With millions of sales from dozens of vendors, smart thermostats are one of the largest and fastest growing smart home product segments.
Retail sales nearly tripled over the past two years and this is forcing vendors and platform providers to create open and interoperable systems. 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.
This report 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.
2,000+ individuals including consumers, home service providers, retail outlets, professional installers, device manufacturers, software developers and component suppliers.
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