Global smart thermostat market was valued US$ 1.10 Bn in 2019 and is expected to reach 7.30 Bn by 2027, at a CAGR of 26.69 % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
A smart thermostat is a device, which is used for controlling the heating and air conditioning purposes in residential and commercial buildings. A Smart thermostat permits the consumer to control the temperature of the room.
The increasing demand for energy-efficient equipment and the surge in residential and commercial construction activities across the globe are the key factors driving the growth of the global smart thermostats market. A significant rise in the installation of smart home systems and technologies in households applications are some of the prominent drivers in the global smart thermostat market. Additionally, the Increase in the sales of various smart home voice assistants like Amazon Echo and Google Home is also expected to boost the global smart thermostat market. On the other hand, factors like lack of infrastructure, high installation cost and contradiction among the wireless networks are limiting the growth of the global smart thermostats market.
Residential applications are projected to grow XX % rate of CAGR in the global smart thermostat market during the forecast period. Advancement in home automation technology, increasing demand for connected homes or smart homes and growing awareness about energy saving devices among consumers are expected to increase the demand for smart thermostats in residential applications. The growing popularity of smart homes and benefits offered by thermostat like the easiness of use by cloud-based services and enhanced energy management by self-learning capabilities serves are expected to increase product demand.
A wireless network is expected to dominate the global smart thermostat market. The subsegment of a wireless network like Wi-Fi and ZigBee network technology is projected to boost the growth in the global smart thermostat market by massive network technology. Simple mode of implementation and operation is projected to increase the demand for wireless networks across the globe.
North America is expected to share significant growth in the global smart thermostat market followed by the Asia Pacific. The growth in the market is attributed to factors like Increasing government regulation on energy efficiency and IoT expansion, augmented the demand for smart thermostats. Developments to existing technologies and the appearance of new smart thermostats models are projected to drive the smart thermostat market during the forecast period. Furthermore, Asia Pacific is projected to grow at a XX rate of CAGR in the global smart thermostat market. Rapid urbanization, increasing internet users and smart phone penetration is expected to drive the growth in the smart thermostat market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments and, project the global smart thermostat market. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global smart thermostat market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
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Scope of the Report for Global Smart Thermostat Market
Global Smart Thermostat Market, By Component
• Temperature Sensor
• Humidity Sensor
• Motion Sensor
Global Smart Thermostat Market, By Network Technology
• Wired Networking
• Wireless Network
Global Smart Thermostat Market, By Application
• Office Building
• Educational Buildings
• Industrial Building
Global Smart Thermostat Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
• Nest Labs, Inc.
• Honeywell International Inc.
• Ecobee, Inc.
• Control4 Corporation
• Ingersoll Rand PLC
• Carrier Corporation
• Nortek, Inc.
• Emerson Electric Co.
• Schneider Electric SE
• Tado GmbH
• Radio Thermostat Company of America
• Allure Energy Inc.
• British Gas Hive
• Lux Products Corporation.
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