HONEYWELL HELPS BUILDINGS SOLVE FOR ENERGY WASTE AND PROTECT CRITICAL ASSETS

Rhea-AI Summary

Honeywell (NASDAQ: HON) has launched Connected Power, a solution designed to monitor and manage power usage at the plug level in commercial buildings. This system helps reduce energy waste by allowing building managers to control power outlets based on occupancy data and schedules. With more than 80% of employees leaving devices plugged in when not in use, this solution could significantly lower energy consumption and CO2 emissions. It integrates with existing wiring and building management systems, offering centralized control over up to 2,500 outlets. Early results from Accu-Temp, a contractor in Ontario, indicate immediate energy savings. Optional cloud-based integration with Honeywell Forge Suite enables remote monitoring and management, enhancing overall efficiency and safety.

Positive

• Immediate energy savings reported by early users.
• Integration with existing building management systems.
• Centralized control over up to 2,500 outlets.
• Optional cloud-based integration for remote management.
• Supports reduction of CO2 emissions, aligning with sustainability goals.

Negative

• None reported.

Insights

Tech Expert

Honeywell's new Connected Power solution represents a significant advancement in building automation technology. By enabling control of energy usage at the plug level, this solution addresses one of the often-overlooked sources of energy waste in commercial buildings. This can lead to 25%-50% reductions in energy consumption, depending on the building type. The ability to autonomously power down unused outlets based on occupancy data or schedules is a smart approach to energy management.

Moreover, integrating these outlets into existing wiring infrastructure allows for an easy and cost-effective upgrade, which is a substantial benefit for building managers who are often constrained by budget limitations. The digital dashboard feature also provides a centralized control point that simplifies the monitoring and management process, enhancing user convenience.

Additionally, the incorporation of safety features such as detecting elevated outlet temperatures to identify potential issues adds another layer of utility to the product, making it not only an energy-saving tool but also a safety enhancement.

Overall, Honeywell's Connected Power solution is set to drive significant changes in how commercial buildings approach energy management, aligning with broader trends in automation and energy efficiency.

Market Research Analyst

The introduction of Honeywell's Connected Power solution comes at a time when there's growing pressure on building owners to reduce their carbon footprints. Buildings account for about 37% of global CO2 emissions and plug loads are a notable contributor to this figure. The market for energy-efficient solutions in commercial buildings is expanding, driven by regulatory pressures, rising energy costs and a heightened corporate focus on sustainability.

This product has the potential to tap into a significant market segment. Honeywell's survey highlights that over 80% of employees feel their employers are equally responsible for controlling power usage, indicating a strong demand for solutions that facilitate such control. Given the hybrid work schedules becoming more prevalent post-pandemic, this solution can also contribute to significant cost savings for companies, making it a highly attractive offering.

Moreover, the option for cloud-based integration through Honeywell Forge Suite adds a layer of scalability for businesses with multiple properties, further enhancing its market appeal. The ability to manage and monitor energy use and carbon emissions across a portfolio can be a compelling selling point for large enterprises looking to improve their sustainability metrics.

Financial Analyst

From a financial perspective, Honeywell's Connected Power solution could contribute positively to the company's revenue streams, particularly within its Building Technologies segment. The product's ability to integrate with existing building management systems (BMS) and the Honeywell Forge Suite creates cross-selling opportunities, potentially boosting sales of Honeywell's broader suite of automation and energy management solutions.

The market for building automation systems is expected to grow significantly, driven by the increasing need for energy efficiency and the integration of advanced technologies. Honeywell, being a major player in this market, stands to benefit from this trend. The immediate energy savings reported by Accu-Temp, a pilot user, underscores the product's effectiveness and could serve as a strong case study to attract other commercial clients.

However, investors should also consider the competitive landscape. While Honeywell's solution is innovative, other companies are also developing similar technologies. It will be critical for Honeywell to maintain its technological edge and broaden its customer base to sustain long-term growth. If successfully marketed and adopted, Connected Power could enhance Honeywell's financial performance, particularly in terms of recurring revenue from software and services linked to the solution.

• Honeywell's new Connected Power solution allows buildings to control energy usage at the plug level
• Much of the energy consumed in commercial buildings comes from devices plugged into outlets, with fewer than 1-in-5 employees unplugging unused devices
• Solution can be easily installed to upgrade existing electrical outlets

ATLANTA, June 20, 2024 /PRNewswire/ -- Honeywell (NASDAQ: HON) today introduced Connected Power, a groundbreaking solution that helps monitor, manage and automate buildings' power usage at the plug level. The solution offers insights into where energy is being used – and wasted – across North America. 

Buildings' energy usage and related processes account for approximately 37% of global CO2 emissions, which places pressure on building owners and managers to reduce energy consumption. Today, common devices – including vending, copy and coffee machines – continuously consume energy. In many commercial buildings, much of this power is consumed even when no one is working in the area, which has become more common due to hybrid work schedules. Depending on the type of building, plug loads can account for between 25% and 50% of energy consumption.

According to a recent Honeywell survey, the majority of employees either never unplug their devices or only do so for reasons including troubleshooting or going on vacation. The survey found that fewer than 1-in-5 employees unplug devices when they are not using them, and more than 80% of employees say their employer is equally as responsible as they are for controlling power usage on devices.

With Connected Power, building managers across North America can autonomously power down unused outlets based on space usage schedules or occupancy data, while also improving safety. The solution's connected outlets use existing wiring infrastructure and link to a digital dashboard, making it possible for building managers to monitor and control the energy consumption of each power outlet, or an entire area, from one screen with a few clicks.  

"Unplugging a modern electronic device is different from simply turning it off. Many people do not realize how much energy is being wasted by devices that are plugged in and then forgotten. For buildings, this energy waste adds up quickly," said Billal Hammoud, President and CEO of Honeywell's Building Automation. "With Connected Power, Honeywell is empowering building decision makers to address the invisible energy waste at the device level by helping to ensure energy is only used when it is really needed."    

Accu-Temp, a building automation contractor based in Ontario, began using Connected Power in early May 2024 to enhance its energy savings. "Our installation was seamless, and the anticipated energy savings were realized immediately," said Alex Voll, Accu-Temp's president. "Efficient energy management is a critical focus for building owners today, and having a system that allows centralized scheduling and control of power at the outlet level helps take our efficiency to the next level."    

Connected Power can be integrated into most existing building management systems (BMS) using open standards to provide centralized site scheduling and control, while also creating a more detailed view of total energy use. It can also be used as a stand-alone portal that will directly manage and control up to 2,500 outlets.  

The solution also addresses workplace safety by helping ensure that equipment is powered down when not needed, and by detecting elevated outlet temperatures to identify potential issues that could interrupt power for an entire work area. With Connected Power, users can receive remote alerts if a business-critical device, such as equipment used in a research laboratory, shuts off unexpectedly, enabling immediate action to be taken.

Connected Power offers optional cloud-based integration using the Honeywell Forge Suite, including Remote Building Manager. This integration allows monitoring and managing multiple properties from anywhere and creating a complete view of energy use and carbon emissions across the portfolio. 

This launch follows the introduction of Honeywell's Advance Control for Buildings, the Company's most substantial leap in building controls innovation to date. Together, the solutions provide the data, insight and control to allow buildings to improve their operations and energy efficiency. They also support Honeywell's alignment of its portfolio around three compelling megatrends, including automation and energy transition.     

Methodology  
The Honeywell Connected Power Survey, conducted by Wakefield Research, gathered responses from 1,000 US office professionals working in office buildings with a minimum capacity of 50 employees. The survey took place between May 30th and June 5th, 2024, and was administered via an e-mail invitation and an online questionnaire.

About Honeywell   
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Connected Enterprise integrated software platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter, safer and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

Media Contacts:
Honeywell	Finn Partners
Dawn Wotapka	Danielle Beer
(631) 943-3782	(269) 501-0469
dawn.wotapka@honeywell.com	danielle.beer@finnpartners.com

 

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SOURCE Honeywell

FAQ

What is Honeywell's Connected Power solution?

Connected Power is a system that monitors and manages power usage at the plug level in commercial buildings, helping to reduce energy waste.

How does Honeywell's Connected Power save energy?

It allows building managers to control power outlets based on occupancy data and schedules, reducing power consumption from unused devices.

When was Honeywell's Connected Power launched?

Honeywell launched Connected Power on June 20, 2024.

What are the capabilities of Honeywell's Connected Power?

Connected Power can manage up to 2,500 outlets and integrates with existing building management systems for centralized control.

What are the benefits of Honeywell's Connected Power?

The solution provides immediate energy savings, integrates with existing systems, offers centralized control, and supports CO2 emission reduction.

What stock symbol is associated with Honeywell?

Honeywell is traded under the stock symbol HON.

What are the initial results of Honeywell's Connected Power usage?

Early users like Accu-Temp have reported seamless installation and immediate energy savings.