Proving the Business Case for the Internet of Things

Smart thermostat shipments to hit 20 million annually by 2023: Navigant

Iain Morris
October 7, 2014

Shipments of smart thermostats will reach nearly 20 million annually by 2023, according to a new study from Navigant Research.

The market has expanded rapidly over the last year and new offerings have become available from several high-profile providers, according to the market-research company.
Navigant expects the worldwide market to grow from 926,000 shipments annually in 2014 to 19.2 million by 2023.

“In North America and Europe, interest in smart thermostat technology is growing among utilities and energy retailers, as well as consumers,” said Lauren Callaway, research analyst with Navigant. “In addition, small businesses are increasingly adopting solutions originally intended for residences as a low-cost way to manage energy use of HVAC [heating, ventilation and air-conditioning systems.”

Although there is now a wide spectrum of offerings, Navigant has identified three main technology segments – communicating thermostats, smart thermostats, and software and services – in the broader smart thermostat area.

Those devices and software have varying degrees of capability for a range of functions, including temperature, analytics and automation, connectivity to home area networks, responding to utility pricing signals and accessing cloud-based services.

That means they hold appeal for multiple customer segments, not just end users, according to Navigant.
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