The smart thermostat market size is estimated to reach USD 2,992.4 million by 2022, according to a new report by Grand View Research, Inc. Smart thermostats facilitate the effective and remote management of temperatures in the residential as well as commercial avenues. With the increasing average unit rate of power, the home automation industry serves as a major opportunity for the market growth.
These thermostats help users to monitor, control, and lower the energy bills as these gadgets assist in minimizing the power consumption up to 20%. Industry participants are emphasizing on innovating products and developing user-friendly mobile applications to enable users to remotely control the ambient climate. Voice activated and self-learning thermostats provided by industry players, such Nest Labs, Inc. and Honeywell International, Inc., are currently gaining a high traction. Voice-centric smart thermostats are expected to play the game changer role over the forecast period.
Technological evolution in this industry has remarkably paved the way for the accelerated adoption of smart thermostats. With technological advances, this industry has evolved significantly from mechanical and electrical to wireless programmable and self-learning thermostats.
In-depth report on global smart thermostat market by Grand View Research: