Press release
Smart Thermostat Market Outlook, Opportunity and Demand Analysis Report by 2027
According to a new report published by Allied Market Research, titled, Smart Thermostat Market Size, Share, Competitive Landscape and Trend Analysis Report by Technology, Application, and End User: Opportunity Analysis and Industry Forecast, 2020-2027Global smart thermostat market size was valued at $1.86 billion in 2019, and is projected to reach at $11.36 billion by 2027, growing at a CAGR of 28.00% from 2020 to 2027.
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The smart thermostat market is expected to witness a high growth phase, owing to the increase in awareness among consumers about the benefits of smart thermostat. The major drivers for the market are increase in demand for energy-efficient devices and high demand for smart thermostat in residential buildings. However, complex interface for programming in thermostat hampers the market growth. Irrespective of the challenges, growth in demand for automated devices presents as a lucrative opportunity for market growth.
Smart thermostat is an advanced technology that automatically analyzes and controls the temperature of the room remotely using a mobile device, such as tablet, smartphone, or desktop, through wireless communication. Moreover, smart thermostats get automatically trained with daily schedule by detecting usual route home and prepare the room at the desired temperature. This ease of use is essential for ensuring energy savings as compared to the traditional thermostat.
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The global smart thermostat market is segmented on the basis of component, network connectivity, application, and geography. The component segment is classified into motion sensors, display, temperature sensors, humidity sensor, and others. Based on network connectivity, the market is bifurcated into wireless network and wired network. Based on application, it is divided into industrial, healthcare, commercial, residential, and others. Geographically, it is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Major companies profiled in the report include Honeywell International Inc., Carrier Corporation, Schneider Electric SE, Emerson Electric Co., Ecobee, Control4 Corporation, Nortek, Inc., Tado, Nest Labs, and Ingersoll Rand.
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Potential Benefits
• Comprehensive analysis of the current trends and future estimations of the global smart thermostat market is provided from 2017 to 2023.
• The report offers a competitive scenario of the market with growth trends, structure, driving factors, scope, opportunities, and challenges.
• It includes a detailed analysis of the key segments to provide insights on market dynamics.
• Porters Five Forces analysis highlights the potential of buyers and suppliers, and provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making.
Smart Thermostat Market Key Segmentation:
By Component
• Motion Sensor
• Display
• Temperature Sensor
• Humidity Sensor
• Others
By Network Connectivity
• Wireless Network
• Wired Network
By Application
• Industrial
• Healthcare
• Commercial
• Residential
• Others
By Geography
• North America
• Europe
• Asia-Pacific
• LAMEA
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client's insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.
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