ZigBee Smart Thermostat Market to Grow at 67% CAGR to 2020
Many residential users are seeking ways to reduce energy consumption and cut costs
LONDON — The global market for ZigBee-enabled smart thermostats is forecast to increase substantially at a compound annual growth rate (CAGR) of over 67 percent by 2020, according to a market analysis by Technavio. The growing demand for high-efficiency HVAC equipment will be a key driver for this market. Heating and cooling accounts for nearly half of total household energy consumption in cold climates. As a result, many residential users are seeking ways to reduce energy consumption and cut costs.
The smart thermostat market is competitive due to the emergence of various wireless networking technologies like Bluetooth, Wi-Fi, ZigBee, and Z-Wave.