Outlook of the global ZigBee-enabled smart thermostat market
A smart thermostat is an enhanced version of a conventional thermostat that combines software, sensors, online connectivity, algorithms, and consumer-friendly interfaces to save energy and promote electricity conservation. The global market for ZigBee-enabled smart thermostats will be positively affected by factors like the rising need for low-energy wireless technologies, and is anticipated to experience significant growth during the forecast period. ZigBee, which operates on the IEEE 802.15.4 standard, is a wireless communication technology that has the added advantage of efficient power management and ease of installation. Since it is the best substitute for high-power-consuming batteries and is the best alternative to connect to a number of devices in smart homes, the demand for ZigBee-based wireless network technology will increase exponentially over the next four years. Comprehensive market analysis carried out by the analysts at Technavio has shown that the global market for ZigBee-enabled smart thermostats will grow profoundly at a CAGR of over 67% by 2020.
The growing demand for energy-efficient heating, ventilating, and air conditioning (HVAC) equipment will be the key driver for this market. Heating and cooling equipment account for nearly half of the total household energy consumption cost in cold climates. As a result, many residential users have been compelled to seek ways to reduce energy consumption and cut costs. This growing need to reduce energy consumption will lead to the augmented adoption of smart thermostats that feature intelligent sensor systems.
Competitive landscape and key vendors
The global ZigBee-enabled smart thermostat market is competitive due to the emergence of various wireless networking technologies like Bluetooth, Wi-Fi, ZigBee, and Z-Wave. Due to the advent of such technologies, many smart device manufacturers have started utilizing these wireless communication technologies to manufacture their own connected devices and ecosystems. Since vendors in this market want to optimize the IoT revolution, they have started investing in smart thermostats that interface with home automation and smart energy networks.
Leading vendors in this market are -
Geographical segmentation of the ZigBee-enabled smart thermostat market
By 2020, the Americas will be the largest market for ZigBee-enabled smart thermostats as it will account for an impressive market share of nearly 55%. The presence of prominent vendors like Ecobee, Nest, and Honeywell in this region will aid in the growth of this market as they are the active members of the ZigBee Alliance. Also, factors such as the recent rise in the number of smart homes in the region will also spur the prospects for market growth as it will necessitate the adoption of energy-efficient internet-connected bulbs, smart appliances, and smart thermostats.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global ZigBee-enabled smart thermostat market?
What are the key market trends impacting the growth of the global ZigBee-enabled smart thermostat market?
What are the challenges to market growth?
Who are the key vendors in the global ZigBee-enabled smart thermostat market?
What are the market opportunities and threats faced by the vendors in the global ZigBee-enabled smart thermostat market?
Trending factors influencing the market shares of the Americas, EMEA, and APAC.
What are the key outcomes of the five forces analysis of the global ZigBee-enabled smart thermostat market?
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