Wi-Fi to Dominate Thermostat Market by 2018
Monica Link Dec. 20, 2013, 2 p.m.
As new construction evolves, technology continues to expand with it.
According to a recent study by Europe-based ABI Research, Wi-Fi will hold more than 40 percent of the 8 million unit smart thermostat market by 2018. In the past several years, smart thermostats have become a growing trend among homeowners and small business owners. Smart thermostats have the ability to sync devices including smartphones and tablets to the thermostats, allowing consumers a different way to control energy use.
Data from the study concluded that the global smart thermostat market is expected to grow from 1.3 million units in 2013 to 8 million units in 2018. Worldwide revenue growth from Wi-Fi-enabled smart thermostats is expected to reach $600 million by 2018. North America is responsible for about half of all sales of smart thermostats. The study credits tech-savvy consumers using smart mobile devices hungry for more technology for the high volume sales.
The study also concluded that Wi-Fi-enabled smart thermostat shipments to Europe will exceed product shipments to the United States by 2017.
ABI’s study, the Smart Home Research Service, examined market conditions for monitoring and control technologies used to automate home applications, which includes energy, security, appliances, and health care management.