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Allied Market Research published latedt report, titled, "Smart Thermostat Market by Technology (Wi-Fi, Bluetooth, Zigbee, and Others), Application (Air Conditioning, Heating, and Ventilation) and End User (Residential, Commercial, Industrial, and Others): Opportunity Analysis and Industry Forecast, 2020–2027."As per the report, the global smart thermostat market held $1.86 billion in 2019, and would reach $11.36 billion by 2027, growing at a CAGR of 28.0% during the forecast period.
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Increase in use of smart technology in medical monitoring, surge in penetration of IoT and AI-based technologies, and rapid deployment of smart infrastructure in residential & commercial sectors drive the growth of the global smart thermostat market. However, the high cost of products in emerging economies hinders the market. On the contrary, developments in temperature regulation applications and adoption of automated systems would open lucrative opportunities for the market players in the future.
The global smart thermostat market report includes an in-depth analysis of the market players such as Ecobee, Inc., Emerson Electric Co., Johnson Controls, Honeywell International Inc., Control4 Corporation, Nest Labs, Inc., Tado GmbH, Schnieder Electric SE, Ingersoll Rand plc, and Nortek, Inc.
Key Benefits For Stakeholders
This study comprises analytical depiction of the global smart thermostat market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall global smart thermostat market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current global smart thermostat market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the global smart thermostat market.
The report includes the global market share of key vendors and global smart thermostat market trends.
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The global smart thermostat market is segmented on the basis of technology, application, end-user, and region. Based on technology, the Wi-Fi segment held the lion’s share in 2019, accounting for nearly one-third of the market. Moreover, the segment is estimated to register the highest CAGR of 29.9% during the forecast period.
On the basis of application, the heating segment contributed the highest share in 2019, holding more than two-fifths of the market. However, the air conditioning segment is expected to portray the highest CAGR of 29.9% during the forecast period.
The global smart thermostat market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2019, contributing to more than two-fifths of the market. In addition, the region is estimated to register the highest CAGR of 30.4% during the forecast period.
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Covid-19 scenario:
The construction sector is one of the worst-hit sectors due to the Covid-19 outbreak. The pandemic presented several challenges such as lack of workforce, insufficient health & safety measures, project delays, and cancellations. This reduced the demand for smart thermostats.
The prolonged lockdown disrupted the supply chain and increased the raw material prices.
However, the construction industry would be back on track, which in turn, would increase the demand for smart thermostats.
Read More @ https://www.globenewswire.com/news-release/2021/04/08/2206899/0/en/Global-Smart-Thermostat-Market-to-Reach-11-36-Billion-by-2027-Allied-Market-Research.html
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