Articles Tagged with ''smart thermostat market''

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.

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.