A smart thermostat is an electronic device that controls temperature and air conditioning automatically. These intelligent devices allow users to keep the temperature on a schedule throughout the day. In smart networks, smart thermostats are used to control smart devices like window and split ACs, heaters, radiators, and boiler.
What are the key drivers and challenges in the global smart thermostat market?
Electronics Guru
The global smart thermostat market size reached US$ 1.2 billion in 2018 and is projected to be around US$ 4 billion by 2025.
The technological developments are helping consumers to control their electrical equipment demand remotely. The growing penetration of smart home appliances and home automation system along with the increasing awareness of the benefits of optimum energy usage is helping the market growth for smart thermostats.
The internet of things (IoT) and artificial intelligence (AI) have also reshaped electronic devices. Smart thermostats are designed to communicate with smart devices through Wi-Fi as well as voice commands.
The healthcare industry has also experienced rapid automation. Smart technology is used in hospital rooms and can offer remote access to equipment. This provides patients and hospital administrators with the convenience they need to handle patient in friendly room air conditioning and temperature, thus providing huge opportunities for the global smart thermostat market.
Since smart thermostatic products help to save electricity, the increased demand for energy-efficient solutions will have to drive the growth of the global thermostat market. There has also been a rise in the sales of smart home voice assistants such as Amazon Echo and Google Home, which would further drive the market growth.
Some factors such as lack of interoperability, various regional heating systems and inconsistency between wireless networks, and security concerns are some restraints to smart thermostats market growth.