Smart Thermostat Global Market Overview:
Smart thermostat can be defined as an automation devices that are utilized for controlling air conditioning and heating of HVAC system in commercial and residential buildings. These devices enables the users to control the heating and cooling of the system through both the technology that includes wired and wireless. The growing internet penetration and raising demand of IoT based services acts as a major drivers for the growth of the smart thermostat market. Growing urbanization and raising demand of connected & smart homes has created an immense opportunity for the growth of the smart thermostat market.
The study indicates that decease in energy wastage and high energy saving features in these devices has led an awareness among consumer, has boosted the market of smart thermostat devices. By the use of these smart technology enabled devices, the consumer can remotely control its home’s temperature with the help of tablets, smartphones or desktop and among others. Moreover, the smart thermostats used for the residential applications helps to change the temperature with the help of a dial or a control panel.
The factors such as lack of infrastructure, high implementation cost and inconsistency among the wireless networks are some the restraining factors for the growth of Smart Thermostats Market. The Global Thermostats Market is expected to grow at USD ~3.5 Billion by 2022, at a CAGR of ~23.4% between 2016-2022.
Major Key Players:
- Nest Labs, Inc.(U.S.)
- Emerson Electric (U.S.)
- Schneider Electric (France)
- Honeywell International Inc.(U.S.)
- Carrier Corporation (U.S.)
- Tado (Germany)
- Ingersoll Rand (Ireland)
- Nortek, Inc. (France)
- Ecobee (Canada)
- Control4 Corporation (U.S.)
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January 2018 – Honeywell Technologies announced a partnership with Whirlpool to integrate Honeywell thermostats into Whirlpool smart appliances. This partnership would expected to bring new innovative solutions for the consumer market.
November 2017 – Siemens Building Technologies division introduced new smart thermostat for residential heating control application. The new smart thermostat can also be controlled via integrated navigation assistant and via mobile phone apps.
November 2017 – TXU Energy, a leading retail electronic providers in Texas, launched two innovative products for the customers, one to pay bills via Amazon alexa and second one to adjust smart thermostat with according to their need. The TXU iThermostat would help customers to change setting of their smart home anytime and form anywhere.
Smart Thermostat Global Market Competitive Analysis:
Smart Thermostat market appears to be competitive in the coming years owning to the presence of numerous large players active in regional market. Nest Labs, Inc., Emerson Electric, Schneider Electric, and Honeywell International Inc. are some of the companies leading the Smart Thermostat market globally.
The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Smart Thermostat Global Market Segmentation:
The Smart Thermostat Market can be classified into four key segments as follows:
Segmentation by Components: Display devices, and Sensors (humidity sensor, motion sensor, and temperature sensors)
Segmentation by Deployment: wired and wireless
Segmentation by Application: Residential, commercial and industrial
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Smart Thermostat Global Market Regional Analysis:
The global Smart Thermostat (BIM) market is estimated to grow at a promising rate in upcoming years. North America has dominated the Smart Thermostat market in 2016 due to increasing demand for energy management solutions and development in wide distribution network in the region.
Followed by Europe, which is expected to be growing market in the coming years. Government in Europe has started taking initiatives to reduce energy consumption and support funding improvements for household energy consumption thereby driving the market of smart thermostat in the region.
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