Navigant Research projects smart thermostat market will quadruple to $4.4 billion by 2025
Written By: Stratton Report
June 2, 2016
On June 2, Navigant Research announced that 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.
Acccording to Navigant, the latest thermostat technology has 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.
Paige Leuschner, research analyst at Navigant Research noted:
“In the next decade, smart thermostats are expect to account for almost half of annual thermostat shipments. 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.”