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Smart thermostats gain traction in US, point to modest electricity savings

After more than a decade on the market, smart thermostats are on course to penetrate a relatively modest 16.6% of U.S. broadband households by year-end 2021 as consumers slowly digest messaging around cost savings in the absence of a broad regulatory catalyst.

However, we expect increased deployments from HVAC installers and new home builders will augment retail sales over our five-year forecast, pushing smart thermostat shipments up at an 11.4% CAGR.

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Our forecast for smart thermostats installed by 2025 yields a reduction in nationwide HVAC power consumption equivalent to the annual electricity consumption of the state of New Hampshire.

MI clients can access a more complete analysis of the smart thermostat market, including shipments, installed base, revenue and a power conservation sensitivity analysis.

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