Navigant Research Report Finds Global Revenue from Advanced Thermostats Is Expected to Reach $5.4 Billion in 2027

Market drivers include voice activation, the proliferation of the
Internet of Things, new business opportunities, and regulatory
requirements

BOULDER, Colo.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/ConnectedDevices?src=hash” target=”_blank”gt;#ConnectedDeviceslt;/agt;–A new report from Navigant
Research examines the global market for advanced thermostats,
providing an analysis of market trends, as well as global market
forecasts, broken out by segment, region, and housing type, through 2027.

Advanced thermostats are becoming a staple in smart home solutions as
consumers become increasingly aware of the benefits, as utilities move
from demonstration pilots to full programs, and as vendors realize new
business opportunities through data and analytics. Thermostats are also
beginning to reach wider customer segments. Initiatives such as Nest’s
Power Project are reaching low income customers and Vivint’s new Smart
Properties business segment is adapting its smart home solution for
rental properties. Click
to tweet: According to a new report from @NavigantRSRCH,
global revenue from advanced thermostats is expected to grow from nearly
$2.2 billion in 2018 to over $5.4 billion in 2027 at a compound annual
growth rate (CAGR) of 10.7%.

“Due to increased maturation, interesting market dynamics are taking
place, such as bidirectional growth between thermostat types,” says
Paige Leuschner, research analyst at Navigant Research. “Some companies
are committing to more edge computing capabilities to create even
smarter devices as component prices decline, while other brands are
taking a step back from intelligence by releasing devices that are
cheaper and more accessible to mainstream consumers.”

The market for these advanced connected devices is driven by various
factors, including voice activation, the proliferation of the Internet
of Things (IoT), new business opportunities, new verticals, and
regulatory requirements. Despite these growth factors, this is a
challenging market in which barriers to growth include cost, lack of
interoperability, different regional heating systems, customer
indifference, and data privacy and security issues.

The report, Market
Data: Advanced Thermostats, examines the global market for
advanced thermostats, including smart and communicating (connected)
thermostats. The study provides an analysis of the market trends,
including market drivers and barriers, associated with advanced
thermostats. Global market forecasts, broken out by segment, region, and
housing type, extend through 2027. The report also provides an update
and adjustments to Navigant Research’s analysis to explore new
developments in the advanced thermostat market. 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
clean, intelligent, mobile, and distributed energy. Additional
information about Navigant Research can be found at www.navigantresearch.com.

About Navigant

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.

* The information contained in this press release concerning the
report, Market Data: Advanced Thermostats, is a summary
and reflects Navigant Research’s current expectations based on market
data and trend analysis. Market predictions and expectations are
inherently uncertain and actual results may differ materially from those
contained in this press release or the report. Please refer to the full
report for a complete understanding of the assumptions underlying the
report’s conclusions and the methodologies used to create the report.
Neither Navigant Research nor Navigant undertakes any obligation to
update any of the information contained in this press release or the
report.

Contacts

Navigant Research
Lindsay Funicello-Paul
+1.781.270.8456
lindsay.funicello.paul@navigant.com