Smart, Connected Thermostat Sales Projected to Grow Through 2022
CLEVELAND — U.S. demand for smart and connected thermostats is forecast to increase 23 percent annually through 2022 to 14.5 million units — largely tracking value demand trends but at a significantly faster pace due to falling prices — with smart thermostats siphoning market share away from connected types, according to a study from The Freedonia Group.
Going forward, the most significant driver of unit sales of smart and connected thermostats will be the rapidly declining prices, which will support multiple-unit consumer adoption. Ramped up efforts by utility companies, homebuilders, and HVAC contractors to promote these products based on their cost- and energy-saving benefits will also underlie growth.