Oct. 21, 2014: Shipments of Smart Thermostats Expected to Reach Nearly 20 Million by 2023
Devices and Software Appeal to a Variety of Customer Segments, Not Just Consumers
BOULDER, Colo. — First introduced in the late 2000s, smart thermostat technology has only recently gained real traction among customers, says Navigant Research. During the last year, the market for communicating and smart thermostats has expanded rapidly, with new offerings from several high-profile providers. According to a new report from the research firm, worldwide shipments of communicating and smart thermostats are expected to grow from 926,000 annually in 2014 to 19.2 million by 2023.
“In North America and Europe, interest in smart thermostat technology is growing among utilities and energy retailers, as well as consumers,” said 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.”