According to the latest study titled ‘Global Smart Thermostat Market Size study, By Products (Connected Smart thermostat, Learning Smart Thermostat, Standalone Smart Thermostat), By Connectivity Technology (Wireless Network, Wired Network), By Installation Type (New Installation, Retrofit Installation), By End User (Residential, Commercial, Industrial), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global smart thermostat market is anticipated to showcase modest growth through 2028.

Reliable estimates cite that global smart thermostat market growth is attributed to rising trend toward smart homes, increasing adoption of IoT-enabled HVAC systems, and growing government regulations pertaining to boosting the energy efficiency of buildings.

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For instance, according to Statista, the building efficiency market in the United States generated USD 82.84 billion in sales in 2018 and reached USD 94.47 billion in 2020.

For the unversed, Wi-Fi thermostats used in home automation are called smart thermostats. This gadget is in charge of managing the ventilation, heating, and air conditioning in the house.

Furthermore, rising demand for self-learning devices and cloud computing in the HVAC sector is expected to augment worldwide smart thermostat industry outlook in the coming years.

However, high production and installation costs of smart thermostats as well as significant data security issues may stifle market development during the forecast period.

As per product terrain, the industry is divided into standalone smart thermostat, learning smart thermostat, and connected smart thermostat. Speaking of connectivity technology, the market is categorized into wired network, and wireless network. While different installation types are retrofit installation, and new installation. And various end-users are industrial, commercial, and residential.

Regionally speaking, North America industry holds a major revenue share at present, owing to rising expenditures on technical advancements, and the presence of established players in the region.

Whereas Asia Pacific market is poised to register a considerable CAGR over the stipulated timeframe, due to increasing population, adoption of green building practices, and growing environmental awareness in the region.

On the competitive front, Bosch Thermotechnik GmbH, Trane Technologies plc, Siemens AG, Resideo Technologies Inc., Carrier Global Corporation, Ecobee Inc., Lennox International Inc., Honeywell International Inc., Emerson Electric Co., and Alphabet Inc. (Google Nest) are the leading players in global smart thermostat market.