Honeywell and Nest now lead the smart thermostat vendor market in terms of strategy and execution, according to a report from Navigant Research
The market for communicating and smart thermostats has exploded with activity in the last couple of years, evolving through an early technology adoption phase and into a stable and growing market. Recently, partnerships among vendors, international expansion, and conclusive evidence of the technology’s cost-effectiveness has pushed the market toward further growth, with two vendors (Honeywell and Nest) standing out among the competition.
Navigant examined the strategy and execution of 12 leading smart thermostat vendors, including vendor profiles and rankings to provide industry participants with an objective assessment of these companies’ relative strengths and weaknesses in the growing smart thermostat market.
“Honeywell, which has been a market leader for some time, has maintained its position due to its existing products and programs and its pursuit of the higher-end smart thermostat segment,” says Lauren Callaway, research analyst with Navigant Research. “Nest, meanwhile, has gained market share by seeking out collaborations with other vendors and by expanding its global marketing initiatives.”
Heightened awareness of residential energy management and growing interest in particular devices, such as the Nest and ecobee smart thermostats, have fueled an end-consumer-based spike in the smart thermostats market, according to the report. Newer players, such as tado, are giving longtime vendors, such as Honeywell and Carrier, additional competition by marketing direct to consumers, attracting early adopters and a few mainstream customers, as well.
The report, Navigant Research Leaderboard Report: Smart Thermostats, examines the strategy and execution of 12 smart thermostat manufacturers and software providers that are active in the global smart thermostat market and rates them on 12 criteria.
