The thermostat market recorded approximately $1.1 billion of sales worldwide in 2017. According to the forecast study released by the Grand View Research, Inc., the thermostat market will continue to increase its demand and will reach about $2.99 billion by 2022.
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What Reinforces the Demand for Smart Thermostats? It’s HOME AUTOMATION!
The demand for smart thermostats continues to rise because of home automation. Residential owners specifically in the Asia-Pacific region, North America, and Latin America use smart thermostats to cut their energy costs while investing in energy-efficient devices. This is why the global thermostat market gained a big pull on their sales. For homeowners who are after convenience, greater comfort and easy monitoring of their energy usage, investing in smart thermostats is a wise decision.
With the advent of smart devices, many conscious consumers gained interest in discovering and experiencing how smart thermostats can help in their energy-saving goals. Generally, smart thermostats are designed to regulate energy usage among residential and commercial spaces. Ninety percent (90%) of the global thermostat share account for North American and European consumers.
What’s New With HVAC Thermostats?
Learn the latest trends in the HVAC thermostats here!
This 2019, the thermostat market is projected towards improving the functionalities and capabilities of smart thermostats. Today, not only residential buildings are using these devices, but many manufacturing, industrial and mining companies are also raising demand for smart thermostats for temperature control automation.
By 2022, major changes in the thermostat market will be mainly affected by the rising carbon emission, a growing number of internet users, urbanization, and even government regulations that focus on energy saving. Advancements in smart thermostats are expected to center in wireless models and greater control capabilities through apps from various locations.
Smart thermostats are segmented on components, type, and application. Users can opt for wired or wireless thermostats with humidity, motion and temperature sensors along with other components that match their comfort needs. By 2022, it is projected that smart thermostats would be offering more advanced features and capabilities through wireless connectivity.
With technological improvements in South Korea, China, Vietnam, and Asia Pacific region, the total thermostat market in the next years will surely grow tremendously.
For wise tips and bits of advice about smart thermostats, contact us at Coats Plumbing and HVAC, LLC. Feel free to talk to our experts whenever you need.