The global smart thermostat market is expected to reach USD 2.21 billion
by 2022, according to a new study by Grand View Research, Inc. These devices
allow users to remotely manage their heating and air conditioning systems using
wireless connectivity and mobile apps. They form an important part of smart
homes and have gained immense demand from residences in developed regions such
as North America and Europe.
The smart thermostat market is expected to
witness growth since they display energy consumption in real-time and are able
to adjust itself based on ambient conditions automatically. They can connect to
the internet and offer analytics and performance measurement tools through web
portals. Such devices are packed with technologies such as ZigBee or Wi-Fi and
form a part of the home automation ecosystem.
Energy and utility retailers also play a vital
role in bringing devices into households. May utilities are offering these
products as a part of their home energy management schemes. Involvement of
energy retailers heightens the potential for smart thermostat industry growth.
At the same time, proliferation of mobile phones and its convergence with
thermostats is makes these products much more attractive for end-users.
Growing penetration of smartphones, rising energy
costs, need for effective energy management solutions and favorable regulatory
scenario are expected to propel growth over the coming years. However, high
cost of devices and data security concerns may restrain the smart thermostat
market. Increased penetration of Near Field Communication (NFC) and ZigBee home
automation devices is expected to augment demand.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/smart-thermostat-market
Further
key findings from the study suggest:
- The smart thermostat market
primarily includes technology such as Wi-Fi, ZigBee and other technologies
including NFC, Bluetooth, and Ethernet. ZigBee-enabled devices are
expected to gain significant share as consumers shift towards home
automation devices.
- North American and European
smart thermostat market accounted for about 90% of the overall market in
2014 owing to high demand for such devices in the region and favorable
government mandates. Surge in new construction activity and growing
popularity of smart homes is expected to spur demand.
- Key players include Honeywell,
Google Nest and Ecobee; and together they accounted for over 40% of the
overall smart thermostat market share in 2014. Companies have been
focusing on development and launching of new products, as well as
upgrading the existing product portfolio. Agreements and collaborations
are also practiced for gaining strategic advantage. Competition in the
industry is intensifying rapidly owing to high interest levels among
customers piqued by arrival of new and creative products.
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this category @ http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Grand
View Research has segmented the smart thermostat market on the basis of
technology and region:
Smart Thermostat Technology Outlook
(Revenue, USD Million, 2012 – 2022)
Smart Thermostat Regional Outlook
(Revenue, USD Million, 2012 – 2022)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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