Global Smart Thermostat Market – Drivers and Opportunities Assessment 2022
DecisionDatabases.com adds a new research report "Global Smart Thermostat Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2021". The report does an in-depth study of the current market dynamics and future projections using analytical tools such as Porter’s Five Forces Model, value chain analysis, market attractiveness analysis, company share analysis, and brand share analysis. The smart thermostat is an advanced technology to remotely control the temperature of central heating system of houses/ industries with the help of smart phone, desktop or tablet. Smart thermostat gives more user-friendly and efficient control over the central heating system. According to the report growing demand for energy-saving devices, rising energy prices and increasing need to optimize power consumption are major factors, which are expected to fuel demand for smart thermostat market.
Smart thermostats are linked with the internet, to allow the users to adjust the house temperature and minimize power consumption. The key application area of smart thermostat device is in the education institutions, residential buildings, and offices to save energy by simply switching the heating device or AC from various locations. These thermostats provide daily updates about the power-usage assisting in better understanding of the individual’s consumption and adjusting the preferences according to the specific need. Furthermore, the growing demand for smart houses along with the rising number of working population will open new market avenues for the growth of smart thermostat market in the forthcoming years. However, the high cost of the device along with the specific demand from only emerging economies with high disposable income is major restraint, which may restrict the growth of smart thermostat market in the coming years. Growing usage of smart thermostats across various industry verticals such as home security companies, broadband & telecommunication service providers and HVAC
installers are expected to drive the market demand during the forecast period.
The global market has been segmented based on technology into Wi-Fi, ZigBee and others. The Wi-Fi is the leading technology segment and is anticipated to continue its dominance over the forecast period owing to growing demand for the internet and its ability to offer performance & analytics measurement tools through web portals. Other technologies include power line communication (PLC), NFC, ethernet, and Bluetooth.
North America is a major market for the smart thermostat and is expected to grow at the highest CAGR over the coming years due to growing demand from residential sectors coupled with rising deployments for improved energy management and for ease of use in the region. In addition, rising demand for energy conservation and presence of key players in the region will further boost the market growth. Asia Pacific is a fastest emerging market and is estimated to grow at a significant rate in the study period due to the presence of favorable climate and policy along with the rapid housing growth in the region. The booming residence automation devices market is also expected to increase the regional penetration in the Asian market.
The major industry players include Honeywell international, Nest Labs, Schneider Electric SE, Emerson Electric Co, Ingersoll Rand, Control4 Corporation, Nortek, Inc., and Carrier Corporation.
In March 2016, ecobee Inc., a manufacturer of the first Wi-Fi-smart thermostat, along with SunPower, a leading innovative and sustainable energy companies, has initiated a partnership program to help homeowners maximize power savings by merging ecobee smart thermostat technology with high-performance solar solutions from SunPower.
In April 2016, WattTime has launched a new Smart Thermostat Solution to Fight Climate Change and to offer consumers the opportunity to opt clean electricity over fossil fuel-generated electricity.
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