Smart Thermostat Market Worth $5.9 Billion by 2020
It is expected to witness high growth in all applications, residential, commercial, and industrial
PUNE, India — The global smart thermostat market, including hardware and service, is expected to grow from $585.09 million in 2014 to reach $5.9 billion by 2020, growing at a compound annual growth rate (CAGR) of 31.82 percent from 2015 to 2020, according to a report published by MarketsandMarkets.
The smart thermostat market is expected to witness high growth in all applications including residential, commercial, and industrial. The residential application area is expected to grow at the highest CAGR and holds the largest market share, owing to the increasing awareness among consumers about the benefits of smart thermostats. The Nest smart thermostat, for example, is being increasingly adopted in the residential sector because it is easy to install and has an attractive look. The industrial sector is also growing as this technology is being adopted at all levels from the warehouse to the assembly line.