Summary
Rising energy costs and growing environmental concerns are leading to an increase in the demand for energy-efficient solutions for buildings.
Smart thermostats provide a convenient and effective way to reduce energy consumption and save money on heating and cooling bills.
Consumer demand to automate and control home environments is making smart thermostats increasingly popular.
North America, followed by Europe, leads the smart thermostats market.
Growth in the Asia-Pacific and the Middle East is expected to be concentrated in China, Japan, Australia, and the United Arab Emirates.
The growing role of smart thermostats in demand-response programs, the rise in the adoption of smart home automation devices, and favorable government regulations and incentives are the key drivers for this market.
Privacy concerns, the vulnerability of smart home devices to cyberattacks, and the lack of interoperability between different smart home systems are the current barriers to smart thermostat adoption.
This study focuses on the revenue manufacturers earn from selling thermostat products.
It includes profiles of the key companies to watch and identifies the growth opportunities emerging from this space for market players and stakeholders to leverage.
The base year for the study is 2022, and the forecast period is 2023 to 2028.
Author: Dennis Marcell Victor
