Smart Thermostat Market Overview:
According to the latest report published by Marker Research Future (MRFR), the global smart thermostat market is predicted to record a significant market value of USD 3.5 Billion at a rising CAGR of 23.4% over the assessment period.
The increasing internet penetration and rising demand for IoT based services act as significant drivers for the growth of the smart thermostat market. Growing urbanization and considerable demand for connected & smart homes have created an immense opportunity for the growth of the Smart Thermostat Market.
The study indicates that a decrease in energy wastage and high energy-saving features in these devices has led an awareness among consumer, has fueled the market of smart thermostat devices. By the use of these smart energy-saving devices, the consumer can remotely monitor its home’s temperature with the aid of tablets, smartphones, or desktop and among others. Moreover, the smart thermostats used for the residential applications support to change the heat with the usage of a dial or a control panel.
The hindering factors such as high implementation cost, lack of infrastructure, and inconsistency among the wireless networks are some of the limiting factors for the growth of the smart thermostats market over the review period.
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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 Nest Labs, Inc.(U.S.), Emerson Electric (U.S.), Control4 Corporation (U.S.), Schneider Electric (France), Carrier Corporation (U.S.), Tado (Germany), Honeywell International Inc.(U.S.), Nortek, Inc. (France), Ecobee (Canada), Ingersoll Rand (Ireland), and others.
The crucial strategies stated in the report of recent developments of the key players consist of Product Launches, joint ventures, agreements, acquisitions, and expansion. Strategic business partnerships between Major players support the growth and development plans of the key players over the forecast period. On the product and sales front, enterprises are investing in innovation by brand building, research and development projects, and fostering healthy relationships with consumers to sustain their competitive position.
Smart Thermostat Market Segmental Analysis:
The global market for Smart Thermostat has been analyzed on the basis of the deployment type, component, and applications.
- Segmentation for the global Smart Thermostat market on the basis of Components has been bifurcated into Display devices and Sensors (humidity sensor, motion sensor, and temperature sensors).
- Both segments are projected to witness high demand over the review period. The global Smart Thermostat market Segmentation on the basis of Deployment has been bifurcated into wireless and wired. T
- he wireless segment is slated to witness substantial growth over the assessment period.
- Segmentation of the global Smart Thermostat market based on Application has been segmented into residential, commercial, and industrial. The residential segment is anticipated to record a relatively greater growth rate over the forecast period.
Smart Thermostat Market Regional Analysis:
The regional analysis of the global Market for Smart Thermostats is being studied for regions such as North America, the Asia Pacific (APAC), Europe, and the Rest of the World. The study states that the North America region is leading the Smart Thermostat Market owing to significant factors such as augmented internet penetration and technological advancements. due to growing demand for energy management solutions and development in the broad distribution network in the north American 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 decrease energy consumption and encourage funding improvements for household energy consumption, thereby driving the demand for smart thermostats in the region.
The report also states that cloud deployment and rising the demand for energy-efficient devices is a driving factor for the Asia-Pacific region to rise significantly in the smart thermostat market over the forecast period. Apart from it, the increasing 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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