SINGAPORE, Sept. 21, 2023 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a global IoT developer service provider, successfully hosted the TUYA Developer Summit on August 31, 2023, in the "smart nation" of Singapore. Themed "Everything Connected, Everyone Sustainable", the summit drew much attention from global developers.

At the event, Tuya demonstrated a series of cutting-edge products, including the energy-saving kit, smart charging pile solutions, and more. The company also shared how it can assist its customers in creating a green environment through AI, IoT, and other new technologies, as well as the vast amount of experience Tuya has gathered in the smart energy sector.

Known as the "Garden City", Singapore has traditionally served as a benchmark for the development of low-carbon eco-cities around the world. In addition to Singapore's excellent performance in the construction of smart and low-carbon cities, Tuya selected Singapore as the first overseas stop of the TUYA Developer Summit in the hopes of showcasing its technological prowess in the area of smart energy management to developers worldwide.

Imminent Demand for Home Energy Management

Tuya's Home Energy Management System (HEMS) Seizes the Market Opportunity

Home energy management is increasingly important, in light of global energy scarcity and constantly rising prices. Statistics show that residential electricity usage makes up more than 30% of total electricity consumption in most countries. When combined with the fact that many household appliances face problems including aging and grid disconnection, high household energy consumption should be taken seriously.

Thanks to the arrival of IoT technology, home energy management has become accessible and popular. The newly developed HEMS by Tuya made an impressive debut at the Summit. Its ecosystem of smart energy equipment, which includes power generation, energy storage, electricity consumption, and metering, makes energy flow visible in real-time and offers homeowners more sophisticated energy-saving techniques, greatly optimizing the pattern of residential electricity consumption, and minimizing energy waste.

Tuya also presented an energy-saving kit for Singaporean households during the event, which has infrared remote controls, sensors, smart plugs, smart thermostats, smart fans, and other products. The energy-saving kit allows homeowners to regulate their air conditioning system intelligently, thereby reducing their electricity usage while maintaining physical comfort.

For instance, homeowners can set their home temperature thresholds through temperature and humidity sensors. When the specified temperature is reached, the infrared remote control will send instructions to the air conditioner to switch between the cooling and dehumidifying modes of operation, reducing the home's energy consumption without sacrificing the comfort of the indoor environment.

Tuya's PaaS2.0-based energy-saving kit has been widely implemented in Singaporean homes, reducing energy usage by 25%, on average. The homes with the greatest energy-saving benefits have cut electricity consumption by as much as 54% in a month, a significant improvement in home energy efficiency. It is important to note that the longer a family employs the energy-saving kit, the more money they can save. On average, the money a household saves from reduced energy usage can exceed the price of the energy-saving kit in around three to six months.

By continuously improving power consumption models and anticipating power use, Tuya's HEMS, a flexible and smart home energy management system, is advancing home energy efficiency and assisting families in achieving refined energy management and proactive adjustment of power-consuming equipment.

Tuya's Smart Charging Pile Solution Creates an Effective, Safe, and Sustainable Charging Service

The "Global EV Outlook 2023" report noted that, in 2022, sales of electric vehicles climbed by 15% and 55% year over year in Europe and the United States, respectively, and that more than 1/5 of new automobile sales in Europe were electric vehicles. However, as the number of electric vehicles increases, charging piles—which are important because they serve as "food" for EVs—face several issues, including slow charging speeds, poor efficiency, high maintenance costs, and others. The charging pile market is in need of reform.

How can customers receive more intelligent charging services, while still getting to enjoy green, low-carbon travel? Tuya has developed a smart charging pile solution that is built on four primary sections: smart modules, finished charging pile products, App, and charging operation platforms, which will help the majority of EV users to solve this problem.

Tuya's smart charging pile solution, which includes equipment access, IoT fundamental services, a middle platform of business, SaaS and application systems, after-sales, and maintenance services, can quickly respond to user's demands for intelligent operation. When the battery is full, the solution will immediately stop charging, significantly reducing energy waste. It also supports instant charging as well as quantitative charging, scheduled charging, delayed charging, and other charging applications. In addition to offering ease to end-users, this aids enterprise customers in realizing effective energy usage, and lowering operational expenses.

Tuya also manages temperature control, smart detection, and other features to ensure the security of the smart charging pile. In order to perform thorough and dynamic energy consumption management, the associated vehicle battery management App also intuitively displays the battery temperature and power as well as instantly identifying any abnormal battery issues. For instance, to maintain the temperature within a suitable range at all times during charging, the current can be automatically regulated based on the temperature, and two-fold intelligent current restricting can also be realized by the converter.

Currently, Tuya is partnering with customers including Lectron, a North American manufacturer of charging stations, and ABB, a large global provider of automation and power technologies. Their product competitiveness and service capability have been greatly enhanced through Tuya's smart charging pile solution. Lectron is an example of how Tuya quickly built an SaaS cloud service that covers North America and a customized App that can be compatible with both residential and commercial charging piles. This helped to lower operation and maintenance costs and significantly grow the commercial operation of Lectron's charging piles businesses.

Accelerating the Exploration of New "Carbon Reduction" Path with Tuya PaaS2.0

Rich smart hardware ecosystems are essential for achieving smart energy management. Tuya can effectively construct distinctive, manageable, and self-controllable smart energy goods, such as energy-saving kits, distribution cabinets, charging piles, etc. by utilizing Tuya's PaaS2.0, providing customers with rich hardware solutions, open tools, and API priority architecture. Customers can also freely select the functional elements to build a solution that best meets their unique demands.

Tuya will assist global customers in creating a one-stop smart energy management system in addition to configuring smart hardware, based on the platform and service advantages offered by PaaS2.0. This will help customers overcome issues with fragmented demand, a protracted product development process, and difficult-to-unify standard protocols, among others, and will ultimately help customers realize successful deployment in more extensive application scenarios and save more money on the energy-saving business.

Customers can quickly extend their smart energy management business to hotels, residences, communities, parks, and other major vertical scenarios by relying on the Tuya-enabled hardware ecosystem and "modular" software integrated capabilities, accelerating the development of a green, low-carbon full-scene lifestyle.

Energy management will become more refined as the need for smart energy management increases, since energy efficiency and low carbon emissions are now considered mainstream. According to Research Nester's statistics, the market for energy management systems is predicted to reach around U.S. $266.03 billion by the end of 2035, with a compound annual growth rate of about 17.2%, which is a promising market forecast.

Tuya will continue to leverage the IoT platform in the future, iterate technology and products, provide smart energy management solutions that are tailored for the low-carbon era, and hasten the green and low-carbon development in residences, transportation, buildings, hotels, and many other industries.

Source: Tuya Smart Related Stocks: HongKong:2391 NYSE:TUYA