Thermostat Market Analysis, Trends & Forecasts 2021-2027 | Canto Inc., CELUM GmbH, Cognizant Technology Solutions Corp.

The new study on the Global Thermostat Market 2021-2027 analyzes the crucial capabilities, key infrastructures, major organizations, evaluates measures to attain potential success in the Thermostat industry. Because of the in-depth overview of the world Thermostat market, the recent document allows investors, traders, and manufacturers to plan some innovative techniques, and meanwhile, align them with operational and commercial enterprise models. Additionally, the Thermostat market report provides crucial facets at the technological modifications that gained the market, competitive environment, behavioral updates, and so on.

In regards to explaining powerful insights of the global Thermostat market, the research report permits the investors and stakeholders to grab different techniques to extend distinct commercial patterns and practices. Besides this, the market report offers important statistics about the worldwide Thermostat market such as opportunities, threats, main drivers, and key restraints of the Thermostat market in the period of the years 2021-2027.

The global Thermostat market exhibited moderate growth during 2021-2027. Looking forward, the market to grow at a CAGR of around 23.1%.

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The leading market players listed are:

Canto Inc., CELUM GmbH, Cognizant Technology Solutions Corp., Oracle Corporation, HewlettPackard Enterprise Co., OpenText Corporation, QBNK Holding AB, Aprimo LLC (ADAM Software), Bynder(Webdam Inc.), Dell Technologies

Market Overview:

- The main factors driving the need for smart thermostats are convenience, energy conservation, energy tracking, and the need for an increase in potential savings. For example, Ecobee claims its gear can save an average of 23 percent off bills whereas Google's Nest claims its systems can save between 10 and 12 percent on heating and 15 percent on cooling.

- The BYOT (Bring-your-own-Technology) trend is expected to stimulate the growth of the market over the forecast period. Consumers have independently begun purchasing smart Wi-Fi-enabled thermostats capable of receiving demand response control signals. Additionally, with a wi-fi connection and smart thermostats, virtual assistants, like Amazon Alexa, or Google Assistant, are increasingly being used to control and monitor the home temperature, program schedules, or manage the Air conditioning.

- It was estimated that around 60.5 million Americans used virtual personal assistants and voice-controlled speakers at least once a month, according to an investment firm Cowen & Co. Also, in 2017, 24% of Americans used Amazon Echo and 31% used Google Home for home control settings following music, shopping, and requesting information applications. With the increase in the use of virtual assistants in home control, the forecast period is likely to witness the exponential adoption of smart thermostats.

Scenario for Covid-19:

Several countries' companies and manufacturing facilities were harmed during the pandemic's early closure. Deferred facilities and disrupted supply chains were the biggest impediments to market expansion at the time.

Nonetheless, most of the regions have improved or are recovering as a result of the mandatory preventative measures in place to limit the disease's spread. Vaccination efforts are also growing increasingly popular in the region, which is assisting the sector's growth.

Market Analysis:

- 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 a 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.

Regions and Countries Level Analysis:

The research and analysis study of the worldwide Thermostat market included in the report includes a regional analysis as well. This section examines the sales growth of various Thermostat marketplaces at the regional and country levels. It provides thorough and precise country-by-country volume information and region-by-region market size analysis of the global Thermostat market for the historical and projected period 2021 to 2027. The study examines the growth and other characteristics of the Thermostat market in key nations (regions), including North America, Europe, and Asia-Pacific (the United States, Canada, and Mexico) (Germany, France, UK, Russia, and Italy) Asia-Pacific (China, Japan, Korea, India, and Southeast Asia) South America (Brazil, Argentina, etc.) Middle East & Africa (Saudi Arabia, Egypt, Nigeria, and South Africa)

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Industrial News:

- Consumers are adopting 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.

Research Objectives:

To study and analyze the global Thermostat consumption (value) by key regions/countries, product type and application, history data from 2021 to 2027, and forecast to 2027.
To understand the structure of the Thermostat market by identifying its various subsegments.
Focuses on the key global Thermostat manufacturers, to define, describe and analyze the value, market share, market competition landscape, Porter's five forces analysis, SWOT analysis, and development plans in the next few years.
To analyze the Thermostat with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges, and risks).
To project the consumption of Thermostat submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.

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