Smart Thermostat Market Overview:
The Smart Thermostat market is growing swiftly. The retailers working with energy utility system plays a vital role in promoting these systems. The services offered by these products are used in various household activity or are utilized for home management system. Additionally, the proliferation of smartphones and its coverage with thermostats has made these products popular among the end-users. Raising per unit energy cost and necessity of effective energy solutions are expected to propel the market of smart thermostat by the end of the forecasted period.
The study indicates that the increasing demand for home automation devices and near field communication is further expected to exhibit the growth of smart thermostat market by 2022. By the usage of these thermostat devices the consumers are benefited in terms of saving money in their electric bills. Moreover, it also supports the various utilities utilized in home automation to meet the energy efficient criteria. Increasing demand of connected devices and various government initiatives for promoting smart homes and smart cities acts as a major driving factors for the growth of the smart thermostat market by the end of the forecasted period. Whereas, the high installation cost and lack of wireless infrastructure are the restraining factors for the Smart Thermostat Market.
The advancement in technologies due to various research and developments has provided various new opportunities in the field of smart thermostats market. Whereas, the growing demand of Wifi and its services is expected to dominate the market of smart thermostat by the end of the forecasted period. Recently, the government of New Jersey has passed a law, which encourages all the homeowners to use smart thermostats that allows the user to adjust the heating and cooling of their air-conditioners by the use of a mobile app.
The Smart Thermostat Market is growing rapidly over 23.4% of CAGR and is expected to reach at USD ~3.5 Billion by the end of forecast period.
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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.)
Smart Thermostat 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.
Smart Thermostat 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.
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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 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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