By 2022, the company estimates as many as 1.3 billion smart devices will have made their way into households. That factors out to one smart home device for every sixth person (babies and children included).
According to a report from Mordor Intelligence, the global smart home market was valued at $35.7 billion in 2017, and it is expected to reach a value of $150.6 billion by 2023, growing at a compound annual growth rate of 26.9 percent during the forecast period.
Manufacturers in the realm of IAQ are seeing an uptick in interest due to increased awareness among consumers as well, as the air quality concerns that come as a byproduct of efforts to tighten up buildings to increase energy efficiency. In response, they’ve been updating IAQ products for the age of the smartphone and the “smart” HVAC system.
According to a recent study by Parks Associates, 13 percent of U.S. broadband households owned a smart thermostat by the end of 2017. And while that’s still under a quarter of eligible homes, that number has nearly tripled from just three years prior, influenced by factors like the ubiquity of the smartphone and the rise of in-home AI.
Despite the fact that there’s a lot of airtime given to smart thermostats in the media and throughout industry conferences, the reality is that only about 15 percent of households own a smart thermostat, according to Rob Munin, president at Lux Products.
Where DeLeo works, pushing the envelope of HVAC contracting is the way of business. He is currently working with a group of HVAC, electrical, plumbing, and construction employees in an effort to advance the home services division of the company.
If you walk into the Tempo building near the site of the old Dallas Cowboys stadium and ask for opinions about the industry and the economy, you better take good notes, because the slow-talking Texans have a lot to say.
A study by scientists at the University of Leeds (I Googled it … it is a thing) said it takes a minority of just 5 percent to influence a crowd. So that means that 95 percent of people can be following for no good reason. That might explain the popularity of the Kardashians.
Honeywell will license its brand to Resideo under a long-term agreement for use in its home comfort, security hardware, and software solutions for all channels. So while the name “Honeywell Home” will be kept on the box, smart home products will exist under Resideo as a separate entity.
Going forward, the most significant driver of unit sales of smart and connected thermostats will be the rapidly declining prices, which will support multiple-unit consumer adoption. Ramped up efforts by utility companies, homebuilders, and HVAC contractors to promote these products based on their cost- and energy-saving benefits will also underlie growth.