The global smart thermostat market reached a value of US$ 1.32 Billion in 2018. A smart thermostat is a part of a control system which senses and maintains the temperature of an area. It is an automatic device which is capable of remotely switching on and off the heating of a room through the internet. Smart thermostats can be programmed and used via various mobile devices such as remote controls, smartphones and computers. They can also display the amount of heating being used and control their activity by tracking or learning the daily routine of the user.
Over the years, there has been a significant rise in the installation of smart home systems and technologies in households. This is one of the primary factors driving the growth of the global smart thermostat market. Moreover, there has been a surge in the sales of various smart home voice assistants such as Amazon Echo and Google Home which is further driving the growth of the market. In addition, as smart thermostats help in saving electricity, their sales have been influenced by the augmented demand for energy efficient solutions. This represents another factor which is positively influencing the market growth. Looking forward, the market is projected to reach a value of US$ 4.07 Billion by 2024, registering a CAGR of 20.87% during 2019-2024.
This report provides a deep insight into the global smart thermostat market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the smart thermostat market in any manner.
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