The smart thermostat market will register a 9% growth between 2018 and 2025, according to Global Market Insights.
Revenue generation within the market is expected to increase from $3 billion in 2018 to $6 billion by 2025.
The research firm, in its newest report, states that:
- The residential thermostat market value surpassed $1.5 million in 2018 and will be supported by development of small-scale sustainable heating infrastructure during the forecast period
- The utility thermostat segment will record $500 million in revenue by 2025. This is a result of the introduction of demand response programmes in which consumers are offered discounts and incentives to purchase smart devices
- Increasing consumer awareness on the benefits of home energy management systems and the rising penetration of smart home devices and home automation systems will augment the industry growth.
- The diverse applicability and product versatility of smart thermostats on a wide range of smart home assistants will also expand adoption
- The introduction of stringent building emission norms and growing investments toward the deployment of sustainable building infrastructure will stimulate the market growth. In the US, for instance, the Building Technologies Office has mandated that 75% of US infrastructure be new or refurbished by 2035.
- The introduction of strict energy efficiency goals such as that of the EU Energy Efficiency Directive which stipulates a 30% energy savings target by 2030.
- The US is expected to install up to 24 million smart thermostats by 2025
- In addition, increasing penetration of ZigBee and Near Field Communication smart home automation devices coupled with the rising weather-related disasters will complement the business outlook.
For more information about the report, visit: https://www.gminsights.com/request-sample/detail/3116