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Smart Thermostat Market 2021 Technology Development, Key Manufacturers, Forecast Based on Major Drivers and Trends Up to 2026

02-15-2021 10:58 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Insights Reports

Market Insights Reports delivers key insights on the Smart Thermostat market in its latest report titled, “Smart Thermostat Market - Growth, Trends, COVID-19 Impact, And Forecasts (2021 - 2026)” provides an in-depth analysis of key players strategies, market growth, product demand, growth factors, technological innovations, regional outlook and global dynamics which includes drivers, challenges, and opportunities dominant in the industry. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The smart thermostat market was valued at USD 988.7 million in 2020 and expected to reach USD 3396.36 million by 2026 and grow at a CAGR of 23.1% over the forecast period (2021-2026).

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Top Key Players in the Global Smart Thermostat Market: Alphabet Inc. (Nest Labs - Google), Honeywell International Inc., ecobee, Schneider Electric SE, and Lennox International Inc., among others.

- January 2020- Nest labs rolled out a new feature that alerts the customer about any potential HVAC issues. It also assists the customer in booking an HVAC professional to fix it. This new feature is because of Nest Lab's partnership with Handy.

Key Market Trends

Increasing Demand for Energy-Saving Devices

- According to the US Energy Information Administration (EIA), the global energy demand grows at 2.1 % per year to 2040 with the current stated policies scenario. The demand surge will raise the electricity share in 2040 to 24 %. The use of technologies, changes in government policies, developing economies and market conditions are driving the growth of low-carbon sources to maintain the environmental levels. Electricity consumption has a direct effect on the carbon footprint as electricity generation requires the burning of non-renewable resources and leads to the carbon footprint.
- HVAC systems consumed 38% of the delivered energy in buildings in 2019, this percentage is going to grow in the coming years. The need to save electricity expenses and unnecessary energy consumption made by HVAC systems has to lead increase in the usage of Smart Thermostats. There are various brands in the market with the aim of a sustainable future Ecobee, Nest Labs, Siemens AG, Emerson electric to name a few. The usage of smart thermostats is also backed up by governments of the United States, Germany, United Kingdom, etc.

Regional Analysis:

The report offers in-depth assessment of the growth and other aspects of the Smart Thermostat market in important countries (regions), including:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

Browse Complete Report details with Table of Content:

https://www.marketinsightsreports.com/reports/02082591545/smart-thermostat-market-growth-trends-covid-19-impact-and-forecasts-2021-2026?mode=69

Asia-Pacific to Witness a Significant Growth Rate Over the Forecast Period

- Consumers are adopting the smart assistant devices, such as Amazon Echo and Google Home for many purposes, with almost one-third of people using it as an information provider responding to questions, and over 40% as an audio speaker for listening to streaming music. The smart thermostats find application among the smart assistants, thereby, fueling its demand across the residential sector across the region.
- Moreover, the Chinese government launched the 'New-Type Urbanization Plan,' focusing primarily on new-type, smart, and humanities city construction from 2014 - 2020.
- Besides, in India, the IGBC (Indian Green Building Council) Green Homes are the first rating program that has been developed, exclusively for the residential sector, whose objective is to facilitate the effective use of site resources, water conservation, energy efficiency, handling of household waste, optimum material utilization, and design for healthy, smart homes.
- This will encourage industry players to invest in smart home space, thus, having a positive impact on the smart thermostat market growth.

This Smart Thermostat Market report addresses:

- The Market size from 2016-2021

- Expected market growth until 2026

- Forecast of how market drivers, restraints, and future opportunities will affect

- Segment and regions that will drive or lead the market growth and why

- Comprehensive mapping of the competitive landscape

- In-depth analysis of key sustainability strategies adopted by market place

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

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Customization of this Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.

Please contact our sales professional (sales@marketinsightsreports.com), we will ensure you obtain the report which works for your needs.

Post Covid-19 Analysis:

All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.

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Market Insights Reports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. Market Insights Reports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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