In a recent study on the North American HVAC Thermostats Markets, Frost & Sullivan recognized Invensys' I-Series programmable thermostat, calling it the most revolutionary product to hit the market in recent years, according to an Invensys press release.
For its leadership in terms of technology innovation, product innovation, and new product development, Invensys has been named the recipient of the 2003 Frost & Sullivan Product Innovation Award in the thermostat market segment for its I-Series.
Frost & Sullivan presents this award each year to the company that has best demonstrated the capability to develop or advance products in more innovative ways than other market participants. It recognizes the company's successful adoption of new or existing technologies that have become a part of its well-designed product family. In its analysis, Frost & Sullivan found the Invensys I-Series successfully combats a major industry challenge—the customer perception that programmable thermostats are too difficult to use. As energy prices have increased, sophisticated electronic thermostats have been introduced for energy conservation. Many consumers have avoided this change, settling for the mechanical thermostats rather than programmable thermostats, due to perceived complications in use.
"With all the value addition, Invensys' thermostats set a new standard in the programmable thermostats market," says Sanjiv Bhaskar, Industrial Team Leader with Frost & Sullivan. "Our research study, which involves direct interviews with market participants and end users, reveals that Invensys' integration of menu-driven options has definitely changed the way thermostats are programmed."
In the current situation, where the North American thermostat market suffers from low-product differentiation, stiff price competition, and excess capacity, it is imperative for OEMs to develop new products to capture end users. In such a commoditized market, Invensys' I-Series programmable thermostat is in a class of its own, promising steady revenues and greater market share for the company, according to Invensys.
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