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Showing posts with the label smart thermostats market forecast

Smart Thermostats Market - Forecast(2022 - 2027)

According to the International Energy Agency (IEA), the global electricity demand increased by 4% in 2018, which is twice as fast as the overall energy demand. Furthermore, the organization has assessed that CO2 emissions increased by 2.5% due to the electricity generation by coal.[1] Evidently, the world is in a dire need for reducing energy consumption, especially due to the threatening depletion of resources and environmental concerns. A significant part of this energy consumption is due to the air conditioners that are used in the residential and commercial buildings. Previously, programmable thermostats were used in order to monitor the temperature of air conditioners and make modifications in order to save energy. However, human errors in monitoring lead to more energy consumption, which is the reason smart thermostats are incorporated nowadays. Owing to the indispensable requirement of monitoring energy consumption attributable to air conditioners, these devices are in high dema...