Technology companies have invaded almost every aspect of modern living, and the thermostat business is no exception. The leaders in smart technology have been producing thermostats meant to replace the older markets and fully integrate a heating and cooling system into the modern smart home. But the old technology firms are stepping up to the plate, producing thermostats and products that might be able to compete with the younger start-ups.
There is ample motivation for these companies to come back into the market. Most of their customers now carry smartphones and other devices, and consumers are demanding more and more connectivity. Tech startups provide these services easily, integrating software and apps with fresh, modern hardware. However, by expanding their own businesses, the old guard is ready to take on the new with their own host of apps and programmable technology. This has required that those companies purchase or create their own app development teams.
Beyond the new tech appeal, there is a lot to be said about the newer thermostats: they are more energy efficient, save money, and make life more convenient. Data suggest that some smart thermostats can save consumers as much as 15% on their energy bills, which can translate to over $100 a year. More ambitious startups claim to be able to save as much as 30% on energy. So where can the old companies find their market niche? New technology tends to come with a price tag, and many of the old guards are finding ways to out price their competitors in order to claim a larger portion of the market share.
All of this added market value also increases a need for coders to write and manage the new systems. No longer an appliance that plugs passively into the wall and does as it is set, smart thermostats require new smartphone apps and integration within a growing number of smart home devices. They require sleek new designs to appeal to the new technology generation. Of course, they also require design features that will make them stand out above their competitors, along with a price tag that doesn’t cool them out of the market. Some companies are taking the approach of building their own coding farms, training new recruits, while others are acquiring the skills they need from other companies. Altogether, the industry is expanding into the tech market out of necessity to keep its piece of a market now sliding into Silicon Valley.