Through the years, there has been a substantial increase in the installation of advanced home technologies including smart thermostats. And it’s no surprise the thermostat global market value hit US$ 1.1 billion in 2017. Looking forward, the market growth is expected to reach $2.21billion sales by 2022, according to Grand View Research, Inc.
What are Smart Thermostats?
Generally, smart thermostats are automated systems that control the operation of HVAC equipment in residential and commercial spaces. These tools are part of the next generation home automation devices that constitute a smart home.
Home Automation: Reinforcing the Demand for Smart Thermostats
The rising demand for smart thermostats is the result of the increasing need for energy-efficient systems mostly in residential sectors particularly in North America, Asia-Pacific, and Latin America. Using smart thermostats offers a great cut on the energy costs for these homeowners. The global thermostat business has gained a big pull on their market sales because most homeowners are interested in remote access tools that monitor and regulate their energy usage and increase their comfort.
The advent of home automation devices has driven interest among conscious consumers to discover and experience what smart thermostats can do for their home, comfort, and convenience. Approximately 90% of the global thermostat market share account for European and North American users.
HVAC Thermostat Trends: What’s New?
Today, HVAC companies are focused on developing and launching new products and improving their existing products. Until 2022, it is expected that both connected and smart thermostats will rise in market demand 18% thus, outstripping sales of non-smart thermostats.
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.
Due to their manifold advantages, smart thermostats are anticipated to experience remarkable growth in the coming years. To sustain this growth, companies must continue to rely on their capacity in identifying and exploiting the evolving technological trends without sacrificing quality.
Where to Look for Quality Smart Thermostats?
Looking for next-generation smart thermostats? Call us at Blue Air One Heating & Air Conditioning for various options of thermostats and controls. For updates on the latest HVAC trends and news, keep in touch with our experts and specialists.