$1.72 Billion Smart Thermostat Market by 2024 - Top Companies, Trends and Future Prospects Details
by Rahul Rastogi Market Research AnalystThe global smart thermostat market has witnessed a robust growth over the
past few years. This can be attributed to the increasing adoption of connected
devices along with the various advantages offered by smart thermostats.
The latest report by IMARC Group, titled “Smart Thermostat Market: Global
Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”,
finds that the global smart thermostat market reached a value of US$ 1.32
Billion in 2018. Smart thermostats allow users to control the heating and
air conditioning of their homes or offices via the internet. These devices
collect data related to the behaviour and specific needs of the user and adjust
themselves accordingly. Smart thermostats can also be used with home automation
systems to offer customized settings which minimize energy use while maximizing
comfort. Some of the other advantages offered by smart thermostats include
recording the runtime of HVAC systems, monitoring internal/external
temperatures as well as improving indoor air quality. Owing to the convenience
provided by smart thermostats, the demand for these devices is being
accelerated worldwide.
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Global Smart Thermostat Market Trends:
Smart thermostats are highly efficient and help homeowners in reducing the
overall electricity consumption and related operating costs. Moreover, they
enable the users to monitor energy utilization as well as adjust temperatures
from remote locations. In addition, the growing base of tech-savvy consumers
has led to a rise in the adoption of smart homes and connected devices, which
is projected to create a positive outlook for the smart thermostat industry.
This is supported by the growing sales of smart home assistants, such as Google
Home and Amazon Echo, coupled with the increasing number of consumers opting for
home automation solutions. Owing to the above-mentioned factors, the smart
thermostat market is projected to reach a value of US$ 4.07 Billion by 2024,
registering a CAGR of 20.87% during 2019-2024.
Global Smart Thermostat Market Summary:
- Based on
product, the market has been segmented as standalone smart thermostats,
connected smart thermostats and learning smart thermostats. Amongst these,
standalone smart thermostats are the most widely used products owing to
their cost-efficiency.
- On the
basis of component, temperature sensor represents the leading segment,
accounting for the majority of the global smart thermostat market share.
Other components include display, humidity sensor and motion sensor.
- The
market has been segregated based on technology into wired and wireless
smart thermostats. Currently, wireless smart thermostat dominates the
market, holding the biggest market share. The wireless smart thermostat
segment is further divided into Wi-Fi, Zig Bee and others.
- On the
basis of application, the report finds that the residential sector is the
largest segment, followed by the commercial and industrial sectors.
- Region-wise,
the market has been segmented into North America, Asia Pacific, Europe,
Middle East and Africa, and Latin America. Amongst these, North America is
the leading market for smart thermostats.
- The
competitive landscape of the market has also been examined with some of
the key players being Control4 Corporation, Nest Labs, Inc., Emerson
Electric Co., Honeywell International Inc., Ecobee, Inc., Schneider
Electric SE, Tado GmbH and Nortek, Inc.
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Created on May 17th 2019 03:18. Viewed 435 times.