Smart Thermostat Market Recent Trends, Outlook and Forecasts Report By 2022 “Globally, the smart thermostat industry is predicted to grow at CAGR of 18.7% in the forecast period, providing numerous opportunities for market players to invest in research and development of the market.�
The global Smart Thermostat Market size is expected to value at USD 2.99 billion by 2022. The market is subject to witness a substantial growth due to the soaring demand for smart efficient solutions from number of household across the globe. In addition, increasing adoption of smart household appliances, majorly from North American and European region is expected to drive the market growth in upcoming years. Expansion of smartphones industry is acting as an enabler for smart energy management solutions. Introduction of open source developer APIs offer flexibility and higher performance for smart thermostat devices. These factors are anticipated to positively affect market growth over the forecast period. Globally, the smart thermostat industry is predicted to grow at CAGR of 18.7% in the forecast period, providing numerous opportunities for market players to invest in research and development of the market. Smart thermostats are increasing adopted to carry out operations such as heating and cooling devices for residential or commercial applications. Smart thermostats are considered as a vital part of smart or modular home. Smart thermostats are incorporated with next generation open source developer APIs that enhances their usability and performance capability. Increasing energy consummation and growing demand for remote access solutions to carry out energy management are expected to boost market demand for smart thermostats over the forecast period. In addition, reduced energy bills offers better return on investments leading to a wide acceptance across numerous households, in the recent years.
Request Sample Copy of This Market Research @ https://www.millioninsights.com/industry-reports/smart-thermostat-market/request-sample