Why every home will soon have a smart thermostat
Feb 22,2022 | Heatcold
Smart thermostats have long been praised by experts, partly for the added convenience they offer, but also for their cutting-edge features. But new data suggests that they will quickly become a household staple, and their popularity is set to grow even further. Here's why there may soon be a smart thermostat in every home.
As early as 2020, the global market for smart thermostats is estimated to be worth US$1.7 billion. Despite the ongoing COVID-19 pandemic, this figure is still expected to reach $6.3 billion within the next five years. This represents an annual growth rate of 20.5% between 2020-2027, meaning that sales of smart thermostats are likely to increase significantly worldwide.
Fast forward to 2022 and things still look quite promising. Regardless of the current market uncertainty and rising energy prices, there is still a high demand for smart heating systems.
National interest in smart thermostats
What is more interesting is where some of the growth in the smart thermostat industry will be concentrated. The annual growth figures for the USA, China, Japan, Canada, and several European countries are expected to be in the range of 14-21%. Many of these countries already have high sales figures for these products. This means that these are likely to be the first places where we will see smart thermostats in almost every home.
A move towards efficiency?
Recent data also suggest that this growth may be driven by the need to reduce energy waste and improve comfort. The global market for humidity sensor technology is expected to grow by 19.5% per year between now and 2027.
The above is likely to drive the need for greater precision in temperature control, in the meantime. In essence, the demand for smart room thermostats and green heating should increase efficiency by reducing energy waste.
Find out more on our heatcold Smart Thermostats Here.