The North America Smart Thermostat Market would witness market growth of 15.8% CAGR during the forecast period (2022-2028).
A smart thermostat can be utilized to save money as they cool or heat the home only as much as needed. Using features like learning, geofencing, scheduling, diagnosing problems with the system, and reminding the user when it's time for maintenance, they allow the HVAC systems to work more efficiently and consume less energy.
Room sensors can also decrease energy consumption by heating & cooling only the required specific parts of the home. Most homes with modern HVAC systems can upgrade to a smart thermostat if they have a Wi-Fi connection & a C-wire (or a standard wire) in their present thermostat wiring setup. But consumers can also purchase an adapter kit if their device lacks a C-wire.
The government of Canada introduced Canada housing benefits, which will provide a tax-free payment of $500 directly to around 1.8 million low-income renters who are struggling with the cost of housing. The federal benefits will be available to applicants with an adjusted total income below $35,000 for families or below $ 20,000 for single Canadians who are spending at least 30% of their income on rent. The government has also delivered many measures to make housing affordable for Canadians. The government’s initiatives to build & rehabilitate houses and close the supply gap will also propel the requirement for smart housing devices and therefore surge the growth of the smart thermostat market in the region.
The US market dominated the North America Smart Thermostat Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,239.4 million by 2028. The Canada market is poised to grow at a CAGR of 18.5% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 17.4% during (2022 - 2028).
Based on Product, the market is segmented into Connected, Standalone and Learning. Based on End User, the market is segmented into Residential, Commercial and Industrial. Based on Technology, the market is segmented into Wi-Fi, ZigBee and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Thermostat Market is Estimated to reach $9.5 Billion by 2028, at a CAGR of 16.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, Johnson Controls International PLC, Emerson Electric Co., Resideo Technologies, Inc., Snap One Holdings Corp. (Control4), Centrica Plc, Ecobee, Inc. (Generac Holdings, Inc.), Netatmo SAS (LeGrand Group), Tado GmbH, and Vine Connected Corporation (Xing Connected Corporation).
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