can switch between different modes automatically, keeping the household temperature in an appropriate range. This not only brings more comfort and convenience to users, but it also successfully achieves energy conservation and carbon reduction, making the product a best seller in the smart home market.
Sustainable Value Created by IoT Capability
As energy conservation and carbon reduction become the new global consensus, more and more innovative technologies are needed in order to inspire people to participate in a low-carbon and green lifestyle.
Tuya's IoT capabilities not only brings great sustainable value, but it also created solutions for energy conservation and carbon reduction.
One of the main reasons behind such impact is that the technology does not require users to change their previous behavior and habits. Rather, it allows people to achieve a green lifestyle more intuitively and easily. More importantly, through its IoT capabilities and rich ecosystem, Tuya was able to boost its product value for home appliance brands by accurately observing the demand for carbon reduction.
Though the above-mentioned cases and results do not demonstrate the entire value proposition of Tuya Smart, the company has undoubtedly built up an ESG reputation through its business model and credible IoT capabilities in line with the sustainable development demand.
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Source: Tuya Smart Related Stocks: HongKong:2391 NYSE:TUYA