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Home>Global Smart Thermostat Market to 2022 - Market is Projected to grow at CAGR of 53.58% - Research and Markets

Global Smart Thermostat Market to 2022 - Market is Projected to grow at CAGR of 53.58% - Research and Markets

Global Smart Thermostat Market to 2022 - Market is Projected to grow at CAGR of 53.58% - Research and Markets

10/05/2017

Global Smart Thermostat Market to 2022 - Market is Projected to grow at CAGR of 53.58% - Research and Markets

The "Global Smart Thermostat Market - By Technology , Geography, Trends, Forecast - 2017 - 2022" report has been added to Research and Markets' offering.

The Smart Thermostat Market is valued at USD 0.33 billion in 2016 and is expected to reach a value of USD 6.80 billion by the end of 2022, growing at a projected CAGR of 53.58% during the forecast period of 2017 - 2022.

Heating and cooling accounts for almost half of the energy usage, making it largest energy expense in any typical Western home. Smart Thermostats are a potential opportunity in the smart home market, as these systems are of great interest for consumers, energy companies and HVAC service providers. Consumers embrace smart thermostats primarily due to the potential for energy savings, increased comfort and convenience. With the advent of smart thermostat technology, the utilities can help the customers to reduce their power bills at home.

The market is being driven by energy conscious customers. However the marketing approach of vendors is imperative to drive their sales through partner channel network. The other factor driving the market includes low prices of thermostats to attain volume and movement towards Interoperability. But the lack of awareness and high perceived costs by customers are serious restraints to this market. The other challenges faced by this market are lack of knowledge, usability and cautious utilities.

Key Topics Covered:

1 Introduction

2. Research Methodology

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