The global smart thermostat market has witnessed a robust growth over the past few years. This can be attributed to the increasing adoption of connected devices along with the various advantages offered by smart thermostats.
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The latest report by IMARC Group, titled “Smart Thermostat Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global smart thermostat market reached a value of US$ 1.1 Billion in 2017. Smart thermostats allow users to control the heating and air conditioning of their homes or offices via the internet. These devices collect data related to the behavior and specific needs of the user and adjust themselves accordingly. Smart thermostats can also be used with home automation systems to offer customized settings which minimize energy use while maximizing comfort. Some of the other advantages offered by smart thermostats include recording the runtime of HVAC systems, monitoring internal/external temperatures as well as improving indoor air quality. Owing to the convenience provided by smart thermostats, the demand for these devices is being accelerated worldwide.
Global Smart Thermostat Market Trends:
Smart thermostats are highly efficient and help homeowners in reducing the overall electricity consumption and related operating costs. Moreover, they enable the users to monitor energy utilization as well as adjust temperatures from remote locations.
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