Riding high on it motive of creating smart homes globally, ABB Ltd. ABB has now reached China. This premium power and automation technology company has joined hands with one of the leading electronics companies – Koninklijke Philips N.V PHG – for the purpose.
As per the collaboration, ABB will seamlessly integrate its’ i-Jia home automation system with Philips’ Hue connected lighting system to offer the Smart Home concept in Chinese homes. The assimilation of the highly advanced offerings of these veterans will allow Chinese consumers to use ABB’s i-Jia dashboard app to control the Hue lighting system, TV and other household appliances. To add to it, Philips Hue offers its customers a palette of 16 million colors to choose from and personalize their ambience.
Notably, ABB’s i-Jia is a smart home system having wireless networking and infrared technologies and a smart phone-control facility. On the other hand, Philips’ Hue is one of the leading global home lighting systems comprising bulbs, luminaires, strips and controls to enhance consumers living experience.
ABB’s main purpose of allying with Philips is to educate Chinese consumers about the Smart Home concept and related products and application offerings via online and offline promotion strategy. Additionally, as per market reports, U.S. and China are global consumer markets dominators and had the substantial share of this market in their kitty. In particular, China leads the Asia-Pacific consumer electronic market and this justifies ABB’s decision of teaching the Chinese to make their home smarter.
As a matter of fact, India is gradually following China with rising domestic demand and awareness regarding innovative technologies. India, which is one of the highly populated countries, is anticipated to witness a double rate growth in the consumer electronic market. Hence, we believe India to be on the cards for ABB in the Asia-Pacific region.
Amid rising technological advancement and tight schedule of the modern generation, smart home technologies are in great demand. From automatic switch off of all screen devices to closing the blinds on a hot day via pre-set instructions or by a smart phone click, people are finding newer ways of making their homes smarter. Of late, the company has been focusing on leveraging on the Smart Home concept across the world. In April this year, ABB formed an international joint venture in collaboration with Cisco Systems, Inc. CSCO and Robert Bosch GmbH for a similar purpose (read more: ABB-Cisco-Bosch Unite to Offer Smart Homes to Consumers). Such developments bode well for this Zacks Rank #4 (Sell) stock’s future growth.
Investors interested in the industrial goods sector can consider Dycom Industries Inc. DY, which sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment