Smart thermostats market to ‘rocket to $2.5bn in five years’

The European smart thermostats market is set to increase to $2.5 billion (£1.6bn) in less than five years. That’s according to a new report which states the boom will be driven by […]

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The European smart thermostats market is set to increase to $2.5 billion (£1.6bn) in less than five years.

That’s according to a new report which states the boom will be driven by 2020 climate change targets and mandatory energy efficiency certification for buildings.

It adds the enforcement of minimum standards for high energy consuming products, such as boilers, heating and air conditioning systems will also affect the rise.

The UK, Germany and the Netherlands is expected to account for a majority share of the market in Europe while France will be the fastest growing.

The report found the market earned revenues of $152.5 million (£97m) in 2014.

Dhivya Sundara Manohar, Frost & Sullivan Energy and Environmental Research Analyst, said: “Rapidly increasing awareness among customers on the user friendliness and comfort of smart thermostats is spurring demand in Europe.

“Moreover, the market is at an advantage since it is not significantly limited by government regulations.”