Although much of the building sector has slowed due to the COVID-19 pandemic, apartment construction continues to boom. LG Electronics has created a line of smart air conditioning systems that favours this housing trend.
Approximately 41 per cent of new homes built in Australia are apartments – in 2019, the average-sized home was 228 metres, the smallest recorded since 2001.
This growth is likely to see demand increase for smarter heating and cooling solutions in shared residential premises.
According to a 2019 Renter Report by realestate.com.au, the average young Australian renter is more likely to be female, aged between 25–29, and living in Melbourne or Sydney with an annual income of around $50,000.
The housing industry needs to factor in what these young Australians are looking for in a home. Two major considerations include sustainability and convenience.
The need for all industries to make progressive steps toward more connected products and practices can no longer be considered a nice-to-have but is a must-have in order to respond to the urgent need to meet the priorities of today’s target consumers.
Companies like LG are trying to create products that integrate seamlessly into a residential home or apartment, and can be controlled remotely by smartphone.
LG Electronics has a range of air conditioners that integrate into smart home systems through the LG ThinQ app, a smart management system that monitors energy and can be controlled remotely.
Users can also monitor their cumulative power consumption in present, weekly, and monthly phases, which allows them to moderate their energy usage.
The LG Electronics’ Air Solution Business Unit is a global HVAC and energy solutions company.