Smart Thermostat Market Overview:
In this rapidly changing environment, demand for IoT based service is ever increasing. The increasing demand for internet penetration is driving the smart thermostat market globally. Recently a trend towards connected devices and growing awareness of energy efficient devices is observed, to be one of the driving forces of Smart Thermostat market.
The Smart Thermostat provides many advantages such as efficient energy saving, reduction in per unit energy cost, smart controlling, and others. These advantages are also responsible for the adoption of Smart Thermostat by various in different organizations. The study indicated that by the lack of infrastructure and rising cyber security threats would result as the restraining factor for the Smart Thermostat market.
It has been observed that continuous developments are carried out to make more advancements to the Smart Thermostat. As per a recent news the government of New Jersey has passed a law, which encourages all the homeowners to use smart thermostats that allows the user to adjust the heating and cooling of their air-conditioners by the use of a mobile app. This initiative was taken to promote the Smart Thermostat devices.
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Major Key Players:
- Nest Labs, Inc.(U.S.)
- Emerson Electric (U.S.)
- Schneider Electric (France)
- Honeywell International Inc.(U.S.)
- Carrier Corporation (U.S.)
- Tado (Germany)
- Ingersoll Rand (Ireland)
- Nortek, Inc. (France)
- Ecobee (Canada)
- Control4 Corporation (U.S.)
The Smart Thermostat Market is growing rapidly over 23.4% of CAGR and is expected to reach at USD ~3.5 Billion by the end of forecast period.
Smart Thermostat Market Competitive Analysis:
Smart Thermostat market appears to be competitive in the coming years owning to the presence of numerous large players active in regional market. Nest Labs, Inc., Emerson Electric, Schneider Electric, and Honeywell International Inc. are some of the companies leading the Smart Thermostat market globally.
The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.
Smart Thermostat Market Regional Analysis:
The global Smart Thermostat (BIM) market is estimated to grow at a promising rate in upcoming years. North America has dominated the Smart Thermostat market in 2016 due to increasing demand for energy management solutions and development in wide distribution network in the region.
Followed by Europe, which is expected to be growing market in the coming years. Government in Europe has started taking initiatives to reduce energy consumption and support funding improvements for household energy consumption thereby driving the market of smart thermostat in the region.
January 2018 – Honeywell Technologies announced a partnership with Whirlpool to integrate Honeywell thermostats into Whirlpool smart appliances. This partnership would expected to bring new innovative solutions for the consumer market.
November 2017 – Siemens Building Technologies division introduced new smart thermostat for residential heating control application. The new smart thermostat can also be controlled via integrated navigation assistant and via mobile phone apps.
November 2017 – TXU Energy, a leading retail electronic providers in Texas, launched two innovative products for the customers, one to pay bills via Amazon alexa and second one to adjust smart thermostat with according to their need. The TXU iThermostat would help customers to change setting of their smart home anytime and form anywhere.
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Smart Thermostat Market Segmentation:
The Smart Thermostat Market can be classified into four key segments as follows:
Segmentation by Components: Display devices, and Sensors (humidity sensor, motion sensor, and temperature sensors)
Segmentation by Deployment: wired and wireless
Segmentation by Application: Residential, commercial and industrial
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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