Smart thermostats are one of the rapidly evolving technologies in the HVAC (heating, ventilation, and air-conditioning) space.
Home automation has evolved from smart appliances that have led to the development of integrated smart homes. It consists of four functional segments: lighting, security, audio/video & heating, ventilating & air conditioning (HVAC). The global smart homes market is estimated to reach $135.5B by 2025.
In 2016, total global energy came from 80% of fossil fuels (coal, natural gas, and petroleum). 6% of greenhouse emissions derive from energy used for lighting. Globally, 19% of electricity use is for commercial and residential lighting.