Smart Thermostats have long been praised by experts, partly due to the enhanced convenience they offer and because of their cutting edge features. But new data suggests they will soon be a household staple with their popularity set to grow even more. Here’s why every home may soon have a smart thermostat:
The value of the smart thermostat global market is estimated at $1.7 Billion in 2020. Despite the ongoing COVID-19 pandemic, this is still expected to reach $6.3 Billion in just 7 years. This is an annual growth rate of 20.5% between 2020-2027, meaning smart thermostat sales are likely to increase significantly throughout the world during this period, regardless of current market uncertainty.
National interest in Smart Thermostats
What is even more promising is where some of the growth in the smart thermostat industry will be concentrated. The U.S, China, Japan, Canada, and several European nations are expected to see annual growth figures between 14-21%. Many of these countries already have high sales figures for these products, meaning they will likely be the first places where we’ll see a smart thermostat in almost every home.
A move towards efficiency?
Recent data also suggest the cause of this growth could be driven by a need to reduce energy wastage and improve comfort. The global market for humidity sensor technology is expected to grow 19.5% annually between 2020-2027. This is likely to drive the need for greater temperature control accuracy alongside it, to improve efficiency by reducing energy wastage.