Smart Thermostat Market Overview:
As per the latest study by Market Research Future Reports (MRFR), the global smart thermostat market is anticipated to value approximately USD 3.5 billion, thriving at a CAGR of 23.4% during the assessment period from 2016 to 2022. The growing urbanization is the most substantial cause of the global market thermostat market 2020. Apart from this, there has been a rise in the demand for IoT based services which is a substantial factor of market expansion. Also, the growing internet penetration is estimated to be an essential factor is propelling the demand. The demand for connected and smartphones is rising day by day, which is likely to pose an immense scope of development.
Moreover, the demand for energy-efficient equipment is growing rapidly, which is another important factor in growth. The Smart Thermostat Market reduces per unit energy cost and provides smart controlling, which is why it is preferred. Also, there have been several developments being made in a smart thermostat. Several initiatives taken by the government of various countries are likely to augment the market size. Furthermore, the high energy savings attributes of these devices have additionally propelled the market. However, due to the lack of infrastructure, high implementation cost, instability among the wireless networks, and the increasing concerns towards cybersecurity are likely to be a major factor impeding the market. The market is speculated to grow exponentially during the forecast period.
The spread of COVID-19 has changed the market dynamics. Thorough research of elements amplifying and impeding the market in the post-COVID-19 environment has been studied well. We will provide COVID-19 impact analysis with the report.
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Major Key Players:
The notable market competitors of the global smart thermostat market are Emerson Electric (U.S.), Nest Labs, Inc.(U.S.), Schneider Electric (France), Carrier Corporation (U.S.), Honeywell International Inc.(U.S.), Ingersoll Rand (Ireland), Tado (Germany), Nortek, Inc. (France), Control4 Corporation (U.S.) Ecobee (Canada), and a few others.
The worldwide smart thermostat market can be segmented on the grounds of components, deployment type, application, and region.
- On the grounds of components, the worldwide smart thermostat market can be segmented into Display, Temperature Sensor, Humidity Sensor, Motion Sensor, and others.
- On the grounds of deployment type, the global smart thermostat market can be segmented into wired and wireless.
- On the grounds of application, the global smart thermostat market can be segmented into residential, commercial, and others.
- On the grounds of the region, the global smart thermostat market can be segmented into Asia Pacific, North America, Europe, and the Rest of the World (RoW).
A comprehensive study of Asia Pacific, North America, Europe, and the Rest of the World has been carried out. As per the study by MRFR, North America is likely to dominate the global smart thermostat market due to the technological evolution in the region along with the augmented internet penetration. Among all, the U.S. is likely to make the most substantial contribution to enlarging the market. On the other hand, the APAC zone is speculated to expand exponentially during the tenure of assessment. The magnifying demand for energy-efficient equipment is an essential factor that is driving the market in the region. Developing economies like India, China is estimated to play an important role in market expansion. Besides, the region is witnessing a continuous technological development, which is anticipated to evolve the market swiftly.
The outbreak of COVID-19 is anticipated to change the market landscape of several zones. Several regional markets have been affected because of the observation of nationwide lockdown in several nations.
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