Global Smart Thermostats Market 2017-2021
- Published: Sep 2017
- Pages: 72
- SKU: IRTNTR14896
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This industry research report on smart thermostats identifies Carrier, ecobee, Emerson, Honeywell International, and Nest Labs as the key vendors in the global market. This industry research report also presents a comprehensive analysis of the smart thermostat market by technology (Wi-Fi, ZigBee, and others) and by geography (APAC, Europe, North America, and ROW).
Overview of the global smart thermostats market
Technavio’s market study identifies the growth in number of HVAC equipment users as one of the primary growth factors for the smart thermostats market. Heating, ventilation, and air conditioning (HVAC) systems are increasingly being adopted for their energy efficiency and temperature monitoring capabilities in a household. Additionally, the rising residential and commercial construction will influence the installation of ACs, which will subsequently increase smart thermostats market. The consumers are becoming increasingly conscious of the energy cost and conservation of energy and are adopting advanced technologies to conserve energy. Our market research analysts estimate that this smart thermostat market will grow steadily at a CAGR of 19% during the forecast period.
Owing to the varying lifestyle and environment, the developed countries in the Americas and Europe increasingly adopt smart home products such as smart thermostats, when compared to countries like India and China. The vendors must modify the products according to the varying requirements in India and China such as socket points and voltage ranges. Additionally, Asia and other regions don’t adopt the centralized air conditioning systems that are prevalent in Europe and America. This limits the penetration of smart thermostats in APAC.
Competitive landscape and key vendors
The smart thermostats market has the presence of several international and regional vendors. The key vendors dominate the market share in terms of quality, features, functionalities, and service. Product innovations, technological advancements, and M&A will intensify the level of competition among the players. Smart thermostat vendors are investing significantly in R&D and are adopting innovative technologies to expand their product portfolios in the digital thermostat market.
The leading vendors in the market are -
- Honeywell International
- Nest Labs
The other prominent vendors in the market are Bosch Thermotechnology, Centrica, Climate, Computime, EcoFactor, GridPoint, Ingersoll-Rand, LUXPRO, Netatmo, Quby, Radio Thermostat Company of America, Robertshaw Climate, Schneider Electric, tado⁰, and Venstar.
Segmentation by technology and analysis of the smart thermostats market
Wi-Fi technology provides the ease of use and convenience to consumers through Wi-Fi connectivity. Users can remain connected to the devices in their houses and monitor them remotely. These digital thermostats are powered through low-voltage electrical cables and supports the Wi-Fi network that is concentrated on power.
Geographical segmentation and analysis of the smart thermostats market
- North America
North America primarily adopts smart thermostats influenced by the growth in the residential and commercial construction activities, stringent government regulations on the adoption of energy-efficient systems for homes and buildings, and several initiatives that promote and influence the adoption of energy efficient devices.
Key questions answered in the report include
- What will the smart thermostat market size, market forecast and growth rate be in 2021?
- What are the key factors driving the global smart thermostats market?
- What are the key market trends impacting the growth of the global smart thermostats market?
- What are the challenges to market growth?
- Who are the key vendors in the global smart thermostats market?
- What are the market opportunities and threats faced by the vendors in the global smart thermostats market?
- Trending factors influencing the market shares of the APAC, Europe, North America, and ROW.
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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