Company’s second “Smart Home Data Privacy” survey of 2,000 U.S. homeowners shows increase in smart home tech usage, decreases in confidence about data privacy Copeland, a global provider of sustainable climate solutions, announced today the findings from its second ‘Smart Home Data Privacy’ survey which aimed to determine how both smart thermostat users and non-users Read more
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Company’s second “Smart Home Data Privacy” survey of 2,000 U.S. homeowners shows increase in smart home tech usage, decreases in confidence about data privacy
Copeland, a global provider of sustainable climate solutions, announced today the findings from its second ‘Smart Home Data Privacy’ survey which aimed to determine how both smart thermostat users and non-users feel about data privacy and the security of their smart home products. While ownership of smart home devices – including smart thermostats, TVs and appliances – are significantly higher than when the study was first commissioned in 2022, homeowners were also more likely to be concerned about data privacy in 2024.
“As we can see by the rise in ownership of smart home products, homeowners are increasingly looking for convenient ways to automate their lives and expand control over their home environments to save on energy costs,” said Lisa Plaggemier, Executive Director of the National Cybersecurity Alliance. “But what’s most concerning is that more than half of homeowners don’t understand how data from their smart thermostat is collected and used – particularly as AI becomes nearly ubiquitous. This should be a resounding call for transparency among smart tech manufacturers.”
While the study shows that homeowners with smart home devices are more concerned than ever about the security of their data (27 percent in 2024 versus 23 percent in 2022), their understanding of and attitudes toward smart tech and data privacy show a critical gap:
- More than half of homeowners (52 percent) don’t have any idea of how data is collected from smart thermostats.
- Homeowners who don’t own a smart thermostat are less likely to be confident that manufacturers use their customers’ data responsibly compared to those who own a smart thermostat (58 percent versus 73 percent), which could be evidence of a barrier to purchase.
- Only 14 percent of homeowners who owned smart thermostats said they researched a manufacturer’s data privacy policy before purchasing a smart thermostat.
And yet, seven out of 10 homeowners are willing to replace their thermostat with one that provides more privacy, with millennials more willing (80%) than other groups.
As a leading innovator in the HVAC industry and the company behind the top-rated Sensi thermostat platform, Copeland was one of the first manufacturers to create a formal privacy pledge in 2022 and has since been a leader in protecting its users’ personal data, never using smart thermostat activity for targeting or advertising purposes. The company has also never sold a user’s personal data to anyone and does not make changes to thermostat settings based on usage assumptions.
“There’s always a role for data, particularly as it relates to a homeowner’s ability to optimize their home comfort and gain energy savings in the process, but those settings are theirs and theirs alone,” said Brendan O’Toole, vice president, smart home and energy management for Copeland. “As demand for smart home products continues to rise, it’s imperative for manufacturers to adequately disclose their privacy policies and educate consumers about the importance of data security,”
For more information about how Copeland’s lineup of Sensi smart thermostats respects and protects consumer privacy and to download the full report, visit sensi.copeland.com/dataprivacy.
Rebrand to Copeland Reflects 100-Year Legacy of Leadership in HVAC and Refrigeration Technology and Solutions Sustainable Climate Solutions Leader Positioned for Next Phase of Growth with Enhanced Focus on Innovation to Transform How People Live and Work Emerson Receives Approximately $9.7 Billion in Upfront, Pre-Tax Cash Proceeds and $2.25 Billion Seller’s Note; Retains 40% Common Read more
Rebrand to Copeland Reflects 100-Year Legacy of Leadership in HVAC and
Refrigeration Technology and Solutions
Sustainable Climate Solutions Leader Positioned for Next Phase of Growth with Enhanced Focus on Innovation to Transform How People Live and Work
Emerson Receives Approximately $9.7 Billion in Upfront, Pre-Tax Cash Proceeds and $2.25 Billion Seller’s Note; Retains 40% Common Equity Ownership
Blackstone (NYSE: BX) and Emerson (NYSE: EMR) announced that private equity funds managed by Blackstone (“Blackstone”) have completed the previously announced acquisition of a majority stake in Emerson’s Climate Technologies business in a transaction valuing the business at $14.0 billion. This closing marks a significant milestone in the HVAC and refrigeration (HVACR) industry leader’s journey to advance the next generation of climate technologies.
The new standalone business will be named Copeland – building on the brand’s 100-year legacy, global recognition and influence across the HVACR industry. As a standalone company focused on serving the global HVACR market, Copeland’s product portfolio includes market-leading compressors, controls, thermostats, valves, software and monitoring solutions for residential, commercial and industrial customers. Copeland had fiscal 2022 net sales of $5.0 billion.
“Copeland has long been a pioneer in the HVAC and refrigeration industries with unmatched capabilities in engineering, design and innovation,” said Ross B. Shuster, Chief Executive Officer of Copeland. “With the focus that comes from being a standalone company, and the support of our shareholders, Blackstone and Emerson, we plan to extend the company’s leadership position in the industry and develop new and integrated climate technology solutions. The Copeland business is made up of over 18,000 talented team members, who are aligned and committed to developing technologies and solutions that drive decarbonization at scale, accelerate the global trend of electrification and deliver greater value for our customers and end users.”
Copeland is poised to build on its iconic brand and trusted expertise to shape the future of climate technology. The company’s products, expertise and innovation play a key role in improving the energy efficiency of heating and cooling solutions – including the rapidly growing market for electric heat pumps and climate-friendly refrigerants, which are seeing strong demand and global adoption given their potential to reduce the environmental impact and carbon emissions of HVAC systems.
“Copeland has grown into the market leader in supplying critical components for residential, commercial and industrial climate control solutions, and we are thrilled to support its next phase of growth as a world-class standalone company,” said Joe Baratta, Global Head of Blackstone Private Equity. “Leveraging Blackstone’s long track-record of successful large-scale corporate partnerships, we look forward to working with the Copeland and Emerson teams to accelerate the company’s profitable, long-term growth. We’re confident in the runway ahead to advance Copeland’s industry leading position by delivering even more innovative, energy-efficient solutions to support its customers’ carbon reduction efforts.”
“We are pleased to complete this significant transaction, an important milestone in Emerson’s portfolio transformation into a cohesive global automation leader,” said Lal Karsanbhai, President and Chief Executive Officer of Emerson. “The upfront proceeds from this transaction allow Emerson to advance our portfolio in attractive, higher-growth automation markets, while our remaining non-controlling investment enables Emerson to benefit from Copeland’s future upside under Blackstone’s ownership, until we exit the business. With our focused portfolio, we are bringing comprehensive automation products, software and solutions to a diverse set of end markets, driving operational excellence and enhancing value creation for Emerson shareholders.”
Copeland will continue to operate from St. Louis, while maintaining a global footprint to serve customers in Europe, Latin America, Asia, Middle East and Africa.
Learn more about Copeland’s sustainable solutions at Copeland.com.