International. The global smart thermostats market, including hardware and service, is expected to increase from $585.09 million in 2014 to reach $5.9 billion in 2020, growing at a compound annual growth rate (CAGR) of 31.82% from 2015 to 2020, according to a report published by MarketsandMarkets.
The smart thermostat market is expected to witness high growth in all applications, including residential, commercial, and industrial applications. The residential application area is expected to grow at the highest CAGR and possess the largest market share, owing to the growing awareness among consumers about the benefits of smart thermostats.
The Nest smart thermostat, for example, is increasingly being adopted in the residential sector, as it is easy to install and has an attractive look. The industrial sector is also growing as this technology is being adopted at all levels, from the warehouse to the assembly line.
North America is expected to hold a significant market share, while Europe will witness the highest growth during the forecast period.
