ADT Exits Solar Business
US security and smart home solutions provider ADT has decided to exit its residential solar business in response to what the company describes as “deteriorating conditions in the sector driven by macroeconomic headwinds”. The service provided vertically integrated rooftop solar and battery backup solutions to customers in 20 states. The move comes after a November 2023 effort to consolidate top-performing markets failed to produce positive results.
The Circana Take:
- Electrification was a top trend at CES 2024 with a number of consumer electronics firms showing off electric generators and home batteries. Though consumers have come to know ADT for security systems and smart home products, the firm may be less known as a power solution provider.
Home Depot Expands Hubspace
After launching its Hubspace app in 2021, Home Depot opted not to manufacture an all-in-one hub or focus on one single brand like other retailers who ventured into the smart home space. Instead, Hubspace would build a smart product line within its house brands which include Hampton Bay, EcoSmart, Husky, Defiant, Home Decorator, and Commercial Electric. The platform is focused on Wi-Fi and Bluetooth as its primary connections. The Hubspace team partnered with an outside firm to develop a QR code system to simplify product installation and set up. Among the products announced at CES 2024 were the Hubspace Home Security Kit, Smart Thermostat, Watering Timer, and a Smart Chest Freezer. While pricing was not announced, the products are slated to release later in 2024.
The Circana Take:
- New brands entering the smart home market are looking for unique ways to appeal consumers and build a user base. Hubspace is clearly targeting newcomers to the smart home space, focusing on ease of use and connection, and sticking to the most prevalent connection method in homes, Wi-Fi. As the smart home market looks for new adopters and users to invest in products, Hubspace is gearing its product line to do just that.