Some 5.8 million consumers in the US bought a smart thermostat in 2018 and 23% of US broadband households have plans to purchase in 2019, according to a survey conducted by Parks Associates.
In 2018, revenue generated from the sale of smart thermostats reached $843 million.
More than 70% of the broadband households planning to purchase a smart thermostat consider the units expensive.
Factors driving consumers into wanting to buy a smart thermostat include:
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Elizabeth Parks, president of Parks Associates, said: "The enthusiasm for this product comes despite most households believing that smart thermostats are not affordable, so the industry has a challenge in driving actual adoption past 11-13% of US broadband households.
"Utilities and other energy players are experimenting with subsidized offers and product-as-a-service options to expand adoption. At Smart Energy Summit, we will analyse different strategies, highlight factors for success, and discuss the features that can drive greater consumer engagement."