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.
The number of North American and European homes with a smart thermostat grew by 81 percent to 5.8 million in 2015, according to a new research report from Berg Insight. The North American market recorded a 78 percent growth in the installed base of smart thermostats to 4.5 million.
The global market for ZigBee-enabled smart thermostats is forecast to increase substantially at a compound annual growth rate (CAGR) of over 67 percent by 2020, according to a market analysis by Technavio.
The global smart thermostat market is projected to generate revenue of more than $1.3 billion by 2019, according to a report by Sandler Research. The report states that one of the main challenges faced by the smart thermostats market is the high initial cost, which exceeds that of conventional thermostats.
The North American smart thermostat market is expected to dominate the global industry due to an increasing demand for energy efficiency and the presence of key vendors in the region.
The global smart thermostat market, including hardware and service, is expected to grow from $585.09 million in 2014 to reach $5.9 billion by 2020, growing at a compound annual growth rate (CAGR) of 31.82 percent from 2015 to 2020, according to a report published by MarketsandMarkets.
The global smart thermostat market is forecast to reach $2.21 billion by 2022, according to a new study by Grand View Research Inc. These devices allow users to remotely manage their heating and air conditioning systems using wireless connectivity and mobile apps.
The European smart thermostat market is set to boom, according to a new analysis from Frost & Sullivan, which states that the European market earned revenues of $152.5 million in 2014 and forecasts that this will jump to $2.57 billion by 2019.
Smart thermostats are forecast to take a larger portion of the market this year, accounting for over 40 percent of the nearly 10 million thermostats sold in the U.S., according to new smart home research from Parks Associates.
Last week Ecobee Inc. announced that its new smart thermostat, the Ecobee3, will be sold at Apple Stores in the United States. This is the first Ecobee thermostat sold by Apple that is HomeKit enabled.