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Smart thermostats are a key component of the fast-growing connected homes ecosystem. In the next 5 years, the broadening range of products on offer will attract customers wanting comfort, convenience, and energy savings offered with home automation. The improving quality of Wi-Fi in homes will boost the smart thermostat market; it will also benefit from the growth in other connected home solutions, such as home hubs that are compatible with smart thermostats.In terms of sales channels, energy utilities, and retail sales channels (especially online sales) will witness the fastest growth in the years to 2022. Energy utilities will continue to use devices such as smart thermostats to drive customer engagement, loyalty, and data gathering.In 2017, the market penetration rate of smart thermostats in European homes was just 2.5%; this shows that despite recent growth this is still a nascent market. However, with strong growth anticipated, market penetration will rise rapidly to approach 20% by 2022.Voice-over technology, gesture control, machine learning and artificial intelligence are the key technologies driving the growth in smart thermostats and associated solutions in Europe.This study examines the growth outlook for smart thermostats in Europe—both at a regional and country level—and explores the technology, competition, and market developments that will drive the transformation of the industry.The market remains quite consolidated at the top end with the leading 5 suppliers accounting for 57.3% in 2017. However, this will decline in the next few years, as new participants come to the market and the supply base fragments as new countries experience growth.Leading market participants include Nest Labs, Honeywell, British Gas (Hive), eQ-3, Climote, Danfoss, Netatmo, Heatapp, Genius Hub, tado°, Ngenic, and Eneco (Toon).
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