Smart thermostats are a key component of the fast-growing connected homes ecosystem. In the next 5 years, the broadening range of products on offer will attract customers wanting comfort, convenience, and energy savings offered with home automation. The improving quality of Wi-Fi in homes will boost the smart thermostat market; it will also benefit from the growth in other connected home solutions, such as home hubs that are compatible with smart thermostats.
In terms of sales channels, energy utilities, and retail sales channels (especially online sales) will witness the fastest growth in the years to 2022. Energy utilities will continue to use devices such as smart thermostats to drive customer engagement, loyalty, and data gathering.
In 2017, the market penetration rate of smart thermostats in European homes was just 2.5%; this shows that despite recent growth this is still a nascent market. However, with strong growth anticipated, market penetration will rise rapidly to approach 20% by 2022.
Voice-over technology, gesture control, machine learning and artificial intelligence are the key technologies driving the growth in smart thermostats and associated solutions in Europe.
This study examines the growth outlook for smart thermostats in Europe - both at a regional and country level - and explores the technology, competition, and market developments that will drive the transformation of the industry.
The market remains quite consolidated at the top end with the leading 5 suppliers accounting for 57.3% in 2017. However, this will decline in the next few years, as new participants come to the market and the supply base fragments as new countries experience growth.
Leading market participants include Nest Labs, Honeywell, British Gas (Hive), eQ-3, Climote, Danfoss, Netatmo, Heatapp, Genius Hub, tado°, Ngenic, and Eneco (Toon).
Key Issues Addressed:
- Is the market growing? How long will it continue to grow, and at what rate?
- What is the actual and total addressable market for smart thermostats in 2017 and 2022?
- What are the current technologies prevalent in the smart thermostats market? Will there be any technology transition over the next 5 years?
- How will partnerships with energy utilities benefit market participants in the next 5 years?
- What are the growth opportunities and critical success factors for participants to survive and compete in this market?
1. Executive Summary
CEO’s 360 Degree Perspective
3 Big Predictions
2. Market Overview
Influential HVAC Industry Trends
Distribution Channel Analysis
Market Segmentation by Country
Key Questions this Study will Answer
3. Drivers and Restraints-Smart Thermostats Market
Key Market Drivers and Restraints
4. Forecasts and Trends-Smart Thermostats Market
Unit Shipment and Revenue Forecast
Pricing Trends and Forecast
Revenue Forecast, Unit Shipment, and Pricing Trends Discussion
Revenue Forecast and Percent Revenue Forecast by Region
Unit Shipment Forecast by Country
Revenue Forecast by Country
European Smart Thermostats Market Hot Spots
5. Market Share and Competitive Analysis-Smart Thermostats Market
Market Share Analysis
Smart HVAC Landscape & Ecosystem
Selection of Start-ups and Recent Entrants in the Smart Thermostat Ecosystem
6. Regional Analysis
The United Kingdom-Market Snapshot
Nordics Key Findings
Benelux Key Findings
RoE Key Findings
List of Exhibits