Today’s smart thermostats allow users to adjust their home heating system – for example, change the temperature or switch the heating on or off – via smartphone from anywhere.
As the technology advances, the devices will go beyond indoor climate control, becoming the interface to control the entire smart home including lights, door locks, windows, security systems, and heating, ventilation, and air conditioning (HVAC) systems, according to a new analysis by Frost & Sullivan.
The research and consulting firm’s new report, Global Smart Thermostats Market, Forecast to 2025, predicts that the rising penetration of smart home solutions and demand for energy- and cost-saving technologies will boost the value of the market from $1.63bn (£1.31bn) to as much as $4.81bn (£3.86bn) by 2025, with shipments reaching 38.8 million units from 8.6 million in 2018.
By 2025, around 63.7% of North American and 41.4% of European homes are forecast to have smart thermostats. And the additional capabilities of the next generation of smart thermostats will see their use expanding into other segments, explained Dennis Marcell Victor, senior research analyst for Energy & Environment at Frost & Sullivan.
“Smart thermostats are increasingly being developed with additional intelligence to deliver value to the customer in terms of personalised climate and lighting control beyond residential use cases,” Victor said. “With improved focus on air quality and comfort, smart thermostats are expected to be widely installed in campuses, hospitals and office spaces.”
Frost & Sullivan expects smart thermostat vendors to tap into growth opportunities presented by:
- Offering building and appliance diagnostics, recommending relevant energy-efficiency measures and aiding compliance with building codes;
- Reinforcing energy-efficiency initiatives that add to the ease of implementing demand response programmes, especially in countries with higher demand for electricity;
- Partnering with utility providers to offer rebates or guaranteed energy savings through subscription plans;
- Focusing on customer relationships, from pricing, ease of installation and ease of use to quick resolution of issues; and
- Adopting an omnichannel strategy to unlock market potential in low-growth markets.
Our Next-generation connectivity report explores the many ways that advanced technologies and next-generation internet connectivity will transform energy & utilities and other sectors. Download your free copy now!
Tags: smart thermostats