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The smart thermostats market size is forecast to increase by USD 5.51 billion at a CAGR of 24.07% between 2023 and 2028. The market is witnessing significant growth due to the increasing number of users of heating, and cooling devices in both residential and commercial sectors. Energy efficiency standards and infrastructure upgradation are key drivers propelling market growth. Traditional thermostats are being upgraded to wireless network-enabled smart thermostats, offering features such as energy savings, comfort, and convenience. Geofencing technology is a notable trend, enabling thermostats to automatically adjust temperature settings based on the location of occupants. The residential segment, particularly in residential construction, is expected to dominate the market due to the growing focus on energy efficiency and integrated building management systems. However, the high initial prices of smart thermostats may hinder market demand.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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