Parks Associates research shows 23 percent of U.S. broadband households are likely to buy a smart thermostat in 2019, which shows purchase intentions remain strong although many households still consider this product too expensive. The firm will host the eleventh annual Smart Energy Summit: Engaging the Consumer, February 17-19, 2020, at the Omni Austin Downtown in Austin, TX, to examine opportunities for energy providers to convert intentions to actual purchases, the role of DIY, and innovations that could drive broader consumer adoption of energy management.
At Smart Energy Summit, more than 300 industry leaders from utilities, service providers, manufacturers, and technology companies will participate in panel discussions about the impact of direct consumer participation in energy markets and strategies to increase consumer engagement. Early event sponsors are FLO, Rapid Response Monitoring, Trusource Labs, Alarm.com, Austin Energy, Inspire, and Sprosty Network.
“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 percent of U.S. broadband households,” said Elizabeth Parks, president, Parks Associates. “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 analyze different strategies, highlight factors for success, and discuss the features that can drive greater consumer engagement.”
Parks Associates research finds consumers bought roughly 5.8 million smart thermostats in 2018, generating $843 million in revenues. For future purchases, voice control and compatibility with smart speakers are important selling factors. Among households planning to buy a smart thermostat that also own a smart speaker, more than 70 percent consider it important that the smart thermostat they buy is compatible with their smart speaker.
For information on speaking, sponsoring, or attending Smart Energy Summit, visit www.ses2020.com.