According to a recently completed report by ON World, smart thermostats are one of the largest and fastest growing smart home product segments and make up 80% of the consumer reviews on home energy products.
San Diego, CA January 11, 2016— Retail sales for smart thermostats nearly tripled over the past two years and this is forcing vendors and platform providers to create open and interoperable systems, according to global technology research firm ON World.
With millions of sales from dozens of vendors, smart thermostats are one of the largest and fastest growing smart home product segments. Nest Labs is still the market leader but the latest offerings from Honeywell, Ecobee, Emerson and several new entrants have narrowed its lead.
ON World’s surveys with 2,000+ U.S. consumers conducted from Q3 2015 through January 2016 found that 1 in 3 are likely to use smart home solutions and smart thermostats are one of the most preferred product segments.
Cost continues to be a major smart home purchasing consideration. However, by 2:1 consumers prefer to pay upfront for home energy management products versus having a monthly service fee.
Within the next five years, 70 million smart thermostats will be installed in homes worldwide. Smart thermostats make up nearly half of the 170 home energy management products that ON World evaluated for this report and almost 8 in 10 of the consumer reviews.
ON World’s report, “Smart Thermostats,” is based on surveys and phone interviews with 2,000+ individuals across the whole home energy management value chain, an evaluation of 170 products with 20,000 consumer reviews and 40+ companies. It analyzes the market opportunities and threats for utilities/energy retailers, home service providers, hardware manufacturers, software developers and chipset suppliers. This report is part of a series of reports on the smart home that may be purchased separately or as part of a report set.
More information and a free executive summary is available from ON World’s website.
About ON World:
ON World provides global IoT business intelligence. Our market research is used by Fortune 1000 companies, startups and investors worldwide.
e: purvis at onworld.com
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