The global smart thermostat market size was valued at USD 1.86 Billion in 2019, and is projected to reach USD 11.36 Billion by 2027, registering a CAGR of 28% from 2020 to 2027.
Major factors driving the growth of smart thermostat market size are the rapid adoption of smart infrastructure in residential & commercial sectors, the surge in penetration of IoT and AI-based technologies, and the increase in the use of smart technology in medical monitoring.
Furthermore, reduction of energy bill costs and improved return on investments offered by smart thermostats have considerably increased their demand in households.
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TRENDS INFLUENCING THE GROWTH OF SMART THERMOSTAT MARKET SIZE
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