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Smart and Connected Thermostat Sales to Grow 23% Annually Through 2022
August 8, 2018 | PRNewswireEstimated reading time: 1 minute
US demand for smart and connected thermostats is forecast to increase 23% per year through 2022 to 14.5 million units – largely tracking value demand trends but at a significantly faster pace due to falling prices – with smart thermostats siphoning market share away from connected types. These and other trends are presented in Smart & Connected Thermostats in the US, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Going forward, the most significant driver of unit sales of smart and connected thermostats will be the rapidly declining prices, which will support multiple-unit consumer adoption. Ramped up efforts by utility companies, homebuilders, and HVAC contractors to promote these products based on their cost- and energy-saving benefits will also underlie growth.
For example, utilities may offer rebates and other financial incentives to customers who install approved smart or connected thermostats and/or enroll in a DR program – which can greatly reduce if not neutralize the initial investment for these products. Furthermore, partnerships with smart thermostat manufacturers are increasingly common among HVAC contractors and homebuilders. Such partnerships drive adoption by:
- Capitalizing on the established relationships between these professionals and the customers they serve
- Educating clients about the potential cost- and energy-saving benefits
- Installing the smart thermostat at the time of construction, increasing the likelihood that the homebuyer will keep and maintain it
The smart and connected thermostat market is expected to transition to become more replacement-oriented between 2022 and 2025, which will correspond with declining sales. By then, most households interested in these products will have purchased one.
About The Freedonia Group, a division of MarketResearch.com
The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning.
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