Smart Thermostats Are Expected To Reach Nearly $2.3 Billion in Annual Revenue by 2023

December 19, 2014

Interest is growing among utilities, businesses, and consumers, report finds

A recent report from Navigant Research analyzes the global market opportunities for smart and communicating thermostats, including global market forecasts for unit shipments, average selling prices, revenue, and penetration rates.

After only a handful of years in existence, the market for smart thermostats is now poised for growth.  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.  Click to tweet: According to a recent report from Navigant Research, annual global revenue for communicating and smart thermostats and associated software and services is expected to grow from $146.9 million in 2014 to $2.3 billion in 2023.

“It’s not just end users that are interested in smart thermostat technologies,” says Lauren Callaway, research analyst with Navigant Research.  “Today, adoption is increasing in several different customer segments, as utilities, energy retailers, small businesses, and homeowners realize the value in using these devices to manage their energy use and save money.”

Smart thermostats, along with the associated software and services, offer a range of capabilities, including temperature control, analytics and automation, connectivity to home area networks, and the ability to respond to utility pricing signals, including time-of-use and demand response, according to the report.  In addition, these devices can access cloud-based services.

The report, Smart Thermostats, analyzes the worldwide market opportunities for communicating and smart thermostats, examining the current market drivers, inhibitors, and business segments, utility and vendor activity, and broad industry trends associated with these technologies.  Forecasts for unit shipments, average selling prices, revenue, and penetration rates extend through 2023.  Key technologies related to communicating and smart thermostats are also covered, and the report provides expected revenue for associated software and services.  Additionally, profiles of major industry players are included.  An Executive Summary of the report is available for free download on the Navigant Research website.

Contact: Richard Martin


* 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.

Data Services

An interactive data visualization platform with online access to global forecasts spanning the energy, utility, transportation, and buildings industries.

More Information

Research News

Utility Spending on Blockchain-based Platforms is Expected to Reach $3.7 Billion by 2026
Blockchain energy platforms must emphasize operational efficiency before the technology can be widely adopted in…
Read More »
A New Generation of Projects Combining Energy Storage with Fossil Fuel Generators Is Shifting the Traditional Paradigm
Market conditions and policies are driving acquisitions and new hybrid projects from incumbent generator providers,…
Read More »
Technology to Measure and Quantify Human-Centric Lighting Is Underutilized
Standards organizations provide a starting point for understanding human-centric lighting and healthy buildings, but a…
Read More »
View All News

{"userID":"","pageName":"Smart Thermostats Are Expected To Reach Nearly $2.3 Billion in Annual Revenue by 2023","path":"\/newsroom\/smart-thermostats-are-expected-to-reach-nearly-2-3-billion-in-annual-revenue-by-2023","date":"5\/26\/2018"}