Global Revenue from Advanced Thermostats Is Expected to Reach $5.4 Billion in 2027
Market drivers include voice activation, the proliferation of the Internet of Things, new business opportunities, and regulatory requirements
A new report from Navigant Research examines the global market for advanced thermostats, providing an analysis of market trends, as well as global market forecasts, broken out by segment, region, and housing type, through 2027.
Advanced thermostats are becoming a staple in smart home solutions as consumers become increasingly aware of the benefits, as utilities move from demonstration pilots to full programs, and as vendors realize new business opportunities through data and analytics. Thermostats are also beginning to reach wider customer segments. Initiatives such as Nest’s Power Project are reaching low income customers and Vivint’s new Smart Properties business segment is adapting its smart home solution for rental properties. Click to tweet: According to a new report from @NavigantRSRCH, global revenue from advanced thermostats is expected to grow from nearly $2.2 billion in 2018 to over $5.4 billion in 2027 at a compound annual growth rate (CAGR) of 10.7%.
“Due to increased maturation, interesting market dynamics are taking place, such as bidirectional growth between thermostat types,” says Paige Leuschner, research analyst at Navigant Research. “Some companies are committing to more edge computing capabilities to create even smarter devices as component prices decline, while other brands are taking a step back from intelligence by releasing devices that are cheaper and more accessible to mainstream consumers.”
The market for these advanced connected devices is driven by various factors, including voice activation, the proliferation of the Internet of Things (IoT), new business opportunities, new verticals, and regulatory requirements. Despite these growth factors, this is a challenging market in which barriers to growth include cost, lack of interoperability, different regional heating systems, customer indifference, and data privacy and security issues.
The report, Market Data: Advanced Thermostats, the global market for advanced thermostats, including smart and communicating (connected) thermostats. The study provides an analysis of the market trends, including market drivers and barriers, associated with advanced thermostats. Global market forecasts, broken out by segment, region, and housing type, extend through 2027. The report also provides an update and adjustments to Navigant Research’s analysis to explore new developments in the advanced thermostat market. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Market Data: Advanced 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.