Smart Thermostat Market Growth, Analysis, Latest Trends and Forecast till 2026

NORTHBROOK, Ill. - Jan. 3, 2023 - PRLog -- The smart thermostat market size is expected to grow from USD 2.5 billion in 2021 to USD 6.4 billion by 2026; it is expected to grow at a CAGR of 20.8% from 2021 to 2026. The key factors driving the growth of the market increasing adoption of smart homes attributed to COVID-19 situation, emergence of IoT-enabled HVAC systems, government regulations pertaining to increase energy efficiency of buildings, and surging adoption of smart home voice assistants.

Learning smart thermostat segment is projected to register the highest CAGR by 2026

The smart thermostat market for learning smart thermostat segment is expected to grow at fastest CAGRduring the forecast period. A learning thermostat is the most advanced smart thermostat that learns the user's schedule and forms a cycle to best fit the comfort of the user and optimize energy savings.It seamlessly connects with the internet and devices such as mobiles, tablets, laptops, and voice assistant devices, allowing the user to efficiently manage the HVAC equipment. A learning thermostat also has the capability to exercise zonal control. The data collected by a learning thermostat also intimates the users for predictive maintenance, thus avoiding major maintenance costs due to any equipment failure.

Wireless network segment to grow at a higher CAGR by 2026

The smart thermostat market for wireless network segment is expected to grow at faster CAGR during the forecast period. The interconnection of smart thermostats and heating & cooling devices is facilitated by wireless networks, which improves the performance of the energy-saving devices. Wireless networks help in the coordination of a range of smart thermostats in a specific area, enabling smooth data transmission between them. It also helps in enabling features such as geofencing, in which the smart thermostat senses the arrival of occupants with the help of GPS signals sent from a smartphone.

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