Smart Thermostat Market to Explode in Growth
The market for communicating and smart thermostats has exploded with activity since 2013, according to Navigant Research. Although it was introduced in the late 2000s, the technology has only recently gained stronger traction. The year 2014 has seen significant business activity in the form of mergers and acquisitions, international expansion, technological growth, and more conclusive evidence of cost-effectiveness.
In a new report “Smart Thermostats,” Navigant predicts the global market for communicating and smart thermostats and associated software and services to reach $2.3 billion by the end of the forecast period in 2023. The most significant uptake is expected to occur within the last 5 years of the forecast period as individual customers and organizations become increasingly comfortable with the technology and gain a stronger understanding of energy efficiency and demand side management. Increased comfort levels and knowledge will also enable end users to effectively estimate the period for their return on investment to be realized.
In the wake of this activity, three main technology segments have emerged amid a wide spectrum of offerings: communicating thermostats, smart thermostats, and software and services.
In North America and Europe, interest in smart thermostat technology is growing among utilities and energy retailers, as well as consumers. In addition, small businesses are increasingly adopting thermostats originally intended for residences as a low-cost way to manage energy use of HVAC systems.
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