Communicating and Smart Thermostat Revenue to Quadruple by 2025
An array of distribution channels is helping to drive the market for advanced thermostats
BOULDER, Colo. — While thermostats have been around for decades, the latest technology advancements have only just begun to gain traction, notes Navigant Research. Smart and communicating thermostats enable consumers to save money on energy bills, help utilities meet energy efficiency and demand-side management (DSM) requirements, and play a part in connected home solutions. According to a new report from the research firm, annual global revenue for communicating and smart thermostats and associated software and services is expected to grow from $1.1 billion in 2016 to $4.4 billion in 2025.
“In the next decade, smart thermostats are expected to account for almost half of annual thermostat shipments,” said Paige Leuschner, research analyst at Navigant Research. “Uptake of these and communicating thermostats is expected to escalate as software and services increase the value of thermostats through more advanced capabilities, intelligence, and insights, and as more thermostats are incorporated into utility efficiency and demand response programs.”