Smart Thermostat Market is Expected to Grow at a CAGR over 23.4% From 2016 to 2022
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, this is 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.
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.
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Smart Thermostat Market Segmentation
The Smart Thermostat market has been segmented on the basis of component, deployment type and application. Looking through the component segment it’s been observed that the display segment would grow fastest. The motion and temperature sensor is expected to grow fastest followed by humidity sensor and others in the smart thermostat market. Whereas, deployment is segmented into wired and wireless, out of which the wireless is expected to grow at a fastest pace due to various advancement in technologies. The study reveals that residential sector would grow impressively in the smart thermostat market by the forecast period. However, the commercial sector followed by others will gain a decent market share by 2022.
Access the market data and market information presented through more than 25 market data tables and 25 figures spread over 100 numbers of pages of the project report “Smart Thermostat Market Research Report- Forecast to 2022”
The prominent players in the Global Smart Thermostat Market are – 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.) and among others.
Market Research Analysis:
Regional analysis for Smart Thermostat market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region would account for larger share in Smart Thermostat market. The study indicates that North America region has high internet penetration and increasing Wifi based services among cusumers has resulted in the growth of Smart Thermostat market in European region.
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List of Figures
FIGURE 1 Research Network Software Solutions
FIGURE 2 Smart Thermostat Market: By Component (%)
FIGURE 3 Smart Thermostat Market: By Deployment Type (%)
FIGURE 4 Smart Thermostat Market: By Application (%)
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