Living in total reliance on caregivers for even the most mundane and sometimes very personal tasks is a reality for many of the most severely wounded — whether it’s turning on the a/c, making dinner, or getting in and out of the bathtub. That’s a need that GSF aims to support via the R.I.S.E. program, which provides custom homes for veterans, complete with smart home technology that helps them lead normal, everyday lives despite their injuries.
According to a report from Mordor Intelligence, the global smart home market was valued at $35.7 billion in 2017, and it is expected to reach a value of $150.6 billion by 2023, growing at a compound annual growth rate of 26.9 percent during the forecast period.
The expected surge in smart thermostat sales will have equipment manufacturers, many of whom have their own proprietary controls, competing with the well-known universal thermostat brands, such as Nest, Honeywell, and ecobee.
According to a recent study by Parks Associates, 13 percent of U.S. broadband households owned a smart thermostat by the end of 2017. And while that’s still under a quarter of eligible homes, that number has nearly tripled from just three years prior, influenced by factors like the ubiquity of the smartphone and the rise of in-home AI.
Despite the fact that there’s a lot of airtime given to smart thermostats in the media and throughout industry conferences, the reality is that only about 15 percent of households own a smart thermostat, according to Rob Munin, president at Lux Products.
The HVAC industry is no stranger to do-it-yourself (DIY) homeowners, especially with the growing popularity of smart thermostats that just happen to be readily available at their corner big-box store or online via two-day shipping.
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.
It’s a well-known fact that HVAC — the smart thermostat — is the first point of entry into smart-home sales. And with more than half of U.S. households predicted to own a smart speaker by 2022, according to a late 2017 study by Juniper Research, it’s a prime opportunity for HVAC contractors.