Smart Thermostat Industry to Attain $2.99B by 2022

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In a study done by Grand View Research Inc., the worldwide smart thermostat market is anticipated to reach the $2.99 billion mark by 2022. Smart thermostats are some of the most important parts of smart homes and they have gained significant importance in developed regions such as Europe and North America. These thermostats allow users to remotely manage their heating and air conditioning systems via wireless connectivity and mobile apps.

In a report, theNews stated that the smart thermostat industry is expected to witness a high adoption as it displays energy consumption level in real-time and can adjust to ambient conditions automatically. Smart thermostats can also be connected to the Internet and provide systematic performance measurement tools through web-based portals.

To further promote the adoption of such devices in households, energy utility retailers play an important role. A lot of utility companies offer smart thermostats as a part of their home energy management systems. Also, the development of mobile phones and their convergence with thermostats make their products more attractive for the household and business owners.

Other factors that are expected to motivate the growth of the smart thermostat market include the growth of smartphone usage, rising per unit energy costs, and the need for effective energy management solutions.

The report also indicated that Europe and North America accounted for an approximate of 90 percent of the total market share last year. The high demand for smart thermostats in these regions and useful government decrees are just some of the factors that contributed to the lead of the two regions.

The increasing popularity of smart homes combined with the increase in construction activities, are anticipated to help boost the smart thermostat market demands.

The key players of the industry namely Honeywell International Inc., ecobee, and Nest Labs Inc. (Google) accounted for more than 40 percent of the total market share last year. These manufacturers continue to enhance the development of their new products and upgrade their current product portfolio.

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