North American smart thermostat market expected to dominate the global industry
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.