Devices and software appeal to a variety of customer segments, not just consumers, report concludes
A new report from Navigant Research analyzes the global market opportunities for communicating and smart thermostats, including global forecasts for unit shipments, average selling prices, revenue, and penetration rates.
First introduced in the late 2000s, smart thermostat technology has only recently gained real traction among customers. During the last year, the market for communicating and smart thermostats has expanded rapidly, with new offerings from several high-profile providers.
“In North America and Europe, interest in smart thermostat technology is growing among utilities and energy retailers, as well as consumers,” says Lauren Callaway, research analyst with Navigant Research. “In addition, small businesses are increasingly adopting solutions originally intended for residences as a low-cost way to manage energy use of HVAC systems.”
Amid a wide spectrum of offerings, three main technology segments have emerged, according to the report: communicating thermostats, smart thermostats, and software and services. Because these devices and software have varying degrees of capability for a range of functions – controlling temperature, analytics and automation, connectivity to home area networks, responding to utility pricing signals (e.g., time-of-use and demand response), and accessing cloud-based services – they appeal to multiple customer segments, not just end users.
The report, “Smart Thermostats,” analyzes the global market opportunities for communicating and smart thermostats. It 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.