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Smart Thermostats Market Size Worth USD 19.87 Billion in 2032 | Emergen ResearchVANCOUVER, BC, March 21, 2023 /PRNewswire/ -- The global smart thermostats market size was valued at USD 2.99 billion in 2022 and is expected to register a revenue CAGR of 20.8% during the forecast period. The growth of the market is primarily driven by the increasing demand for energy-efficient solutions and smart homes across the globe. The rise in global warming and increasing electricity bills have led to an increasing number of homeowners and businesses investing in smart thermostats to regulate their energy consumption and reduce their carbon footprint.  One of the key factors driving the demand for smart thermostats is the increasing adoption of IoT and smart home technologies. The ability to control the temperature of their homes remotely using mobile devices has made smart thermostats a popular choice among consumers. Additionally, the integration of voice assistants such as Amazon Alexa and Google Home has further increased the convenience of using smart thermostats. Furthermore, the growing demand for energy-efficient solutions has led to the development of smart thermostats that are capable of learning and adapting to users' schedules and preferences. These thermostats can automatically adjust the temperature of the home based on factors such as occupancy and weather conditions, leading to significant energy savings for homeowners. Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/1783 The market growth is also driven by the increasing government initiatives to promote energy efficiency. Many countries have implemented regulations to promote the adoption of energy-efficient solutions, including smart thermostats. For instance, the Energy Star program in the United States provides certification to energy-efficient products, including smart thermostats. Moreover, the increasing popularity of green buildings has also contributed to the growth of the smart thermostats market. Green buildings are designed to reduce energy consumption and promote sustainability. Smart thermostats are a key component of green buildings, as they can help regulate the temperature of the building and reduce energy consumption. The COVID-19 pandemic has also impacted the smart thermostats market, as many businesses and homeowners have had to work from home. This has led to an increase in demand for smart thermostats, as consumers seek to regulate the temperature of their homes more efficiently and reduce energy consumption. However, the market growth is hindered by factors such as high initial cost, lack of awareness among consumers, and the need for professional installation. Additionally, the lack of standardization across different platforms and the risk of cyber threats pose a challenge to the growth of the market. In conclusion, the global smart thermostats market is expected to experience significant growth in the coming years, driven by the increasing demand for energy-efficient solutions and smart home technologies. The development of smart thermostats that are capable of learning and adapting to users' schedules and preferences, coupled with the increasing government initiatives to promote energy efficiency, is expected to further fuel the growth of the market. However, challenges such as high initial cost, lack of awareness among consumers, and the need for professional installation need to be addressed to ensure sustained growth of the market. Strategic Initiatives: Major companies included in the market report are Trane Technologies, Siemens, Legrand, Johnson Controls, Resideo Technologies Inc., Nortek, Bosch Thermotechnik GmbH, Zen Within Inc., Vine Connected Corporation, Mrcool. On 17 November 2021, Honeywell announced the launch of its new smart thermostat, the T9 Pro. The T9 Pro features a range of advanced features, including voice control, geofencing, and remote temperature control, making it easier for users to control the temperature of their homes from anywhere. On 20 October 2021, Ecobee Inc. announced that it had partnered with Google to integrate the Google Assistant into its smart thermostats. This integration enables users to control their Ecobee smart thermostats using voice commands, making it more convenient for users to control the temperature of their homes. In 2020, Nest Labs, Inc. launched the third generation of its popular smart thermostat, the Nest Learning Thermostat. The new model features a sleeker design, improved compatibility with more heating and cooling systems, and enhanced energy-saving features. Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/1783 New Product Launches Ecobee Inc.: In 2021, Ecobee launched a new line of smart thermostats called the Ecobee SmartThermostat with Voice Control. These thermostats feature advanced voice control capabilities and improved temperature sensing, making them more accurate and responsive to user preferences. Tado GmbH: In 2021, Tado launched a new line of smart thermostats called the Tado° Smart Thermostat V3+. These thermostats feature improved energy-saving features and advanced temperature sensing capabilities, making them more efficient and accurate in regulating home temperaures. Hive: In 2020, Hive launched a new line of smart thermostats called the Hive Active Heating 2. These thermostats feature a sleeker design, improved compatibility with more heating and cooling systems, and enhanced energy-saving features. Statistics and Government Regulations on Smart Thermostats Market
Custom Requirements can be requested for this Report [Customization Available] @ https://www.emergenresearch.com/request-for-customization/1783 Some Key Highlights From the Report
Browse Full Report Description + Research Methodology + Table of Content + [email protected] https://www.emergenresearch.com/industry-report/smart-thermostats-market Segments Covered in Report For the purpose of this report, Emergen Research has segmented the global smart thermostats market on the basis of connectivity technology, product, end-use, and region:
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