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
Revenue from Energy Efficient Buildings in Europe Is Expected to Reach $109 Billion Annually by 2023
November 21, 2014The EU aims for nearly zero energy buildings by 2019, report finds • A recent report from Navigant Research analyzes the European market for residential and commercial…
Read More »
IBM, Cisco Score Highest in Navigant Research Assessment of Smart City Technology Providers
November 19, 2014Successful companies are adapting to the market’s evolution, report finds • A new Leaderboard Report from Navigant Research examines the strategy and execution of 16…
Read More »
Revenue from Smart Grid Technologies is Expected to Reach $70.2 Billion Annually by 2023
November 17, 2014 Deregulation and increased competition are helping to drive smart grid deployments, report finds • A recent report from Navigant Research analyzes the global market for smart grid technologies,…
Read More »
Revenue from High Voltage Transmission Systems is Expected to Reach $31 Billion by 2023
November 13, 2014Economic growth and electrification in China and India are powering demand for HVTSs, report finds • A recent report from Navigant Research analyzes the global market for high-voltage transmission systems…
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":"11\/23\/2014"}