Homes with Smart Thermostats Continue to Increase
Based on a new report from Berg Insight, the number of European and North American homes with a smart thermostat increased by 8.1 percent, reaching 5.8 million last year. In Europe, the overall number of homes with a smart thermostat increased by 90 percent every year and eventually reached 1.4 million while the North American market posted a 78 percent growth in the installed base of smart thermostats to 4.5 million.
Achrnews reported that the Berg Insight study suggested that the number of homes with smart thermostats in Europe and North America will grow at a compound annual growth rate (CAGR) of 54.5 percent in the next five years and will attain 54.1 million in 2020. At the end of the forecast period, North America is expected to maintain its position of having the largest share in this industry with 32.2 million homes that have smart thermostats.
The report also added that smart thermostats prove to be one interesting and helpful equipment for homeowners, building owners, energy companies, and HVAC service providers. The main reason why this HVAC equipment is so popular is because of the potential for increased comfort, convenience, and energy savings.
For energy companies, smart thermostats create new possibilities to introduce consumer-friendly demand response and energy efficiency programs. Such programs can bring great capital savings as lower peak load can decrease spending on reserve power generation and the demand to acquire energy on the spot market. Also, having intelligence to residential heating and cooling systems opens up new opportunities for HVAC service providers. Predictive maintenance and remote diagnostics can allow repair and maintenance activities to be streamlined and done more effectively.
The North American smart thermostat market has sold over a million thermostats, mainly through retail, professional installer channels, and utility.
Berg Insight is an M2M/IoT market research firm that is located in Sweden and is specializing in M2M/IoT verticals like smart homes, fleet management, smart metering, and car telematics. The company’s vision is to be the most valuable resource of intelligence for its customers. It has given analytical services to 750 clients in 69 countries globally. Its customers range from various mobile operators in the world, telecom vendors, and IT companies to technology start-ups, venture capitalists, and specialist consultants.