Smart thermostats gain traction in Europe and North America

Berg Insight, the world’s leading M2M/IoT market research provider, today released new findings about the smart thermostat market. The number of North American and European homes with a smart thermostat grew by 67 percent to 10.1 million in 2016. The North American market recorded a 64 percent growth in the installed base of smart thermostats to 7.8 million. In Europe, the total number of homes with a smart thermostat grew by 77 percent year-on-year to reach 2.3 million. Berg Insight forecasts that the number of homes with smart thermostats in Europe and North America will grow at a CAGR of 50 percent during the next five years to reach 78.1 million in 2021.