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Navigant Research: Interest of smart thermostats growing among utilities, businesses, and consumers
By Navigant Research 2014-12-25
A recent report from Navigant Research analyzes the global market opportunities for smart and communicating thermostats, including global market forecasts for unit shipments, average selling prices, revenue, and penetration rates. “It’s not just end users that are interested in smart thermostat technologies,” says Lauren Callaway, research analyst with Navigant Research. “Today, adoption is increasing in several different customer segments, as utilities, energy retailers, small businesses, and homeowners realize the value in using these devices to manage their energy use and save money.”
After only a handful of years in existence, the market for smart thermostats is now poised for growth. This market is being driven by the advent of a range of innovative devices and software that appeal to a variety of customer segments, particularly in North America and Europe. Click to tweet: According to a recent report from Navigant Research, annual global revenue for communicating and smart thermostats and associated software and services is expected to grow from $146.9 million in 2014 to $2.3 billion in 2023.
Smart thermostats, along with the associated software and services, offer a range of capabilities, including temperature control, analytics and automation, connectivity to home area networks, and the ability to respond to utility pricing signals, including time-of-use and demand response, according to the report. In addition, these devices can access cloud-based services.
The report, Smart Thermostats, analyzes the worldwide market opportunities for communicating and smart thermostats, examining the current market drivers, inhibitors, and business segments, utility and vendor activity, and broad industry trends associated with these technologies. Forecasts for unit shipments, average selling prices, revenue, and penetration rates extend through 2023. Key technologies related to communicating and smart thermostats are also covered, and the report provides expected revenue for associated software and services. Additionally, profiles of major industry players are included.