Report Forecasts Explosive Growth in Markets for Communicating, Smart Thermostats

Global revenue for communicating and smart thermostats, as well as associated software and services,could grow from US$146.9 million in 2014 to US $2.3 billion in 2023, according to a global market analysis and forecast from Navigant Research.

The market for communicating and smart thermostats has exploded with activity since 2013. Although it was introduced in the late 2000s, the technology has only recently gained stronger traction. The year 2014 has seen significant business activity in the form of mergers and acquisitions, international expansion, technological growth, and more conclusive evidence of cost-effectiveness.

In North America and Europe, interest in smart thermostat technology is growing among utilities and energy retailers, as well as consumers. In addition, small businesses are increasingly adopting solutions originally intended for residences as a low-cost way to manage the energy use of heating, ventilation, and air conditioning (HVAC) systems. For other regions, the technology remains nascent, though there are conditions that could foster increased adoption in coming years.

The Navigant Research report analyzes the global market opportunities for communicating and smart thermostats. The study provides an analysis of the market issues, including the current market drivers, inhibitors, and business segments, utility and vendor activity, and broad industry trends, associated with communicating and smart thermostats. Global market forecasts for unit shipments, average selling prices, revenue, and penetration rates, as well as revenue for associated software and services, extend through 2023. The report also examines the key technologies related to communicating and smart thermostats and profiles the major industry players.

Key questions addressed include:
• What are the main technology segments within the global market for communicating and smart thermostats?
• What are the main business segments within the market for communicating and smart thermostats?
• How do the business models for each segment differ from region to region?
• What are the main market drivers and inhibitors regionally for smart thermostats?
• What technology trends are shaping the market for smart thermostats?
• How are consumers engaging with smart thermostats?
• Where are the next global opportunities within the market for communicating and smart thermostats?

An earlier forecastfrom Navigant Research concluded that worldwide shipments of communicating and smart thermostats will grow from 926,000 annually in 2014 to 19.2 million by 2023. Related revenue is expected to grow from US$146.9 million in 2014 to US$2.3 billion in 2023. Read a summary of the forecast: https://electricalindustry.ca/changing-scenes/795-shipments-of-smart-thermostats-to-reach-nearly-20-million-by-2023.

Find out more about Navigant Research’s latest report: https://www.navigantresearch.com/research/smart-thermostats.