Smart Thermostat Market to Reach $2.21 Billion by 2022
They have gained significant demand in North America and Europe
SAN FRANCISCO — The global smart thermostat market is forecast to reach $2.21 billion by 2022, according to a new study by Grand View Research Inc. These devices allow users to remotely manage their heating and air conditioning systems using wireless connectivity and mobile apps. They form an important part of smart homes and have gained significant demand from residences in developed regions such as North America and Europe.
The smart thermostat market is expected to witness growth since they display energy consumption in real-time and are able to adjust based on ambient conditions automatically. They can connect to the Internet and offer analytics and performance measurement tools through web portals. Such devices utilize technologies such as ZigBee or Wi-Fi and form a part of the home automation ecosystem.