Smart Thermostat Market - Industry Analysis, Size, Share, Growth,COVID-19 Impact Analysis, Trends and Forecast - 2022
Global
Smart Thermostat Market Research Report - Forecast to 2022
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
are some of the prominent players profiled in MRFR Analysis and are at the
forefront of competition in the Global Smart Thermostat Market.
Smart Thermostat Global Market- Overview
A thermostat is one of the emerging smart
home device which is convenient in use and control the heat of smart devices
such as smartphone, smart watch or smart home appliances. Smart thermostat also
monitor and records internal/external temperatures, and HVAC system time. After
deployed widely, smart thermostat has potential to better manage and curb
energy consumption across the broader system. There are numerous of smart
thermostat available in the market. Nest thermostat, Honeywell Evohome, Tado
smart thermostat, Netatmo smart thermostat, Hiva active heating, and CLIMOTE
are some of popular thermostat products available in the market.
The major growth driver of Smart
Thermostat Market
includes technology developments,
emerging market of smart homes and growing demand for energy efficient devices.
However, risk of sensor failure and high initial cost are some of the factors
which are hindering the growth of Smart Thermostat Market. Despite of high
technology advancements, the thermostat requires fast and reliable internet
connection to give the desired results. Also, security & privacy concern is
one another factor expected to hinder the market growth.
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Industry
News
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 Global 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 Global 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.
Smart
Thermostat Global 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.
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Research Future:
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