Annual Revenue for Communicating and Smart Thermostats is Expected to Reach $4.4 Billion in 2025, According to Navigant Research
An array of distribution channels is helping to drive the market for advanced thermostats, report finds
BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research examines the global market opportunities for communicating and smart thermostats, with analysis of market drivers, profiles of key stakeholders, and forecasts of shipments and revenue, through 2025.
While thermostats have been around for decades, the latest technology advancements have only just begun to gain traction. Smart and communicating thermostats enable consumers to save money on energy bills, help utilities meet energy efficiency and demand-side management (DSM) requirements, and play a part in connected home solutions. Click to tweet: According to a new report from @NavigantRSRCH, annual global revenue for communicating and smart thermostats and associated software and services is expected to grow from $1.1 billion in 2016 to $4.4 billion in 2025.
"In the next decade, smart thermostats are expect to account for almost half of annual thermostat shipments," says Paige Leuschner, research analyst at Navigant Research. "Uptake of these and communicating thermostats is expected to escalate as software and services increase the value of thermostats through more advanced capabilities, intelligence, and insights, and as more thermostats are incorporated into utility efficiency and demand response programs."
As the market for smart and communicating thermostats continues to evolve, different distribution channels for these devices are emerging, according to the report. Telecommunications and broadband service providers, home security companies, and heating, ventilating, and air conditioning (HVAC) installers are all finding ways to incorporate advanced thermostats into their solutions.
The report, Smart Thermostats, analyzes the global market opportunities for communicating and smart thermostats. The study provides an analysis of the market issues, including the current market drivers, barriers, and business segments, utility and vendor activity, and broad industry trends, associated with communicating and smart thermostats. Global market forecasts for unit shipments, average selling prices, and revenue, including revenue for related software and services, extend through 2025. The report also examines the key technologies related to communicating and smart thermostats and profiles the major industry players. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant's professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant's practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.