The number of homes in North America and Europe with a smart thermostat grew by 105 percent to 3.2 million in 2014, according to a new research report from Berg Insight. The North American market recorded 107 percent growth while the European market grew by 96 percent.
After only a handful of years in existence, the market for smart thermostats is now poised for growth, says Navigant Research. 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.
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.
Although the market for smart thermostats has struggled to gain traction, recent developments — particularly the purchase of smart thermostat maker Nest Labs by Google for a reported $3.2 billion — indicate that growth is likely to accelerate, according to Navigant Research.