Rising energy costs and growing environmental concerns are leading to an increase in the demand for energy-efficient solutions for buildings. Smart thermostats provide a convenient and effective way to reduce energy consumption and save money on heating and cooling bills. Consumer demand to automate and control home environments is making smart thermostats increasingly popular.
• North America, followed by Europe, leads the smart thermostats sector. Growth in the Asia-Pacific and the Middle East is expected to be concentrated in China, Japan, Australia, and the United Arab Emirates.
• The growing role of smart thermostats in demand-response programs, the rise in the adoption of smart home automation devices, and favorable government regulations and incentives are the key drivers for this sector.
• Privacy concerns, the vulnerability of smart home devices to cyberattacks, and the lack of interoperability between different smart home systems are the current barriers to smart thermostat adoption.
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