LG, a major player in the Smart Living solutions and products market, has showcased during its briefing at IFA 2023 the LG Therma V R290 Monobloc Air-to-Water Heat Pump (AWHP).
The AWHP is equipped with efficiency-boosting LG technologies and utilises R290 refrigerant, which has a Global Warming Potential (GWP) of only three.
The solution also ensures convenient maintenance with a remote support feature that enables quick software updates and the easy application of installer settings.
Managing Director, LG Electronics West Africa Operations, Kim Dong Youn said: ”Highly energy efficient, LG’s home appliances support households to save energy, shrink their utility costs, and lower their carbon footprint.
“We will continue to leverage our industry-leading core technologies to create products that make people’s lives better and have less impact on the planet.”
LG explained that with rising adoption of Smart Living solutions and products, the market is recording growth.
Industry stats indicate that the number of active households with Smart Home (or Living) devices and appliances is expected to reach about 93.6 million by 2027, while the average revenue per installed Smart Home unit is currently expected to amount to $546.50.
Revenue
The revenue is expected to show an annual growth rate (CAGR 2022–2027) of 10.22 per cent, resulting in a projected market volume of $52.19 billion by 2027, according to Statista.
And device and household appliance manufacturers, having recognised this trend, are aligning their future plans and strategies to target and address the needs of this growing market. And among these companies keenly taking aim at the Smart Living industry is LG Electronics.
LG Electronics announced that it aims to become a Smart Living solutions company that connects and expands customers’ diverse experiences by 2030.
To achieve the vision, the South Korea-based company plans to invest more than Kshs 5.48 trillion by 2030 for the qualitative growth of the business, including the advancement of the business portfolio led by the three new growth engines: transitioning to a platform-based service business model, accelerating B2B business, and procuring new growth engines.
The move will see the company record an estimated global annual revenue of up to Kshs 10.96 trillion, even as it evolves from its current position as a top global home appliance brand.
”LG will continue to pursue its bold vision to transform and leap forward as a smart life solutions company that connects and expands customers’ various spaces and experiences, rather than resting on its current position as the best home appliance brand that provides quality products,” said CEO Cho. “We will establish a brand-new LG by reinventing the way we work and communicate toward this goal.”
Credit: thenationonlineng.net
