Latest Market Analysis Research Report on “Smart Thermostat Market” has been added to Wise Guy Reports database.
Smart Thermostat Market 2020
Internet of Things has provided a positive fillip to many smart home products. Smart thermostat is one such home gadget which has shown tremendous potential. These are the thermostats which may be controlled remotely through an app. Apart from this feature, smart thermostats may offer many other functionalities such as sensor response and voice assistance features. With these features, you can control the temperature of your building and save electricity expenses.
Smart thermostats are available in different variants. Most of these gadgets may be connected to laptop, tablets or phones, allowing the users to control their appliances from any other room. These thermostats may be equipped with different types of sensors such as humidity sensors and temperature sensors so that the user may achieve the desirable setting. The demand for smart thermostats is likely to increase as the use of internet and smartphones increases.
The smart thermostat market is highly competitive and dynamic. The level of innovation in the market is quite high, which demands the producers to invest heavily in research and development. Therefore, it is important to have in depth information about the market to ensure the proper success of any venture. The global smart thermostat market is expected to show strong growth. The size of the market was pegged at $1.63 billion in 2018 and it is expected to grow at CAGR of 16.7 percent between 2018 and 2025 time period.
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The global smart thermostat market is highly complex and therefore is required to be bifurcated down for proper understanding and analysis. The report segregates the market on different basis including the type of technology used and the application. On the basis of type of technology, the market is divided into wired and wireless technology segments. The wireless segment covers Bluetooth, WiFi and Z Wave technology sub-segments. The global market for WiFi appliances is estimated to be worth $1.96 trillion, as per a report released by the WiFi Alliance. On the basis of application, the market is divided into residential, industrial and commercial segments. The residential sector is expected to be main growth driver for global smart thermostat market.
The report also undertakes the geographical analysis of the market. The market is divided into North America, South America, Europe, Asia Pacific and Middle East & Africa segments. The North America market covers the US, Canada and Mexico and is likely to be the main hub of demand growth. It is estimated that more than 42.2 million homes in the US have smart appliances installed in them as in 2019. The demand in European market is also expected to remain strong while growing economies in Asia Pacific region and in Africa show strong growth rate as well.
Global Smart Thermostat Market-Competitive Analysis
Some of the major players in this market incorporate competitive strategies like mergers and acquisitions to retain their market competitiveness. For instance, in February 2019, Emerson Electric Company completed the acquisition of General Electric’s Intelligent Platform business which will enable Emerson to expand its capabilities in machine control and discrete applications.
New product launches and expansion of facilities are some other vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate. For instance, in November 2018, Nest Inc., its European thermostat line to bring energy savings to more European homes with the introduction of Nest Thermostat E. Furthermore, in October 2018, Carrier Corporation launched the new Cor 5C and 7C thermostats compatible with google assistant which allows customers to control home comfort with their voice.
The report profiles the following companies – Nest Labs Inc, Schneider Electric, Siemens Corporation, Honeywell International, Carrier Corporation, Nortek Inc, Lennox International Inc, Ecobee Company, Texas Instruments, and Emerson Electric.
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Visualize the composition of the Global Smart Thermostat Market across each indication, in terms of type, application, material, and function highlighting the key commercial drivers, restraints and market players.
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Excel data sheet with thousands of data points of the Global Smart Thermostat Market with level 4/5 segmentation.
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Table of Contents
Global Smart Thermostat Market - Methodology and Scope
1.1 Research Methodology
1.2 Research Objective and Scope of the Report
Global Smart Thermostat Market - Market Definition and Overview
Global Smart Thermostat Market - Executive Summary
Global Smart Thermostat Market - Market Dynamics
Global Smart Thermostat Market - Industry Analysis
Global Smart Thermostat Market - By Technology
Global Smart Thermostat Market – Components
Global Smart Thermostat Market – By Application
Global Smart Thermostat Market - By Region
Global Market - Competitive Landscape
Global Smart Thermostat Market - Premium Insights
Global Smart Thermostat Market - DataM
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