Smart Thermostat Market Overview:
As per the latest report published by Marker Research Future (MRFR), the global market is predicted to reach a significant market value of USD 3.5 Billion at a substantial CAGR of 23.4% over the review period.
The growing internet penetration and raising demand for IoT based services act as significant drivers for the growth of the smart thermostat market. Growing urbanization and significant the demand for connected & smart homes have created an immense opportunity for the growth of the Smart Thermostat Market.
The report indicates that a decrease in energy wastage and high energy-saving features in these devices has led to awareness among consumer, has boosted the market of smart thermostat devices. By the usage of these smart energy-saving devices, the consumer can remotely monitor its home’s temperature with the help of smartphones, tablets, or desktop and among others. Furthermore, the smart thermostats used for the residential applications helps to change the heat with the aid of a dial or a control panel.
The other factors such as the lack of infrastructure, high operation cost and inconsistency among the wireless networks are some of the hindering factors for the growth of the smart thermostats market.
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Smart Thermostat Market Competitive Analysis:
The major market players operating in the global market for smart thermostats as identified by MRFR are Emerson Electric (U.S.), Nest Labs, Inc.(U.S.), Schneider Electric (France), Control4 Corporation (U.S.), Carrier Corporation (U.S.), Honeywell International Inc.(U.S.), Tado (Germany), Nortek, Inc. (France), Ingersoll Rand (Ireland), Ecobee (Canada), and among others.
The critical strategies discovered from the analysis of recent developments of the key players include Product Launches, Agreements, joint ventures, acquisitions, and expansion. Strategic business partnerships between Key players support the growth and development plans of the key players over the forecast period. On the product and sales front, companies are investing in innovation by research and development projects, brand building, and fostering healthy relationships with customers to sustain their competitive position.
Smart Thermostat Market Segmental Analysis:
The global Smart Thermostat market has been analyzed on the basis of the component, deployment type, and applications. Segmentation for the global Smart Thermostat market based on the Components has been bifurcated into Sensors (humidity sensor, motion sensor, and temperature sensors) and Display devices. Both segments are poised to witness high demand over the assessment period.
The global Smart Thermostat market Segmentation on the basis of Deployment has been bifurcated into wireless and wired. The wireless segment is expected to witness substantial growth over the review period. Segmentation of the global Smart Thermostat market based on the Application has been segmented into commercial, residential, and industrial. The residential segment is expected to record a relatively higher growth rate over the forecast period.
Smart Thermostat Market Regional Analysis:
The regional analysis of the global Smart Thermostat Market is being studied for regions such as the Asia Pacific (APAC), Europe, North America, and the Rest of the World. The study indicates that the North America region is dominating the Smart Thermostat Market due to significant factors such as increased internet penetration and technological advancements. due to increasing demand for energy management solutions and development in the extensive distribution network in the region.
It is followed by Europe, which is expected to be a growing market in the coming years. The government in Europe has started taking initiatives to reduce energy consumption and support funding improvements for household energy consumption thereby driving the demand of smart thermostats in the region.
The report also reveals that cloud deployment and rising the demand for energy-efficient devices is a driving factor for the Asia-Pacific region to grow significantly in the smart thermostat market over the forecast period. Apart from it, the growing adoption of IT services is also driving the smart thermostat market.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Network Software Solutions
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
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List of Tables
Table 1 Smart Thermostat Market, By Component
Table 2 Smart Thermostat Market, By Deployment Type
Table 3 Smart Thermostat Market, By Application
List of Figures
Figure 1 Research Network Software Solutions
Figure 2 Smart Thermostat Market: By Component (%)
Figure 3 Smart Thermostat Market: By Deployment Type (%)
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