SAN FRANCISCO — The global smart thermostat market size is expected to exceed 40 million units and reach $2 billion by 2022, according to a new report by Grand View Research. These thermostats constitute the next generation of home automation devices that form a significant part of smart homes. Backup of data in the cloud, managing data, and applying analytics to improve performance and achieve self-learning are expected to drive the size of the smart thermostat market.
Proliferation of smartphones acts as an enabler toward energy management solutions. The global thermostat industry has gained traction over the past few years owing to increased deployments in residential sectors in the North American and European regions. Ease of use and improved energy management offered by such devices has favorably impacted growth. A rise in average energy expenditures and the need for remote access is also estimated to spur demand.
Data security concerns and the high cost of devices may provide the greatest levels of restrain to the smart thermostat market. However, reductions in energy bill costs and improved returns on investments offered by such devices have considerably increased their demand in households. Furthermore, businesses and industries have also adopted the technology as a low-cost way to manage their HVAC systems.
The North American smart thermostat market is expected to dominate the global industry, due to an increasing demand for energy efficiency and the presence of key vendors in the region. The booming Asia-Pacific home automation devices market is expected to positively impact regional penetration.
The European smart thermostat industry is expected to gain traction over the forecast period, led by favorable government initiates in the region.
For information or to download the report, visit http://bit.ly/1Fjx7qp.
Publication date: 10/26/2015