Smart thermostats to realize $1.4 billion in revenue by 2020

Sponsored by

Worldwide revenue from smart thermostats will grow from $86 million in 2013 to almost $1.4 billion in 2020, according to a recent report from Navigant Research.

Smart thermostats, also known as programmable communicating thermostats (PCTs), offer integrated features that surpass the basic sensing and control functions of traditional thermostats.

Although the market for smart thermostats has struggled to gain traction, recent developments — particularly the purchase of smart thermostat maker Nest Labs by Google, for a reported $3.2 billion — indicate that growth is likely to accelerate.

“Large retailers, including Lowe’s and The Home Depot in the United States and B&Q in Europe, have begun selling smart thermostats, signaling that sales of these devices could grow in coming years,” says Bob Lockhart, research director with Navigant Research. “It remains to be seen, though, whether marketing efforts on behalf of these retailers will raise the interest of a large pool of customers who are not already planning to replace an existing thermostat.”

For their part, utilities remain cautious about investing in programs and tools that provide incentives for consumers to regulate their energy use. Likewise, vendors have struggled to produce user-friendly solutions with proof of substantial cost savings that will motivate customers outside of the energy-conscious segment.

However, the combined factors of increased energy awareness, rising interest in home automation and security tools, and more user-friendly solutions have led to an uptick in shipments for smart thermostats and have revived a sense of optimism and excitement on behalf of vendors and stakeholders.

Sponsored by

CURRENT ARTICLES

Pepco Holdings Inc. enrolls 360,000 customers in demand response program

12/22/2014

More than 360,000 participants are enrolled

NYISO stakeholders approve pricing proposal to enhance reliability, fuel assurance

12/22/2014

SunPower, Sunverge charge into 2015 with solar, battery storage in US, Australia

12/22/2014

Solar with storage helps customers control energy costs and benefit utility grids

Vattenfall divests Danish CHP power plant

12/19/2014 Danish district heating company Fjernvarme Fyn will purchase Fyn Power Station including a waste incineration plant for an...

Nevada regulators reject tribal solar power plant again

12/19/2014 Nevada regulators on Wednesday refused a second request to waive competitive bids for utility company NV Energy to buy sol...

North Korea wanted to attack U.S. nuclear plants

12/19/2014 According to a declassified intelligence report, North Korea had plans to attack nuclear power plants in the United States...

Nebraska nuclear power plant taken temporarily offline

12/18/2014

The Fort Calhoun nuclear plant in Nebraska has been taken temporarily offline due to a lockout of its main generator

INDUSTRY STOCKS

ON DEMAND WEBCASTS

Benefits of a Managed Service System

Attend this webinar, sponsored by Itron, to understand how utilizing managed services can optimiz...

Architecting Communication Networks for Smart Grids

This webinar will provide the essentials of communication networking to meet the challenges of th...

The Power of Behavioral Design: Lessons for Energy Efficiency Providers

Behavioral design principles are key differentiators when it comes to influencing consumer behavi...

3D BIM for Substations—Driving Efficiency from Design Through Operation and Maintenance

In this webinar, PESTECH will describe their transition to intelligent substation design and its ...

High Availability Networks. Application of IEC6439-3 Protocols for IEC61850 Process Bus implementation

Networks can now be built for the first time with genuinely uninterrupted data communication betw...

EL&P BUYER'S GUIDE PRODUCTS

Resources on Demand

Manages resource requests, tracks personnel movements, and supports lodging/logistics during a power restoration event.

MITEM Corp

Provides CRM solutions for regulated U.S. public utilities. The product, MitemView integrates differently designed systems to share critical data a...

Smart Grids

Quanta is contributing to its customers' smart grid initiatives by installing technology on power networks to provide energy management solutions f...

Horizontal Directional Drilling

With 28 small, mid-sized and large drilling rigs, Quanta Pipeline Services is one of the largest horizontal directional contractors in the world fo...

POWERGRID PRODUCT LISTINGS

EtherMate® Industrial Ethernet - IO Modules

LioN-M ProfiNet device with 16 digital I/O channels, channels can be used universally as inputs or outputs, M12 socket, ro...

TRM® 2.0 - Test Results Manager PC Analysis and Reporting

Test Results Manager 2.0 (TRM® 2.0) is an all-in-one analysis, viewer and reporting tool designed for use with NOYES fiber...

Low-Smoke Zero Halogen Premise Distribution Cable

AFL’s Low-Smoke Zero Halogen (LSZH) distribution cable offers all of the benefits of a traditional 900 µm based optical ca...

OFL280 FlexTester - Handheld OTDR

AFL's OFL280 FlexTester offers an unmatched combination of fiber test functions, ease-of-use, portability, and value.

FEATURED ENERGY JOBS

View more Job Listings >>

POWERGRID International

October 2014
Volume 19, Issue 10
1410pg_C1digital

ELECTRIC LIGHT & POWER

October 2014
Volume 92, Issue 5
1409ELP-cover_digital