Installed Base of Smart Thermostats Will Reach Nearly 32 Million by 2020

October 24, 2013

During the extensive smart grid rollouts of the last few years, smart thermostats developed a degree of excitement alongside announcements of ambitious smart meter rollouts and demand response (DR) programs.  Also known as programmable communicating thermostats (PCTs), smart thermostats utilize integrated technologies that surpass the basic sensing and control functions of traditional thermostats.  Click to tweet: According to a new report from Navigant Research, the global installed base of smart thermostats will grow from fewer than 1.4 million in 2013 to 31.9 million by 2020.

“Unlike products and solutions that are driven by government-sponsored utility smart grid programs, smart thermostats have remained largely in the commercial sphere, where individual energy efficiency awareness and cost savings determine purchasing decisions,” says Bob Lockhart, research director with Navigant Research. “However, the combined factors of increased energy awareness, interest in home automation and security tools, and more user-friendly solutions have led to an uptick in shipments for residential smart thermostats during the past year and have revived a sense of optimism and excitement among vendors and stakeholders.”

By 2020, according to the report, penetration rates for smart thermostats will still be relatively low – 4.7 percent worldwide.  For utilities, though, the drivers for promoting smart thermostats to their customers are strong.  Three main opportunities exist in the utility sector: small utilities that are geared toward low-cost, high-reward smart grid upgrades and functionality; generation utilities that aim to avoid plant-related upgrades and expansion; and utilities that struggle to meet efficiency targets.

The report, “Smart Thermostats”, analyzes the worldwide market opportunities for smart thermostats. It provides an assessment of market drivers and inhibitors, business models, and different technologies associated with the smart thermostat and home automation markets. Global market forecasts for revenue, average selling prices, and shipments, segmented by region and product category, extend through 2020. The report also profiles key industry players and examines specific utility case studies that illustrate different types of smart thermostat-enabled DR and energy efficiency programs at various stages of maturity.  An Executive Summary of the report is available for free download on the Navigant Research website.

Contact: Richard Martin

+1.303.493.5483

richard.martin@navigant.com

* The information contained in this press release concerning the report, “Smart Thermostats,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.

Register to Receive Updates

Sign up or login to receive free newsletters, research updates, access to webinars, and other analyst content from Navigant Research.

Research News

Rss
Lithium Ion Batteries for Consumer Electric Vehicles Will Surpass $24 Billion in Annual Revenue by 2023
July 22, 2014Automakers have yet to agree on battery performance standards, report finds • Lithium ion (Li-ion) batteries have emerged as the leading battery technology for a wide…
Read More »
Wind Power Will Deliver More Than 7 Percent of the World’s Electricity by 2018
July 21, 2014Offshore wind is expected to grow strongly in the next 4 years, report finds • Headwinds in several key markets, including the United States and Spain slowed growth in…
Read More »
LED Luminaires and Lamps for High-Bay Lighting Applications Will Reach $7 Billion in Annual Revenue by 2021
July 17, 2014 Cost and energy savings make more expensive LEDs economical, report concludes • The market for high-bay lighting in commercial buildings is undergoing a rapid shift from…
Read More »
Autonomous Vehicles Will Reach Nearly 95 Million in Annual Sales by 2035
July 16, 2014Legislative and regulatory issues present the highest barriers to introduction, report concludes • Autonomous, or self-driving, vehicles have been a goal of automotive engineers for many years. …
Read More »
View All News

{"userID":"","pageName":"Installed Base of Smart Thermostats Will Reach Nearly 32 Million by 2020","path":"\/newsroom\/installed-base-of-smart-thermostats-will-reach-nearly-32-million-by-2020","date":"7\/24\/2014"}